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Cinedigm Announces Fourth Quarter And Full Year Fiscal 2013 Financial Results

Cinedigm Digital Cinema Corp. (NASDAQ: CIDM) today announced financial results for the fourth quarter and full year fiscal 2013 which ended March 31, 2013.

Highlights Include:
  • Fourth quarter revenues up 21% to $21.4 million from $17.7 million in the year ago quarter
  • Full year consolidated revenues increased 15% to $88.1 million from the prior year
  • Fourth quarter non-deployment revenues increased 91% to $8.3 million, inclusive of the New Video acquisition, from $4.4 million in the year ago quarter and 20% pro-forma for New Video in both periods
  • Full year non-deployment revenues increased 58% to $36.0 million from the prior year
  • Full year non-deployment adjusted EBITDA was $5.1 million, including significant growth investments and upfront expenses from the movie releasing business
  • During the fiscal year, Cinedigm successfully refinanced all existing debt into a non-recourse facility, closing a $125 million senior non-recourse credit facility led by Société Générale and a $70 million non-recourse credit facility provided by Prospect Capital
  • Domestic screen deployment is now virtually complete with 11,703 screens installed across 267 exhibitors
  • 17 independent films acquired to date, 5 released in FY13 and 5 more released to date in the first quarter of FY14, representing a strong and growing pipeline that will enhance the Company’s results going forward
  • The Company significantly outperformed the industry averages during the fiscal year with 55% growth in digital revenues, and 65% growth in physical product sales compared to industry growth of 27% and (6%) respectively (industry source: Digital Entertainment Group)

“It was just over two years ago that we outlined our strategy to transform Cinedigm to capitalize on the digital distribution revolution that is changing the entire entertainment business. Today, we are fully executing against that strategic plan in all areas,” said Chris McGurk, Chairman and CEO. “Our digital cinema services group continues to manage our 11,700 strong screen deployment while our Software group is launching key new products and expanding our markets. We dramatically improved our balance sheet with a non-recourse debt refinancing that significantly reduced our cost of capital and extended our debt maturities. And, most importantly, the digital revolution has triggered opportunities for success in our entertainment group that are even greater than we previously anticipated. New platforms, distribution outlets and viewing devices are driving an ever-increasing demand by consumers to view our new releases and our vast and expanding library of digital content. We are moving aggressively to take advantage of this sea change in consumer viewing behavior.”

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