Cinedigm rallies 25% on strong FQ4 streaming channel revenues

Jul. 15, 2021 8:41 AM ETCinedigm Corp. (CIDM)By: Khyathi Dalal, SA News Editor5 Comments
  • Cinedigm (NASDAQ:CIDM) rallied 25.9% higher premarket after reporting a 197% surge in FQ4 streaming channel revenues in yesterday's post market session; consolidates revenues were up 8.3%.
  • Streaming/Digital revenues accounted for 75% of total revenues compared to 48% in prior year quarter while combined streaming/digital revenues increased 66% Y/Y.
  • Total subscribers to subscription video streaming services exceeded an estimated 683K subscribers in June, 2021 (+414% Y/Y).
  • Total streaming minutes in June 2021 reached ~504.1M, highest on record to date.
  • Cinedigm increased streaming platform partnerships by 82% Y/Y while total streaming channel distribution deals increased 170%.
  • The company reduced total debt by $37.3M to $11.9M, from $49.1M the prior year.
  • "Now that the company has monetized some of our digital cinema assets, as evidenced by our recent sales agreement for $10.8M over two years with AMC Entertainment, while eliminating all of our debt, an ~$50M debt reduction from the end of the prior fiscal year, we are well positioned to continue to execute on both our internal and roll-up acquisition growth strategies," COO, General Counsel and President, Cinedigm and Cinema Equipment Business commented.
  • Recently, the company added three popular channels to YouTube TV.
  • Previously: Cinedigm beats on revenue

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