Cinedigm, a global leader in the digital cinema industry, today posted financial results for the fourth quarter and full year ended March 31, 2011, reflecting the company’s efforts to streamline its focus toward becoming a market leader.
Adjusted EBITDA of $11.6 million for the fourth quarter increased 36.6 percent from the $8.5 million reported for the fourth quarter of the prior year.
Net loss in the fourth quarter of 2011 was $7.3 million, or $(0.23) per share, a 51.5 percent improvement compared to the net loss of $15.0 million, or $(0.51) per share, in the fourth quarter one year ago.
For the full fiscal year of 2011, Cinedigm posted revenues of $79.9 million, a 15.8 percent increase from prior year’s revenues of $69.0 million.
Full-year adjusted EBITDA was $45.4 million, a 20.3 percent from $37.7 million in the prior fiscal year.
Net loss for the year was $9.2 million, or $(0.95) per share, compared to the net loss of $29.5 million, or $(1.03) per share, in the prior fiscal year.
The company reported phase II digital system signings during the quarter at a record 1,402, 2,750 systems signed for the full fiscal year with 1,859 installed during the fiscal year, and 2,195 total phase II digital systems deployed to-date.
“As we have consistently noted, each one thousand screens we deploy will add $2.0 million-$2.5 million of non-deployment EBITDA in the first 12 months through service fees, software license and maintenance fees, and delivery fees,” Adam M. Mizel, CFO and chief strategy officer Mizel stated in the press release.
Chris McGurk, chairman and CEO of Cinedigm, detailed how the company’s business strategy will channel into capital and noted the company’s confidence in its efforts moving forward.
“This is a very exciting time for Cinedigm,” McGurk stated. “The expanding digital screen platform provides Cinedigm with the ability to generate significant revenues and profits from the variety of software and services we provide, as well as aggressively pursue the high potential alternative content business on the digital cinema backbone. As a management team we are all committed to exploiting the many opportunities in front of us, and we are confident that a disciplined and focused approach will yield continued strong results to our bottom line, and of course shareholder value.”
For more information visit www.cinedigm.com
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