RLJ Entertainment Reports Financial Results for the Fourth Quarter and Twelve Months Ended December 31, 2012

  RLJ Entertainment Reports Financial Results for the Fourth Quarter and
  Twelve Months Ended December 31, 2012

Business Wire

BETHESDA, Md. -- April 10, 2013

RLJ Entertainment Inc., (NASDAQ: RLJE), today reported results for the fourth
quarter^1 and pro forma financial information for the twelve months ended
December 31, 2012. RLJ Entertainment is a leading creator, owner and
distributor of media content across digital, broadcast and physical platforms,
which leverages its branding expertise, access to content and direct to
consumer skills to optimize the value of its programs for distinct audiences.
RLJ Entertainment was formed in October 2012 through the business combination
of RLJ Acquisition, Inc., Image Entertainment, Inc. and Acorn Media Group,
Inc.

RLJ Entertainment is focused on driving growth through the development of
interest-based lifestyle entertainment services for targeted audiences in
niche genres including British drama and mystery, stand-up comedy, fitness,
faith and urban by using new technologies to deliver that content to
consumers.

Robert L. Johnson, Chairman of RLJ Entertainment stated, “During the year, we
made substantial progress integrating two very compelling entertainment
businesses and establishing a solid platform and distribution strategy to
offer exciting new entertainment content to loyal and passionate audiences. We
remain focused on optimizing the exploitation of content across all platforms
with specific focus on subscription models tailored to distinct consumer
interests.”

Miguel Penella, Chief Executive Officer of RLJ Entertainment, commented,
“While our results in 2012 did not meet our expectations, they are not
representative of what we believe is the future potential of the company. We
are pleased with the progress we have made to capitalize on the financial and
operational synergies associated with combining Acorn and Image. To date, we
have realized $6.2 million in pro forma costs synergies and expect to achieve
additional synergies in 2013.

“We have also worked diligently to maximize the value of our content across a
variety of distribution platforms. We believe we have a very strong pipeline
of releases scheduled for 2013, and our direct to consumer digital channel,
Acorn TV saw a significant increase in subscribers over the course of the
year. Acorn TV is a terrific blueprint for how we will develop and monetize
additional niche channels, which we believe will be a strong growth engine for
our business going forward.”

Fourth Quarter and Fiscal 2012 Results

The company is presenting financial information for the fourth quarter 2012
and pro forma financial information for fiscal year end periods due to the
closing of the business combination among RLJ Entertainment, Image
Entertainment and Acorn Media on October 2, 2012.

For the fourth quarter ended December 31, 2012, RLJ Entertainment reported net
revenue of $59.5 million. For the fiscal year ended December 31, 2012, RLJ
Entertainment pro forma net revenue was $181.0 million, in line with
previously disclosed estimates. Revenue results for the fourth quarter and pro
forma full year ended December 31, 2012 were primarily attributable to higher
legacy Acorn Media revenues in the wholesale and direct to consumer businesses
and strong merchandise offerings offset by lower revenues at legacy Image
Entertainment due to a smaller slate of film releases in 2012 versus 2011.

Net income for the fourth quarter ended December 31, 2012 totaled $1.7
million. For the full year 2012, pro forma net loss totaled $20.7 million.

EBITDA totaled $11.2 million for the fourth quarter ended December 31, 2012.
EBITDA results for the fourth quarter were driven by increased infrastructure
savings and lower manufacturing costs. For the full year 2012, pro forma
adjusted EBITDA, including integration savings, was $28.4 million, in line
with previously disclosed estimates, and which includes approximately $6.2
million in savings as a result of the previously announced business
combination. Pro forma adjusted EBITDA, not including the savings from the
previously announced business combination, was approximately $22.3 million.
The pro forma adjusted EBITDA results for the full year 2012 were driven by
lower net revenues and, to a lesser extent, higher bad debt expense related to
the HMV bankruptcy filing in the UK in January, 2013.

Business Outlook

Miguel Penella, Chief Executive Officer of RLJ Entertainment, concluded, “We
are in the early stages of building a business that we believe will capitalize
on the significant transformation that is taking place in the video content
industry. The integration of Acorn and Image is just the first step in
creating an enterprise that delivers unique and interest-specific content to
targeted audiences via traditional as well as new digital distribution
channels. In addition to leveraging our extensive experience establishing
niche brands and genre categories, our operating plan is sharply focused on
continuing to acquire and distribute content across multiple platforms,
opportunistically acquiring both distribution and content rights for programs
that can effectively be monetized, and developing proprietary digital channels
that can evolve into strong media brands.

“Given the scope of work necessary to scale and grow the business, as well as
the investment necessary to ensure future success, we believe it is
appropriate to provide the investment community revenue and EBITDA margin
target ranges that reflect our expectations for the business in the near to
mid-term. Over the next two years, we expect to achieve average annual revenue
growth of approximately 10 percent and expect to deliver EBITDA margins on
average of approximately 10 to 15 percent over that same time period. EBITDA
margins will have some variability from quarter to quarter given our
investment strategy. We are committed to achieving these financial objectives,
which in combination with our growth plans should put us in a good position to
generate significant value for our shareholders in the years ahead.”

This financial guidance is based on information available to management as of
April 10, 2013. RLJ Entertainment expressly disclaims any duty to update this
guidance.

About RLJ Entertainment

RLJ Entertainment, Inc. (NASDAQ: RLJE) is a premier independent licensee and
distributor of entertainment content and programming in North America, the
United Kingdom and Australia with over 5,300 exclusive titles. RLJE is a
leader in numerous genres via its owned and distributed brands such as Acorn
(British TV), Image (stand-up comedy, feature films), One Village (urban),
Acacia (fitness), Slingshot (faith), Athena (educational), Criterion (art
films) and Madacy (gift sets). These titles are distributed in multiple
formats including DVD, Blu-Ray, digital download, digital streaming, broadcast
television (including satellite and cable), theatrical and non-theatrical.

Via its majority-owned subsidiary Agatha Christie Limited (“ACL”), RLJE
manages the intellectual property and publishing rights to some of the
greatest works of mystery fiction, including stories of the iconic sleuths
Miss Marple and Poirot. And through its direct-to-consumer business, RLJE has
direct contacts and billing relationships with millions of consumers.

RLJE leverages its management experience to acquire, distribute, and monetize
existing and original content for its many distribution channels, including
its nascent branded digital subscription channels, and engages distinct
audiences with programming that appeals directly to their unique viewing
interests. RLJE has proprietary e-commerce web sites for the Acorn and Acacia
brands, and owns the recently launched Acorn TV digital subscription service.

Forward Looking Statements

This press release may include “forward looking statements” within the meaning
of the “safe harbor” provisions of the United Stated Private Securities
Litigation Reform Act of 1995. Forward-looking statements may be identified by
the use of words such as “anticipate”, “believe”, “expect”, “estimate”,
“plan”, “outlook”, and “project” and other similar expressions that predict or
indicate future events or trends or that are not statements of historical
matters. Investors are cautioned that such forward looking statements with
respect to revenues, earnings, EBITDA, performance, strategies, prospects and
other aspects of the business of RLJ Entertainment is based on current
expectations that are subject to risks and uncertainties.

A number of factors could cause actual results or outcomes to differ
materially from those indicated by such forward looking statements. These
factors include, but are not limited to: (1) RLJ Entertainment’s ability to
integrate the businesses of Image Entertainment, Inc. and Acorn Media Group,
Inc.; (2) the inability of RLJ Entertainment to fully realize the anticipated
benefits of the business combination with Image Entertainment, Inc. and Acorn
Media Group, Inc. or such benefits taking longer to realize than expected; (3)
the ability of RLJ Entertainment’s officers and directors to generate a number
of potential investment opportunities; (4) RLJ Entertainment’s ability to
maintain relationships with customers, employees, suppliers and lessors; (5)
the loss of key personnel; (6) delays in the release of new titles or other
content; (7) the effects of disruptions in RLJ Entertainment’s supply chain;
(8) the limited liquidity and trading of RLJ Entertainment’s public
securities; (9) RLJ Entertainment’s financial performance, including the
ability of RLJ Entertainment to achieve revenue growth and EBITDA margins or
realize synergies; (10) the possibility that RLJ Entertainment may be
adversely affected by other economic, business, and/or competitive factors;
(11) the need for additional capital and the availability of financing; (12)
technological changes; (13) pricing and availability of products and services;
(14) demand for RLJ Entertainment’s products and services; (15) the ability to
leverage and monetize content; and (16) other risks and uncertainties
indicated from time to time in filings with the SEC by RLJ Entertainment.

Readers are referred to the most recent reports filed with the SEC by RLJ
Entertainment. Readers are cautioned not to place undue reliance upon any
forward-looking statements, which speak only as of the date made, and we
undertake no obligation to update or revise the forward-looking statements,
whether as a result of new information, future events or otherwise.

^1 References to Q4 or fourth quarter for U.S. GAAP numbers represent the
combined company results for the period October 3 to December 31, 2012.

RLJ ENTERTAINMENT, INC.
CONSOLIDATED BALANCE SHEETS
As of December 31, 2012 and 2011

ASSETS
                                                         
                                       Successor             Predecessor
(In thousands)                         December 31, 2012     December 31, 2011
Cash and cash equivalents              $     4,739           $      1,625
Accounts receivable, net of reserve
for returns, allowances and
provision for doubtful accounts of           24,611                 14,836

$11,435 – 2012
$2,423 – 2011
Inventories, net                             23,029                 8,237
Investment in film and television            89,797                 25,593
programs
Property, equipment and                      1,800                  845
improvements, net
Equity investment in ACL                     25,449                 —
Other intangible assets                      23,883                 398
Goodwill                                     47,382                 —
Prepaid expenses and other assets           1,938                 1,169
Total assets                           $     242,628         $      52,703

RLJ ENTERTAINMENT, INC.
CONSOLIDATED BALANCE SHEETS, CONTINUED
December 31, 2012 and 2011

LIABILITIES AND STOCKHOLDERS' EQUITY

                                      Successor           Predecessor
(In thousands, except share data)      December 31, 2012     December 31, 2011
Accounts payable                       $     18,968          $    4,809
Bank overdraft                               477                  2,016
Accrued liabilities                          11,145               6,641
Accrued royalties and distribution           32,658               9,327
fees
Deferred revenue                             4,339                —
Revolving credit facility                    7,551                83
Senior term notes, less debt                 51,225               —
discount
Subordinated notes payable and other         23,547               —
debt
Deferred tax liability                       350                  —
Stock warrant liability                     4,324               —        
Total liabilities                           154,584             22,876   
Commitments and Contingencies (Note
13)
Stockholders' equity:
Successor – common stock, $0.001 par
value, 250 million
shares authorized, 13,377,546 shares         13                   —
issued and outstanding
at December 31, 2012
Predecessor – common stock, $0.01
par value, 10 million
shares authorized, 1,023,466 shares          —                    10
issued and outstanding
at December 31, 2011
Additional paid-in capital                   86,133               4,451
Stockholders’ notes receivable               —                    (684     )
Retained earnings                            1,743                26,295
Accumulated other comprehensive gain         155                  (421     )
(loss)
Non-controlling interests                    —                    759
Treasury stock, 50,933 shares, at           —                   (583     )
cost
Net stockholders’ equity                    88,044              29,827   
Total liabilities and stockholders’    $     242,628         $    52,703   
equity

RLJ ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Periods Ended December 31, 2012, October 2, 2012, and the Year Ended
December 31, 2011

                           Successor          Predecessor    Predecessor
(In thousands, except       October 3, to        January 1, to   Year Ended
per share data)             December             October 2,      December
                            31, 2012             2012            31, 2011
NET REVENUES                $   59,529           $  57,830       $  83,712
COST OF SALES                  40,096            31,819        40,695  
Gross profit                   19,433            26,011        43,017  
SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES:
Selling expenses                9,096               11,149          18,826
General and                     7,480               9,993           14,040
administrative expenses
Transaction costs              —                 10,183        1,114   
Total selling, general
and administrative             16,576            31,325        33,980  
expenses
INCOME (LOSS) FROM              2,857               (5,314  )       9,037
OPERATIONS
OTHER INCOME (EXPENSE):
Interest in ACL’s net           695                 983             —
income
Interest expense                (2,002   )          (847    )       (72     )
Interest income                 —                   —               55
Other income (expense)         852               118           (69     )
Total other income             (455     )         254           (86     )
(expense)
INCOME (LOSS) BEFORE
PROVISION FOR                   2,402               (5,060  )       8,951
INCOME TAXES
PROVISION FOR INCOME           659               203           843     
TAXES
NET INCOME (LOSS)               1,743               (5,263  )       8,108
Net income attributable
to non-controlling             —                 (43     )      (265    )
interests
NET INCOME (LOSS)
APPLICABLE TO               $   1,743           $  (5,306  )    $  7,843   
COMMON SHAREHOLDERS
NET INCOME (LOSS) PER
SHARE –
UNRESTRICTED COMMON
STOCK:
Basic                       $   0.13            $  (5.19   )    $  7.67    
Diluted                     $   0.13            $  (5.19   )    $  7.60    
RESTRICTED COMMON STOCK:
Basic                       $   0.13            $  —           $  —       
Diluted                     $   0.13            $  —           $  —       

RLJ ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
For the Periods Ended December 31, 2012, October 2, 2012, and the Year Ended
December 31, 2011
                                                             
                                Successor         Predecessor     Predecessor
                                October 3, to     January 1, to   Year Ended
(In thousands)                  December 31,      October 2,      December 31,
                                2012              2012            2011
NET INCOME (LOSS):
Net income (loss)               $     1,743       $   (5,263  )   $   8,108
OTHER COMPREHENSIVE INCOME
(LOSS):
Foreign currency translation         155            308           (96    )
gain (loss)
TOTAL COMPREHENSIVE INCOME           1,898          (4,955  )      8,012  
(LOSS)
LESS: COMPREHENSIVE INCOME
(LOSS)
ATTRIBUTABLE TO
NONCONTROLLING
INTERESTS:
Share of net (income) loss            —               (43     )       (265   )
Share of foreign currency            —              (37     )      11     
translation (gain) loss
Comprehensive income
attributable to                      —              (80     )      (254   )
noncontrolling
interest
COMPREHENSIVE INCOME (LOSS)
ATTRIBUTABLE TO COMMON          $     1,898       $   (5,035  )   $   7,758  
SHAREHOLDERS

RLJ ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
For the Periods Ended December 31, 2012, October 2, 2012, and the Year Ended December 31, 2011

                Common Stock                                                               
                                     Additional   Stockholder                Accumulated                Non-          Total
(In thousands)   Shares    Par     Paid-in     Notes        Retained    Other          Treasury  controlling  Stockholders’
                            Value    Capital      Receivable    Earnings     Comprehensive   Stock      Interests     Equity
                                                                             Loss
Balance at
January 1,       1,023     $ 10     $  4,451     $  (978   )   $ 24,628     $   (336   )    $ (583 )  $ 617        $  27,809
2011
Repayments on
Stockholders’                                        294          —              —           —          —                294
Note
Receivable
Net income       —            —         —            —            7,843          —           —          265              8,108
Foreign
Currency         —            —         —            —            —              (85    )    —          (11      )       (96     )
Translation
Stockholders’    —         —      —          —         (6,176 )     —         —        (112     )     (6,288  )
Distributions
Balance at
January 1,       1,023        10        4,451        (684   )     26,295         (421   )    (583   )   759              29,827
2012
Options          23           —         1,285        (1,285 )     —              —           —          —                —
Exercised
Stock-based      —            —         499          —            —              —           —          —                499
compensation
Net income       —            —         —            —            (5,306 )       —           —          43               (5,263  )
(loss)
Foreign
Currency         —            —         —            —            —              271         —          37               308
Translation
Stockholders’    —         —      —          —         (4,879 )     —         —        (265     )     (5,144  )
Distributions
Balance at
October 2,       1,046    $ 10   $  6,235    $  (1,969 )  $ 16,110   $   (150   )   $ (583 )  $ 574       $  20,227  
2012
                                                                                                    
Balance at
October 3,       9,994      $ 10     $  50,113    $  —          $ —          $   —           $ —        $ —           $  50,123
2012
Purchase
consideration:
Image common     2,714        3         21,220       —            —              —           —          —                21,223
stock
Acorn Media
common           1,575        1         11,879       —            —              —           —          —                11,880
stock
Sponsor common
stock            (1,268 )     (1 )      1            —            —              —           —          —                —
cancelled
Sponsor
warrants         —            —         713          —            —              —           —          —                713
cancelled
Issuance of
unregistered
common stock     325          —         2,158        —            —              —           —          —                2,158
for
services
Issuance of
restricted
common stock     38           —         —            —            —              —           —          —                —
for
services
Stock-based      —            —         49           —            —              —           —          —                49
compensation
Foreign
Currency         —            —         —            —            —              155         —          —                155
Translation
Net income       —         —      —          —         1,743       —         —        —             1,743   
Balance at
December 31,     13,378   $ 13   $  86,133   $  —        $ 1,743    $   155       $ —      $ —         $  88,044  
2012

RLJ ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Periods Ended December 31, 2012, October 2, 2012, and the Year Ended
December 31, 2011

                               Successor       Predecessor    Predecessor
                                October 3, to     January 1, to   Year Ended
(In thousands)                  December 31,      October 2,      December 31,
                                2012              2012            2011
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income (loss)               $  1,743          $  (5,263   )   $   8,108
Adjustments to reconcile net
income (loss) to net cash
provided by (used in)
operating activities:
Interest in ACL net income         (695     )        (983     )       —
Amortization of film and           5,178             2,392            2,953
television programs
Depreciation and other             1,571             400              525
amortization
Noncash interest expense           260               —                —
Provision for lower of cost        —                 —                79
or market inventory
Provision for deferred taxes       174               177              —
Provision (recoveries) for         391               304              (302   )
doubtful accounts
Accelerated amortization and
fair value write-down of           73                2,035            524
investments in film and
television programs
Change in fair value of
warrant liability and other        (622     )        (5       )       (24    )
derivatives
Stock-based compensation           49                499              —
expense
Changes in assets and
liabilities associated with
operating
activities:
Accounts receivable                (7,886   )        2,800            1,614
Inventories                        (1,124   )        (151     )       (1,583 )
Investment in film and             (3,779   )        (11,857  )       (4,089 )
television programs
Prepaid expenses and other         505               (1,137   )       230
assets
Accounts payable, accrued
royalties, fees and                (6,847   )        5,533            651
liabilities
Deferred revenue                  1,127           —              —      
Net cash provided by (used        (9,882   )       (5,256   )      8,686  
in) operating activities
CASH FLOWS FROM INVESTING
ACTIVITIES:
Capital expenditures               (759     )        (505     )       (36    )
Acquisition of ACL                 —                 (21,871  )       —
Dividends received from ACL        —                 2,682            —
Acquisition of Image and
Acorn Media, net of cash          (95,347  )       —              —      
acquired of $3,569
Net cash used in investing      $  (96,106  )     $  (19,694  )   $   (36    )
activities

RLJ ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS, CONTINUED
For the Periods Ended December 31, 2012, October 2, 2012, and the Year Ended
December 31, 2011

                               Successor       Predecessor    Predecessor
                                October 3, to     January 1, to   Year Ended
(In thousands)                  December 31,      October 2,      December 31,
                                2012              2012            2011
CASH FLOWS FROM FINANCING
ACTIVITIES:
Investment by RLJA              $  63,825         $   —           $   —
Borrowings under revolving         26,051             3,340           83
credit facility
Repayments of borrowings
under revolving credit             (32,304  )         —               (2,475 )
facility
Proceeds from debt                 53,944             18,000          —
Repayments of debt                 (1,000   )         (675    )       —
Proceeds from issuance of
shareholder subordinated           —                  2,700           —
debt
Proceeds from issuance of
subordinated notes payable         —                  6,811           —
and other debt
Dividends paid to                  —                  (265    )       (112   )
noncontrolling interest
Stockholder distributions          —                  (4,879  )       (6,176 )
Repayment of stockholders’        —                —             294    
notes receivable
Net cash provided by (used        110,516          25,032        (8,386 )
in) financing activities
                                                                  
EFFECT OF EXCHANGE RATE           211              (198    )      (231   )
CHANGES ON CASH
INCREASE (DECREASE) IN CASH:       4,739              (116    )       33
Cash at beginning of period       —                1,625         1,592  
Cash at end of period           $  4,739         $   1,509      $   1,625  

Unaudited pro forma financial information reflects the operating results of
RLJ Entertainment as if Image Entertainment and Acorn Media were acquired as
of the periods indicated. These combined results are not necessarily
indicative of the results that may have been achieved had the combined
companies been combined as of such dates or periods, or of RLJ Entertainment’s
future operating results.

Management believes EBITDA and Adjusted EBITDA to be meaningful indicators of
our performance that provide useful information to investors regarding our
financial condition and results of operations. Presentation of EBITDA and
Adjusted EBITDA are non-GAAP financial measures commonly used in the
entertainment industry and by financial analysts and others who follow the
industry to measure operating performance. While management considers EBITDA
and Adjusted EBITDA to be important measures of comparative operating
performance, they should be considered in addition to, but not as a substitute
for, net income and other measures of financial performance reported in
accordance with Generally Accepted Accounting Principles. Not all companies
calculate EBITDA or Adjusted EBITDA in the same manner and the measures as
presented may not be comparable to similarly-titled measures presented by
other companies.

RLJ Entertainment
Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA
                                                          
                                                               Pro Forma
                                                  Q4 2012      FY 2012
                                                              
Net Income (Loss) to Common                       $ 1,743     $ (20,679 )
                                                               
Preferred dividends and noncontrolling              -            -
Interest
Amortization of film and TV programs (1)            5,178        13,318
Depreciation and other amortization                 1,571        5,689
Interest expense, net                               2,002        7,752
Income tax provision                                659          705
                                                              
EBITDA                                            $ 11,153    $ 6,785   
                                                               
Equity earnings and dividends (2)                   (695   )     (2,013  )
ACL EBITDA (3)                                      929          4,157
Amortization of product development (4)             (646   )     (5,033  )
Severance                                           248          488
Stock based compensation (5)                        49           1,539
Customer conversion costs (6)                       -            1,012
Warrant liability (7)                               (622   )     (622    )
Transaction costs (8)                               -            13,073
Senior management compensation savings (9)          -            2,600
One-time international banking / professional       275          275
fees (10)
                                                              
Adjusted EBITDA                                   $ 10,691    $ 22,261  

(1) Includes amortization of film library costs and intangible assets arising
at the date of the business combination.

(2) Reflects the elimination of ACL equity earnings and dividends included in
net income.

(3) Reflects the inclusion of RLJE 64% interest in ACL EBITDA, calculated as
(i) 64% of 2012 pro forma full year pre-tax income of $6.36 million plus
depreciation / amortization of $0.17 million less interest income of $0.04
million and (ii) 64% of October 3, 2012 to December 31, 2012 per tax income of
$1.38 million plus depreciation / amortization of $0.04 million less interest
income of $0.03 million.

(4) Amortization of Product Development cost is considered a normal operating
business expense and not added back for Adjusted EBITDA or for our banking
covenant calculations.

(5) Reflects non-cash stock option costs from terminated Image and Acorn plans
in the 2012 pro forma period.

(6) Reflects one-time inventory returns processing and handling costs.

(7) Reflects elimination of gain in warrant liability.

(8) Represents Acorn and Image transaction costs, includes (i) retention
bonuses of approximately $5.0 million, (ii) investment banking fees of $3.1
million and (iii) legal and professional fees.

(9) Eliminates the compensation paid to Acorn’s Chairman and Vice Chairman in
the period January 1, 2012 through October 2, 2012. These positions were
eliminated as of October 2, 2012.

(10) Primarily legal fees associated with securing international copyrights
and documenting and completing international banking arrangements in UK and
Australia.

Reconciliation of adjusted EBITDA to adjusted EBITDA including integration
savings:

Management has identified (and previously disclosed) three specific
initiatives designed to improve near-term profitability performance, including
(i) personnel efficiencies, (ii) manufacturing savings, and (iii) operational
savings. Based on actions taken to date as well as planned initiatives in
April 2013, including the announced assumption of Acorn’s replication and
supply chain activities by Sony Pictures Home Entertainment, management
currently estimates annual savings for such initiatives, if included with
actual fourth quarter and pro forma 2012 full year results of operations, as
follows:

(In thousands)                   Q4 2012    Pro forma FY
                                               2012
Adjusted EBITDA                   $ 10,691     $   22,261
Personnel Savings                   942            3,773
Manufacturing Savings               325            1,300
Operational Savings                275           1,100
Total adjusted EBITDA including
                                  $ 12,233     $   28,434
integration savings

Contact:

Sloane & Company
Josh Hochberg, 212-446-1892
Jhochberg@sloanepr.com
or
Erica Bartsch, 212-446-1875
ebartsch@sloanepr.com
or
Traci Otey Blunt, 240-744-7858
The RLJ Companies
press@rljcompanies.com
 
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