Cinedigm Corp. Announces Management Changes
Jul 31 15
Cinedigm Corp. announced it has appointed four new independent directors – Blair Westlake, Andy Schuon, Zvi Rhine, and Patrick O’Brien – to its Board of Directors, effective immediately. The company also named Ron Chez to the role of Strategic Advisor to the company. In this capacity, Mr. Chez will advise Cinedigm on financings and capital structure, strategic transactions and opportunities, including acquisitions and dispositions, and other matters. Mr. Chez brings deep business and financial expertise to the company, including six years as the Co-Chairman of Merriman Holdings, the parent company of Merriman Capital. Mr. Westlake is currently a Principal at MediaSquareup. Prior to that, he was Corporate Vice President of Microsoft’s Media & Entertainment Group. He has also served as Corporate Executive Vice President at Gemstar-TV Guide and in various executive roles at Universal Studios, where he was also Chairman of Universal Television & Networks Group for 18 years. Mr. Schuon is the Chief Executive Officer of Master Channel. Mr. Rhine is a Principal at Sabra Capital Partners, with over a decade of financial and investing experience. He was previously Vice President at The Hilco Organization and has also served in various roles at Boone Capital, Banc of America Securities, and Piper Jaffray. Mr. O’Brien is a seasoned executive and business advisor, with 40 years of multi-unit international management experience with an emphasis in financial analysis and business development. Since 2010, Mr. O’Brien has served as a member of the Board of Directors of Merriman Holdings Inc. Mr. O’Brien is also a member of the Board of Directors of Ironclad Performance Wear. Mr. O’Brien is also a member of the Board of Directors of Livevol Inc., and CareXtend. The Directors appointed will stand for election at the company’s 2015 Annual Meeting of Shareholders. As previously announced, current director Wayne Clevenger will not stand for reelection at the Annual Meeting, nor will Adam Mizel, the company’s Chief Operating Officer, and Gary Loffredo, the company’s General Counsel and President of Digital Cinema, both of whom, however, will remain in their executive roles.
Cinedigm Corp. Announces Amendments to its Articles of Incorporation
Jul 1 15
On June 30, 2015, the Board of Directors of Cinedigm Corp. approved certain amendments to the company's by-laws, effective immediately, to adopt procedures relating to stockholders' action by written consent, the appointment of a chairman at stockholder meetings, and the appointment of an inspector of elections. In connection with these amendments, the company is restating the By-laws in their entirety.
Cinedigm Corp. Reports Consolidated Earnings Results for the Fourth Quarter and Year Ended March 31, 2015; Reports Impairment Charges for the Fourth Quarter Ended March 31, 2015; Provides Earnings Guidance for the First Quarter of 2016
Jun 29 15
Cinedigm Corp. reported consolidated earnings results for the fourth quarter and full year ended March 31, 2015. For the quarter, the company reported revenues of $27,630,000 against $31,664,000 a year ago. Loss from operations was $6,674,000 against income from operations of $4,627,000 a year ago. Loss from continuing operations before benefit from income taxes was $11,639,000 against $465,000 a year ago. Loss from continuing operations was $11,639,000 against $465,000 a year ago. Net loss attributable to common stockholders was $11,115,000 against $3,416,000 a year ago. Basic and diluted loss from continuing operations were $0.14 against $0.01 a year ago. Basic and diluted loss attributable to common shareholders were $0.14 against $0.05 a year ago. Adjusted EBITDA was $12,318,000 against $16,891,000 a year ago. Non-deployment adjusted EBITDA was $0.9 million. Non-deployment revenues decreased to $15.7 million from $20.3 million as compared to the same quarter in the prior year as it terminated contracts with certain high-volume customers that did not meet company minimum financial return requirements and continued to experience lower demand for packaged goods (DVD and Blu-ray) due to changes in consumer purchasing behavior and reduction in shelf space allotted to such products.
For the year, the company reported revenues of $105,484,000 against $104,328,000 a year ago. Loss from operations was $8,842,000 against income from operations of $6,386,000 a year ago. Loss from continuing operations before benefit from income taxes was $28,976,000 against $13,960,000 a year ago. Loss from continuing operations was $28,976,000 against $13,960,000 a year ago. Net loss attributable to common stockholders was $31,664,000 against $26,220,000 a year ago. Basic and diluted loss from continuing operations were $0.37 against $0.25 a year ago. Basic and diluted loss attributable to common shareholders were $0.41 against $0.46 a year ago. Adjusted EBITDA was $47,859,000 against $55,667,000 a year ago. Adjusted EBITDA from its non-deployment businesses was $1.2 million for the fiscal year ended March 31, 2015, compared to $9.5 million for the fiscal year ended March 31, 2014 predominantly due to revenue impacts from the factors.
The company announced that net revenues look to be on plan for the first quarter. The first quarter is its seasonally slowest, and its goal is to maintain positive non-deployment EBITDA.
For the quarter fourth quarter of 2015, goodwill impairment was $6,000,000.