ACCESS Newswire
14 Feb 2020, 22:01 GMT+10
Fourth Quarter Revenue Surges on Deliveries of 'V Wars' and 'October Faction' to Netflix
(Note: *This re-release contains no changes to fourth quarter, to full year fiscal 2019 results, nor to any results as originally reported. It corrects the January 23, 2020 release which inadvertently excluded allocated corporate overhead from income (loss) from operations for certain segments in the third quarter of fiscal 2019 as noted in the ‘Segment P&L Highlights' chart below)
NEWARK, NJ AND LOS ANGELES, CA / February 14, 2020 / IDW Media Holdings, Inc. (OTC PINK:IDWM), an integrated media company, today reported a fourth quarter net loss per share of $2.29 on revenue of $33.9 million and a full fiscal year net loss per share of $3.90 on revenue of $62.6 million for the three months and twelve months ended October 31, 2019, respectively.
Media Highlights
Comments of IDW's Chairman and CEO, Howard Jonas
'The unprecedented demand from streaming networks for fresh, innovative shows provides IDW with a tremendous market opportunity. Our IP portfolio, strong relationships with renowned creators and holistic approach to franchise development strategically positions IDW for near and long-term growth.
'With three new shows premiering on Netflix in a sixty-day span - and a fourth season of ‘Wynonna Earp' debuting later this year on SyFy, IDW has come a very long way since entering the entertainment space just a few years ago. It has taken a lot of hard work and effort to build out these capabilities, and our team deserves tremendous credit for getting us here so quickly. With this foundation now in place, I am extremely excited about our ability to capitalize on this huge market opportunity. Our outlook has never been brighter.
'In the fourth quarter of fiscal 2019, revenue was boosted by delivery of ‘V Wars' and the majority of the ‘October Faction' episodes to Netflix, while the legacy production finance agreements utilized for these shows and production cost overages resulted in significant losses. The remaining impact of these legacy deals will be recognized in the first quarter fiscal 2020 results reflecting the delivery of the balance of ‘October Faction' episodes to Netflix.
'Subsequent to the quarter close, IDW Entertainment delivered season one of ‘Locke & Key' to Netflix and we expect that it will contribute to our bottom line in the first half of fiscal 2020.
'IDW is on track to attain steadily profitable operations in 2021 and beyond with prospective upside from potential renewals of IDW Entertainment's current line-up, from our previously announced deal with Cineflix and SyFy for distribution of ‘Wynonna Earp', from new deals that the IDW Entertainment team is developing from its IP pipeline and from our focus on complete franchise monetization through merchandising, games, video on demand, and other fandom-driven channels. We are working to ensure that all divisions of IDW operate profitably by fiscal 2021.
'With our improving financial and operational outlook, we are exploring listing IDW on a national stock exchange to enhance our visibility, increase liquidity in the market for our stock, and broaden our shareholder base. In conjunction with the up-list, we intend to raise additional growth capital to further strengthen our balance sheet and to pursue the abundant growth opportunities afforded by the intensifying competition among streaming services for original content.
'Buckle your seat belt and stay tuned for exciting news during fiscal 2020, and don't forget to check out ‘V Wars', ‘October Faction' and ‘Locke & Key' on Netflix.'
Consolidated P&L Highlights
(Numbers may not add up due to rounding)
Segment P&L Highlights
(Numbers may not correspond to consolidated totals due to rounding)
* Results include Clover Press, which operates independently of IDW Publishing
** Third quarter 2019 income (loss) from operations for the IDW Publishing and CTM segments were reported accurately when announced on September 12, 2019. However, the fourth quarter earnings release dated January 23, 2020 inadvertently excluded corporate overhead allocations for these third quarter segment results.
Financial Take-Aways and Outlook
About IDW
IDW Media Holdings, Inc. (OTC PINK: IDWM) is an integrated media company. IDW's businesses include IDW Publishing - a leading publisher of comic books and graphic novels, IDW Entertainment - a producer and distributor of franchise content through television and other media, and CTM Media Group - one of North America's largest distributors of information for tourists and travelers.
Investor Contact
IDW Media Holdings
Ezra Rosensaft, Chief Financial Officer
[email protected]
IDW MEDIA HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
IDW MEDIA HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
IDW MEDIA HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
SOURCE: IDW Media Holdings Inc.
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