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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Rlj Entertainment, Inc. (delisted) | NASDAQ:RLJE | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 6.25 | 6.25 | 6.27 | 0 | 01:00:00 |
SILVER SPRING, Md., March 15, 2018 /PRNewswire/ -- RLJ Entertainment, Inc. ("RLJ Entertainment," "RLJE" or "the Company") (NASDAQ: RLJE), today announced financial results for the quarter and year ended December 31, 2017.
Fourth Quarter 2017 Highlights
Full Year 2017 Highlights
Robert L. Johnson, Chairman of RLJ Entertainment, stated, "2017 was a year of dynamic development for RLJ Entertainment in every sense as the Company wins its share of premium audiences demanding a la carte channels that offer targeted, compelling programming backed by direct marketing and expanding distribution. Given the success of this strategy as demonstrated by these strong results, the tremendous opportunity that the quickly expanding OTT landscape affords and the appeal of Acorn TV and UMC, we expect the Company's timely strategy of increasing investments to drive accelerating value creation for subscribers and investors."
Miguel Penella, Chief Executive Officer of RLJ Entertainment, stated, "2017 was an instrumental year of strategic, financial and operating achievement, benchmarking well against our long-term strategic growth plan. We delivered excellent results for the year, driving rapid Digital Channels subscriber and high-margin revenue growth, leveraging our IP licensing capability and benefiting from Agatha Christie's robust performance, and transforming our media distribution and wholesale business toward digital media distribution. Our 2018 plan is to further intensify our Digital Channels' investments in selective, compelling and original programming, supported by increasingly strong marketing with the objective of achieving our 1 million subscriber target within 12 months."
Nazir Rostom, Chief Financial Officer of RLJ Entertainment, commented, "Fourth quarter 2017 results demonstrate the power of our strategy and the skill of our execution, driving our third consecutive quarter of total top-line growth. Our gross margin and EBITDA margin is expected to continue to expand as Digital Channels revenue continues to grow. With a solid balance sheet and clear 2018 priorities, we enter 2018 with strong momentum to deliver another year of growth in revenue, gross margin and bottom-line profitability."
Conference Call Information
RLJE will hold a conference call today at 11:30 a.m. ET to discuss these results. To participate in the live conference call, +1.844.348.1685 (+1.213.358.0890 outside the U.S. and Canada) and providing the conference ID number 2593968, or listen via webcast at www.RLJEntertainment.com/events/. The webcast will be archived in the investors section of RLJE's website.
About RLJ Entertainment, Inc.
RLJ Entertainment, Inc. (NASDAQ: RLJE) is a premium digital channel company serving distinct audiences primarily through its popular OTT branded channels, Acorn TV (British TV) and UMC (Urban Movie Channel), which have rapidly grown through development, acquisition, and distribution of its exclusive rights to a large library of international and British dramas, independent feature films and urban content. RLJE's titles are also distributed in multiple formats including broadcast and pay television, theatrical and non-theatrical, DVD, Blu-ray, and a variety of digital distribution models (including EST, VOD, SVOD and AVOD) in North America, the United Kingdom, and Australia. Additionally, through Acorn Media Enterprises, its UK development arm, RLJE co-produces and develops new programs and owns 64% of Agatha Christie Limited. For more information, please visit RLJEntertainment.com, Acorn.tv, and UMC.tv.
Forward Looking Statements
This press release may include "forward looking statements" within the meaning of the "safe harbor" provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Other than statements of historical fact, all statements made in this press release are forward-looking, including, but not limited to, statements regarding goals, industry prospects, future results of operations or financial position, and statements of our intent, belief and current expectations about our strategic direction, prospective and future results and condition. In some cases, forward-looking statements may be identified by words such as "will," "should," "could," "may," "might," "expect," "plan," "possible," "potential," "predict," "anticipate," "believe," "estimate," "continue," "future," "intend," "project" or similar words.
Forward-looking statements involve risks and uncertainties that are inherently difficult to predict, which could cause actual outcomes and results to differ materially from our expectations, forecasts and assumptions. Factors that might cause such differences include, but are not limited to:
You should carefully consider and evaluate all of the information in this press release, including the risk factors listed above and in our Form 10-K filed with the Securities Exchange Commission (or SEC), including "Item 1A. Risk Factors." If any of these risks occur, our business, results of operations, and financial condition could be harmed, the price of our common stock could decline and you may lose all or part of your investment, and future events and circumstances could differ significantly from those anticipated in the forward-looking statements contained in this press release. Unless otherwise required by law, we undertake no obligation to release publicly any updates or revisions to any such forward-looking statements that may reflect events or circumstances occurring after the date of this press release.
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.
Media Contact:
Traci Otey Blunt, 301-830-6204
RLJ Entertainment, Inc.
tblunt@rljentertainment.com
Investor Contact:
Jody Burfening/Carolyn Capaccio, 212-838-3777
LHA
ir@rljentertainment.com
RLJ ENTERTAINMENT, INC. | ||||||||
Consolidated Balance Sheets | ||||||||
(Unaudited) | ||||||||
As of December 31, 2017 and 2016 | ||||||||
December 31, |
||||||||
(In thousands, except share data) |
2017 |
2016 |
||||||
ASSETS |
||||||||
Cash |
$ |
6,215 |
$ |
7,834 |
||||
Accounts receivable, net |
20,735 |
19,569 |
||||||
Inventories, net |
4,926 |
6,215 |
||||||
Investments in content, net |
70,483 |
60,737 |
||||||
Prepaid expenses and other assets |
719 |
798 |
||||||
Property, equipment and improvements, net |
1,185 |
1,336 |
||||||
Equity investment in affiliate |
21,589 |
16,491 |
||||||
Other intangible assets, net |
7,752 |
9,309 |
||||||
Goodwill |
13,985 |
13,691 |
||||||
Total assets |
$ |
147,589 |
$ |
135,980 |
||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
||||||||
Accounts payable and accrued liabilities |
$ |
12,516 |
$ |
11,995 |
||||
Accrued royalties and distribution fees |
47,414 |
55,614 |
||||||
Deferred revenue |
2,859 |
2,152 |
||||||
Debt, net of discounts and debt issuance costs |
52,639 |
42,053 |
||||||
Deferred tax liability |
2,933 |
1,715 |
||||||
Stock warrant and other derivative liabilities |
13,685 |
9,763 |
||||||
Total liabilities |
132,046 |
123,292 |
||||||
Commitments and contingencies (see Note 21) |
||||||||
Shareholders' Equity: |
||||||||
Redeemable convertible preferred stock, $0.001 par |
19,563 |
38,708 |
||||||
Common stock, $0.001 par value, 250,000,000 shares authorized, 14,071,423 shares issued and outstanding at December 31, 2017 and 5,240,085 shares issued and outstanding at December 31, 2016 |
14 |
5 |
||||||
Additional paid-in capital |
132,422 |
106,059 |
||||||
Accumulated deficit |
(133,514) |
(127,388) |
||||||
Accumulated other comprehensive loss |
(2,942) |
(4,696) |
||||||
Total shareholders' equity |
15,543 |
12,688 |
||||||
Total liabilities and shareholders' equity |
$ |
147,589 |
$ |
135,980 |
RLJ ENTERTAINMENT, INC. | ||||||||
Consolidated Statements of Operations | ||||||||
(Unaudited) | ||||||||
Years Ended December 31, 2017 and 2016 | ||||||||
Years Ended December 31, |
||||||||
(In thousands, except per share data) |
2017 |
2016 |
||||||
Revenues |
$ |
86,304 |
$ |
80,238 |
||||
Cost of sales |
||||||||
Content amortization and royalties |
35,345 |
36,946 |
||||||
Manufacturing and fulfillment |
13,829 |
16,901 |
||||||
Total cost of sales |
49,174 |
53,847 |
||||||
Gross profit |
37,130 |
26,391 |
||||||
Selling expenses |
12,896 |
9,298 |
||||||
General and administrative expenses |
19,704 |
17,841 |
||||||
Depreciation and amortization |
3,705 |
2,957 |
||||||
Total operating expenses |
36,305 |
30,096 |
||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS |
825 |
(3,705) |
||||||
Equity earnings of affiliate |
5,955 |
3,078 |
||||||
Interest expense, net |
(8,622) |
(8,400) |
||||||
Change in fair value of stock warrants and other derivatives |
(3,922) |
(4,573) |
||||||
Gain (Loss) on extinguishment of debt |
351 |
(3,549) |
||||||
Other income (expense) |
521 |
(1,293) |
||||||
LOSS FROM CONTINUING OPERATIONS BEFORE PROVISION FOR INCOME TAXES |
(4,892) |
(18,442) |
||||||
Provision for income taxes |
(1,234) |
(155) |
||||||
LOSS FROM CONTINUING OPERATIONS, NET OF INCOME TAXES |
(6,126) |
(18,597) |
||||||
LOSS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES |
— |
(3,277) |
||||||
NET LOSS |
(6,126) |
(21,874) |
||||||
Accretion on preferred stock |
(1,155) |
(4,301) |
||||||
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS |
$ |
(7,281) |
$ |
(26,175) |
||||
Net loss per common share attributable to common shareholders: |
||||||||
Continuing operations |
$ |
(0.75) |
$ |
(4.97) |
||||
Discontinued operations |
— |
(0.72) |
||||||
Basic and diluted net loss per common share attributable |
$ |
(0.75) |
$ |
(5.69) |
||||
Weighted average shares outstanding: |
||||||||
Basic and diluted |
9,741 |
4,603 |
RLJ ENTERTAINMENT, INC. |
UNAUDITED Adjusted EBITDA |
Years Ended December 31, 2017 and 2016 |
We define "Adjusted EBITDA" as earnings before income tax, depreciation, amortization, non-cash royalty expense, interest expense, non-cash exchange gains and losses on intercompany accounts, goodwill impairments, restructuring costs, change in fair value of stock warrants and other derivatives, stock-based compensation, basis-difference amortization in equity earnings of affiliate and dividends received from affiliate in excess of equity earnings of affiliate. Management believes Adjusted EBITDA to be a meaningful indicator of our performance that provides useful information to investors regarding our financial condition and results of operations because it removes material non-cash items that allows investors to analyze the operating performance of the business using the same metric management uses. The exclusion of non-cash items better reflects our ability to make investments in the business and meet obligations. Presentation of Adjusted EBITDA is a non-GAAP financial measure commonly used in the entertainment industry and by financial analysts and others who follow the industry to measure operating performance. Management uses this measure to assess operating results and performance of our business, perform analytical comparisons, identify strategies to improve performance and allocate resources to our business segments. While management considers Adjusted EBITDA to be an important measure of comparative operating performance, it should be considered in addition to, but not as a substitute for, net income and other measures of financial performance reported in accordance with U.S. GAAP. Not all companies calculate Adjusted EBITDA in the same manner and the measure, as presented, may not be comparable to similarly-titled measures presented by other companies. |
The following table includes the reconciliation of our consolidated U.S. GAAP net loss to our consolidated Adjusted EBITDA: |
Years Ended December 31, | |||||||
(In thousands) |
2017 |
2016 | |||||
Net loss |
$ |
(6,126) |
$ |
(21,874) | |||
Interest expense |
8,622 |
8,400 | |||||
Provision for income tax |
1,234 |
155 | |||||
Depreciation and amortization |
3,705 |
2,957 | |||||
Basis-difference amortization in equity earnings of affiliate |
460 |
484 | |||||
Change in fair value of stock warrants and other |
3,922 |
4,573 | |||||
Stock-based compensation |
1,841 |
1,010 | |||||
Restructuring |
249 |
5,938 | |||||
Loss from discontinued operations |
— |
3,277 | |||||
Foreign currency exchange loss on intercompany accounts |
(591) |
1,487 | |||||
Non-cash royalty expense |
3,234 |
6,681 | |||||
Adjusted EBITDA |
$ |
16,550 |
$ |
13,088 |
View original content with multimedia:http://www.prnewswire.com/news-releases/rlj-entertainment-reports-fourth-quarter-and-full-year-2017-financial-results-300614333.html
SOURCE RLJ Entertainment, Inc.
Copyright 2018 PR Newswire
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