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IDW Media Holdings Reports First Quarter 2017 Results

STAMFORD, CT and SAN DIEGO, CA — (Marketwired) — 03/17/17 — . (OTCQX: IDWM), a fully integrated media company announced today its results for the first quarter ended January 31, 2017.

Gross Revenue of $14.8 million for the three months ended January 31, 2017 compared to $10.7 million for the three months ended January 31, 2016. Worldwide sales of IDW Entertainment television shows as well as a 20% increase in revenue in IDW Publishing were the primary drivers of the increased revenue.

IDW Entertainment Revenue of $3.3 million or 22.3% of Gross Revenues compared to $37 thousand last year.

IDW Publishing Revenue of $7.5 million increased by $1.2 million over previous year Q1 revenue.

CTM Revenue of $4.0 million decreased by $0.4 million from previous year Q1 revenue.

Commenting on the results, Ted Adams, CEO stated, “Our Q1 performance reflects solid growth at IDW Publishing and the continued success of the TV programs we have launched in IDW Entertainment.”

Our publishing division — which includes IDW Publishing where we primarily publish comic books and graphic novels and IDW Games where we publish board games and card games, continued to be led by the success of the March books and the Teenage Mutant Ninja Turtles board game was another important contributor to growth in the quarter. We will be launching a new partnership with leading book distributor Penguin Random House on April 1, which we expect will contribute to the long-term growth of IDW Publishing. Given the scope of the transition, we don–t expect to see a positive impact of the new distribution partnership until later in the fiscal year.

IDW Entertainment continued its positive momentum driven by the success of the initial seasons of Wynonna Earp and Dirk Gently. Both series have been renewed for second seasons, with anticipated premieres in 2017. IDW Entertainment continues to form strategic alliances with major talent including the just announced Jonathan Kellerman best-selling book property Alex Delaware and The Devil with Grey–s Anatomy–s Ellen Pompeo. In addition, Locke and Key, created by Joe Hill, is currently in development for a television series.

CTM revenue decline in Q1 of 2017 is primarily attributed to a decline of ski season revenue due to poor ski conditions in the Northeast this winter, as well as the decrease in the number of Broadway shows in production during the period. CTM is preparing for the busy summer travel season.

All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate,” “target” and similar expressions, are forward-looking statements. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our public disclosures provide information on certain of such statements and risks, and should be consulted along with this release. To the extent permitted under applicable law, we assume no obligation to update any forward-looking statements.

IDW Media Holdings, Inc. (OTCQX: IDWM) is a fully integrated media company, which includes the award-winning IDW Publishing, IDW Games, IDW Entertainment, Top Shelf Productions, the San Diego Comic Art Gallery, and CTM Media Group Inc. CTM Media Group Inc. is one of North America–s largest distributors of tourism information. Distributing over 100 million brochures last year, CTM–s comprehensive visitor out of home marketing network includes over 14,000 brochure information displays and over 400 award-winning touch screen kiosks.

The financial statements below have been derived from the Company–s financial statements at the dates shown, but do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. For further information, please refer to the Company–s quarterly report for the three months ended January 31, 2017 filed on March 17, 2017, and annual report for the fiscal year ended October 31, 2016 filed on January 30, 2017, both with the OTC Markets Group OTCQX: IDWM.

Adjusted EBITDA is defined as net income before interest expense, provision for income taxes and depreciation and amortization, with further adjustments to reflect the elimination of income statement items including non-cash charges, and expenses that we consider not indicative of ongoing operations.

Les Rozner

(203) 716-8376

Short URL: https://www.88finance.com/?p=530988

Posted by on Mar 17 2017. Filed under Picture Gallery, Venture Capital. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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