Cineverse Corp 8-K, filed Jul 30, 2021
Cineverse Corp. (CNVS)
About this 8-K
Cineverse Corp filed this 8-K on July 30, 2021.
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
July 30, 2021
(Date of earliest event reported)
Cinedigm Corp.
(Exact name of registrant as specified in its charter)
| Delaware | 001-31810 | 22-3720962 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
237 West 35th Street, Suite 605, New York, New York |
10001 | |
| (Address of principal executive offices) | (Zip Code) |
212-206-8600
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transmission period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| Class A Common Stock | CIDM | Nasdaq Global Market |
| Item 2.02. | Results of Operations and Financial Condition |
On July 30, 2021, Cinedigm Corp. (the “Company”) issued a press release announcing its results for the three months and twelve months ended March 31, 2021.
A copy of such press release is attached as Exhibit 99.1 hereto and incorporated herein by reference.
The information in this Item 2.02 of Form 8-K and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.
| Item 9.01 | Financial Statements and Exhibits |
EXHIBIT INDEX
|
Exhibit No. |
Description | |
| 99.1 | Press Release, dated July 30, 2021, announcing Cinedigm Corp.’s three months and twelve months ended March 31, 2021 results. |
1
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| CINEDIGM CORP. |
| Dated: July 30, 2021 | By: | /s/ Gary S. Loffredo |
| Gary S. Loffredo President, Chief Operating Officer, President of Digital Cinema, General Counsel and Secretary |
2
Exhibit 99.1
Cinedigm Reports Fourth Quarter Fiscal 2021 Results
and Files 10-K For Fiscal Year 2021
Streaming Channel Revenues Up 197% Year-Over-Year
Ad-Supported Streaming Channel Revenues Up 331% Year-Over-Year
Subscription Streaming Channel Revenues Up 117% Year-Over-Year
LOS ANGELES, July 30, 2021- Cinedigm Corp. (“Cinedigm” or “the Company”) (NASDAQ: CIDM), a leading independent streaming entertainment company super-serving enthusiast fan bases, today announced its final audited financial results for the fourth quarter and full year period ended March 31, 2021. No changes were made to the preliminary results the Company reported on July 14, 2021.
“We reached a key inflection point during the fourth quarter, where we generated huge growth in our streaming business,” stated Chris McGurk, Cinedigm Chairman and CEO. “Our streaming/digital business was 75% of our total revenues during the quarter and we expect that percentage will continue to increase as we grow the business both organically and through our streaming acquisition rollup strategy. In addition, we reduced our debt significantly and recently announced we now have zero debt and our strongest ever overall balance sheet position. Clearly, we have great forward momentum and are set up for continued rapid growth in fiscal year 2022.”
Key Fourth Quarter Financial Results (Quarter Ended March 31, 2021):
| ● | Consolidated revenues were $8.3 million, with streaming channel revenues up 197% versus the prior year quarter and 39% sequentially over last quarter; |
| ● | Streaming/Digital revenues grew to 75% of the Company’s total revenues in the quarter versus 48% in the prior year quarter; |
| ● | Combined Streaming/Digital revenues increased 66% over the prior year quarter and 27% sequentially over last quarter; |
| ● | Ad-supported streaming channel (AVOD) revenues increased 331% over the prior year quarter and 23% sequentially over last quarter; |
| ● | Subscription streaming channel revenues increased 117% over the prior year quarter and 65% sequentially over last quarter; |
| ● | Earnings per share were ($0.04) in the quarter versus $(0.08) in the prior year quarter and $(0.07) in the prior sequential quarter. |
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About Cinedigm
For more than 20 years, Cinedigm (NASDAQ: CIDM) has led the digital transformation of the entertainment industry. Today, Cinedigm entertains consumers around the globe by providing premium content, enthusiast streaming channels and technology services to the world’s largest media, retail and technology companies. For more information, visit www.cinedigm.com.
Safe Harbor Statement
Investors and readers are cautioned that certain statements contained in this document, as well as some statements in periodic press releases and some oral statements of Cinedigm officials during presentations about Cinedigm, along with Cinedigm’s filings with the Securities and Exchange Commission, including Cinedigm’s registration statements, quarterly reports on Form 10-Q and annual report on Form 10-K, are “forward-looking’’ statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act’’). Forward-looking statements include statements that are predictive in nature, which depend upon or refer to future events or conditions, which include words such as “expects,” “anticipates,’’ “intends,’’ “plans,’’ “could,” “might,” “believes,’’ “seeks,” “estimates’’ or similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future actions, which may be provided by Cinedigm’s management, are also forward-looking statements as defined by the Act. Forward-looking statements are based on current expectations and projections about future events and are subject to various risks, uncertainties and assumptions about Cinedigm, its technology, economic and market factors and the industries in which Cinedigm does business, among other things. These statements are not guarantees of future performance and Cinedigm undertakes no specific obligation or intention to update these statements after the date of this release.
For additional information:
| Media Contact: | Investor Relations Contact: |
| DKC Public Relations | High Touch Investor Relations |
| cinedigm@dkcnews.com | Cinedigm@htir.net |