Digiplex Fiscal 2013 Q2 Revenue Rises More Than Seven-Fold to $6.9 Million Reflecting Significant Sc

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Digiplex Fiscal 2013 Q2 Revenue Rises More Than Seven-Fold to $6.9 Million Reflecting Significant Screen Growth

Achieves Substantial Increases in Key Operating Metrics Including Theater Level Cash Flow, Adjusted EBITDA and Average Attendance per Screen

WESTFIELD, N.J.--(BUSINESS WIRE)-- Digital Cinema Destinations Corp. (NasdaqCM: DCIN) (Digiplex), a fast-growing motion picture exhibitor dedicated to transforming movie theaters into digital entertainment centers, today reported its fiscal 2013 second quarter financial results for the three-month period ended December 31, 2012.

 

DATE/TIME: Today, 2/14/13 at 4:30 p.m. ET

 

TELEPHONE:800/406-7408. Please call at least five minutes in advance to be connected.


 

WEBCAST: live webcast is available through the Investor Relations section of Digiplex's website at www.digiplexdest.com. A webcast replay will be available and accessible for at least 30 days following the live event.

   

SUMMARY AND SUPPLEMENTARY FINANCIAL DATA

(unaudited)

       

 

Three Months Ended

December 31,

   Six Months Ended

December 31,

(in thousands)

2012

  

2011

2012

  

2011

Total revenue$6,870$920$11,216$1,899
Net loss(1,234)(321)(1,897)(587)
 
Theater level cash flow (1)1,4661782,432368
Adjusted EBITDA (1)599(127)934(224)
 
Theaters (2)163163
Average screens (3)96198519
Average attendance per screen (3)6,4203,56512,1498,012
Average admission per patron$7.71$9.60$7.52$9.14
Average concessions sales per patron$3.13$2.98$3.03$2.63
Total attendance (in thousands) (3)617681,033152
  

(1)

 

Theater level cash flow and adjusted EBITDA are supplemental non-GAAP financial measures. Reconciliations of these metrics to the net loss for the three months ended December 31, 2012 and 2011, are included in the supplementary tables accompanying this news announcement.

(2)

As of December 31, 2012 and 2011, respectively

(3)

Total attendance and average per screen attendance for the three-month period ended December 31, 2012 include a contribution from the seven acquired UltraStar theaters based in CA and AZ for the 13-day average stub period prior to 12/31/12. For the six-month period ended December 31, 2012, total attendance and average per screen attendance includes the contribution from UltraStar noted previously, and a contribution from the Lisbon theater in Connecticut for a 94-day stub period prior to 12/31/12.

 

Digiplex Chairman and CEO Bud Mayo stated, "We continue to make significant progress in strategically expanding Digiplex's theater and screen footprint in leading markets around the country. At the end of our fiscal second quarter we were up to 159 screens in 16 locations, and added another two theaters with an aggregate of 19 screens in Sparta, NJ and Solon, OH subsequent to Q2. We are transforming each acquired facility into a digital entertainment center that adds significant incremental value to our operating base through accretive revenue, EBITDA and free cash flow generation. Digiplex has come a long way in less than a year since our April 2012 IPO and we are well positioned to achieve the 100 location/1000 screen goal we set for ourselves as a corporate milestone, and in the process we will continue to focus on creating incremental value for all our stakeholders."

 
 

DIGITAL CINEMA DESTINATIONS CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

     
December 31,

2012

June 30,

2012

(Unaudited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents$3,129$2,037
Accounts receivable600238
Inventories16278
Deferred financing costs, current portion267-
Prepaid expenses and other current assets 486  381 
 
Total current assets4,6442,734
Property and equipment, net29,85915,432
Goodwill4,343980
Intangible assets, net4,1524,114
Security deposit83
Deferred financing costs, long term portion1,039-
Other assets 80  14 
 
TOTAL ASSETS$44,125 $23,277 
 
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable and accrued expenses$3,674$1,939
Payable to vendor for digital systems-3,334
Notes payable, current portion6881,000
Capital lease, current portion17-
Earn out from theater acquisitions, current portion7979
Deferred revenue 513  31 
 
Total current liabilities4,9716,383
NONCURRENT LIABILITIES
Notes payable, long term portion9,300-
Capital lease, net of current position79-
Earn out from theater acquisition, long term portion550-
Unfavorable leasehold liability, long term portion176190
Deferred rent expense17383
Deferred tax liability 89  39 
 
TOTAL LIABILITIES 15,338  6,695 
 
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred Stock, $0.1 par value, 10,000,000 shares authorized as of December 311, 2012 and June 30, 2012, 6 and 0 shares of Series B Preferred Stock outstanding as of December 31, 2012 and June 30, 2012, respectively--
Class A Common stock, $.01 par value: 20,000,000 shares authorized and 5,134,656 and 4,519,452 shares issued and outstanding as of December 31, 2012 and June 30, 2012, respectively5145
Class B Common stock, $.01 par value, 900,000 shares authorized and issued and outstanding as of December 31, 2012 and June 30, 2012, respectively99
Additional paid-in capital25,38119,285
Accumulated deficit (4,561) (2,757)
 
TOTAL STOCKHOLDERS' EQUITY OF DIGITAL CINEMA DESTINATIONS CORP.20,88016,582
Non-controlling interest 7,907  - 
 
TOTAL LIABILITIES AND EQUITY$44,125 $23,277 
 
 

DIGITAL CINEMA DESTINATIONS CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)


(In thousands, except share and per share data)

      

Three Months Ended

December 31,

Six Months Ended

December 31,

2012

2011

2012

2011

REVENUES
Admissions$4,752$650$7,761$1,392
Concessions1,9292023,128401
Other 189  68  327  106 
 
Total revenues 6,870  920  

11,216

  1,899 
 
COSTS AND EXPENSES
Cost of operations:
Film rent expense2,4172703,855598
Cost of concessions3172848268
Salaries and wages7101441,224288
Facility lease expense8111281,334248
Utilities and other1,1411721,881329
General and administrative1,2083521,946673
Depreciation and amortization 1,098  132  1,947  262 
 
Total costs and expenses 7,702  1,226  12,669  2,466 
 
OPERATING LOSS(832)(306)(1,453)(567)
OTHER EXPENSE
Interest expense(272)-(294)-
Non-cash interest expense(75)-(78)-
Other expense (8) -  (8) - 
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