Digiplex Fiscal 2013 Q2 Revenue Rises More Than Seven-Fold to $6.9 Million Reflecting Significant Sc
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) | 1,466 | 178 | 2,432 | 368 | |||||||||||||||||||||||
Adjusted EBITDA (1) | 599 | (127 | ) | 934 | (224 | ) | |||||||||||||||||||||
Theaters (2) | 16 | 3 | 16 | 3 | |||||||||||||||||||||||
Average screens (3) | 96 | 19 | 85 | 19 | |||||||||||||||||||||||
Average attendance per screen (3) | 6,420 | 3,565 | 12,149 | 8,012 | |||||||||||||||||||||||
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) | 617 | 68 | 1,033 | 152 | |||||||||||||||||||||||
(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 receivable | 600 | 238 | ||||||||||
Inventories | 162 | 78 | ||||||||||
Deferred financing costs, current portion | 267 | - | ||||||||||
Prepaid expenses and other current assets | 486 | 381 | ||||||||||
Total current assets | 4,644 | 2,734 | ||||||||||
Property and equipment, net | 29,859 | 15,432 | ||||||||||
Goodwill | 4,343 | 980 | ||||||||||
Intangible assets, net | 4,152 | 4,114 | ||||||||||
Security deposit | 8 | 3 | ||||||||||
Deferred financing costs, long term portion | 1,039 | - | ||||||||||
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 portion | 688 | 1,000 | ||||||||||
Capital lease, current portion | 17 | - | ||||||||||
Earn out from theater acquisitions, current portion | 79 | 79 | ||||||||||
Deferred revenue | 513 | 31 | ||||||||||
Total current liabilities | 4,971 | 6,383 | ||||||||||
NONCURRENT LIABILITIES | ||||||||||||
Notes payable, long term portion | 9,300 | - | ||||||||||
Capital lease, net of current position | 79 | - | ||||||||||
Earn out from theater acquisition, long term portion | 550 | - | ||||||||||
Unfavorable leasehold liability, long term portion | 176 | 190 | ||||||||||
Deferred rent expense | 173 | 83 | ||||||||||
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, respectively | 51 | 45 | ||||||||||
Class B Common stock, $.01 par value, 900,000 shares authorized and issued and outstanding as of December 31, 2012 and June 30, 2012, respectively | 9 | 9 | ||||||||||
Additional paid-in capital | 25,381 | 19,285 | ||||||||||
Accumulated deficit | (4,561 | ) | (2,757 | ) | ||||||||
TOTAL STOCKHOLDERS' EQUITY OF DIGITAL CINEMA DESTINATIONS CORP. | 20,880 | 16,582 | ||||||||||
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 | |||||||||||
Concessions | 1,929 | 202 | 3,128 | 401 | |||||||||||||||
Other | 189 | 68 | 327 | 106 | |||||||||||||||
Total revenues | 6,870 | 920 | 11,216 | 1,899 | |||||||||||||||
COSTS AND EXPENSES | |||||||||||||||||||
Cost of operations: | |||||||||||||||||||
Film rent expense | 2,417 | 270 | 3,855 | 598 | |||||||||||||||
Cost of concessions | 317 | 28 | 482 | 68 | |||||||||||||||
Salaries and wages | 710 | 144 | 1,224 | 288 | |||||||||||||||
Facility lease expense | 811 | 128 | 1,334 | 248 | |||||||||||||||
Utilities and other | 1,141 | 172 | 1,881 | 329 | |||||||||||||||
General and administrative | 1,208 | 352 | 1,946 | 673 | |||||||||||||||
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 | ) | - | |||||||||||||
