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RealD Inc. Reports Financial Results for Third Quarter of Fiscal 2013

RealD Inc. (NYSE: RLD), a leading global licensor of 3D technologies, today announced financial results for its third quarter of fiscal 2013 ended December 31, 2012.

“2D films generated an outsized share of global box office receipts during our third fiscal quarter, which limited our financial results for the quarter,” said Michael V. Lewis, Chairman and Chief Executive Officer of RealD. “Importantly, our continuing focus on growth initiatives in international markets recently led to two major exhibitor contracts in Russia, one of the highest grossing countries for 3D box office receipts. We announced today that Russian exhibitors Karo Film and Kinomax will equip up to a combined 300 RealD systems across their circuits, providing the industry’s brightest 3D presentation to their moviegoing customers.

“Our repurchase of 2.3 million shares of common stock during the quarter and the recent expansion of our stock repurchase program underscore our confidence in RealD’s future growth opportunities,” Lewis added.

Third Quarter Fiscal 2013 Financial Highlights

Financial results for the third quarter of fiscal 2013 benefited from RealD’s previously announced change in quarterly reporting periods, which added 10 extra days to the quarter ended December 31, 2012 when compared to the third quarter of fiscal 2012 ended December 23, 2011.

  • Total revenue was $46.9 million, comprised of license revenue of $30.3 million and product and other revenue of $16.6 million. For the third quarter of fiscal 2012, total revenue was $49.0 million, comprised of license revenue of $28.5 million and product and other revenue of $20.6 million.
  • GAAP net loss attributable to common stockholders was $4.2 million, or $0.08 per share, compared to GAAP net income attributable to common stockholders of $2.8 million, or $0.05 per diluted share, for the third quarter of fiscal 2012. The third quarter of fiscal 2012 included a tax benefit of $2.2 million.
  • Adjusted EBITDA was $12.5 million, compared to $16.2 million in the third quarter of fiscal 2012.
  • Adjusted EBITDA is defined within the section of this press release entitled “Use of Non-GAAP Financial Measures,” which includes a reconciliation to its most comparable GAAP measure, net income (loss).

Nine-Month Fiscal 2013 Financial Highlights

  • Total revenue was $170.1 million, comprised of license revenue of $106.5 million and product and other revenue of $63.6 million. For the nine months ended December 23, 2011, total revenue was $196.6 million, comprised of license revenue of $116.1 million and product and other revenue of $80.4 million.
  • GAAP net loss attributable to common stockholders was $5.4 million, or $0.10 per share, compared to GAAP net income of $31.3 million, or $0.55 per diluted share, for the nine months ended December 23, 2011.
  • Adjusted EBITDA was $49.4 million, compared to $86.6 million for the nine months ended December 23, 2011.

Cash Flows, Stock Repurchases and Balance Sheet Highlights

  • For the nine months ended December 31, 2012, cash flows from operating activities were $63.0 million and total capital expenditures were $24.4 million, resulting in free cash flow of $38.5 million.
  • Free cash flow is defined within the section of this press release entitled “Use of Non-GAAP Financial Measures,” which includes a reconciliation to its most comparable GAAP measure, net cash provided by operating activities.
  • During the quarter, the Company repurchased approximately 2,262,000 shares of common stock for $21.5 million, representing an average cost of $9.52 per share.
  • Since the inception of the stock repurchase program in April 2012 through December 31, 2012, the Company has repurchased approximately 4,822,000 shares of common stock. As of December 31, 2012, $27.2 million remained available under the $75 million stock repurchase authorization.
  • Cash and cash equivalents were $27.7 million and total debt was $35.0 million as of December 31, 2012. The increase of $22.5 million in total debt from September 21, 2012 primarily funded stock repurchases during the quarter.

Key Metrics

  • Estimated box office generated on RealD-enabled screens(1) for the third quarter of fiscal 2013 was $643 million ($299 million domestic, $344 million international). In the third quarter of fiscal 2012, estimated box office generated on RealD-enabled screens was $532 million ($256 million domestic, $276 million international).
  • The percentage of RealD box office generated from animation and family genre films (which have lower average ticket prices) decreased compared to the third quarter of fiscal 2012, when animation and family films dominated the holiday film slate.
  • Nine 3D films were released in the third quarter of fiscal 2013 compared to eight 3D films in the third quarter of fiscal 2012.
  • International markets generated 59% of license revenue and 34% of product and other revenue in the third quarter of fiscal 2013.
  • As of December 31, 2012, the Company had deployed approximately 22,200 RealD-enabled screens, an increase of 13% from approximately 19,700 screens as of December 23, 2011, and an increase of 700 screens (300 domestic, 400 international), or 3%, from approximately 21,500 screens as of September 21, 2012.
  • As of December 31, 2012, the Company had approximately 12,600 domestic screens at approximately 2,800 domestic theater locations and approximately 9,600 international screens at approximately 2,700 international theater locations.
          (1)     Estimated domestic box office on RealD-enabled screens represents the estimated 3D box office generated on RealD-enabled domestic screens. Estimated international box office on RealD-enabled international screens is the estimated 3D box office generated on RealD-enabled international screens. RealD’s estimates of box office on RealD-enabled screens rely on box office tracking data. International box office reflects RealD’s estimates of international box office generated on RealD-enabled screens in 20 foreign countries where box office tracking is available. RealD estimates these countries represent approximately 85% of RealD’s international license revenues.
 

Planned Changes to Definition of Adjusted EBITDA, a Non-GAAP Measure

Beginning in the first quarter of fiscal 2014 that ends on June 30, 2013, RealD intends to modify its definition of Adjusted EBITDA for financial reporting purposes to align with the Adjusted EBITDA definition under the expanded credit facility entered into on April 19, 2012. The Adjusted EBITDA definition under RealD’s credit facility does not add back sales and use tax and property tax as part of the calculation. Beginning in fiscal 2014, RealD will no longer add back sales and use tax and property tax to calculate Adjusted EBITDA for financial reporting purposes.

3D Theatrical Release Schedule for Fourth Quarter of Fiscal 2013 and First Three Quarters of Fiscal 2014
(As of February 6, 2013 – Domestic)

                   

Fiscal Q4 2013

Film

Domestic Release Date

(ending 3/31/13) The Texas Chainsaw Massacre 3D 1/4/2013
Hansel and Gretel: Witch Hunters 1/25/2013
Escape from Planet Earth 2/14/2013
Jack the Giant Slayer 3/1/2013
Oz: The Great and Powerful 3/8/2013
The Croods 3/22/2013
GI Joe: Retaliation 3/28/2013
 

Fiscal Q1 2014

Film

Domestic Release Date

(ending 6/30/13) Jurassic Park (re-release) 4/5/2013
Iron Man 3 5/3/2013
The Great Gatsby 5/10/2013
Star Trek into Darkness 5/17/2013
EPIC 5/24/2013
Man of Steel 6/14/2013
World War Z 6/21/2013
Monsters University 6/21/2013
 

Fiscal Q2 2014

Film

Domestic Release Date

(ending 9/30/13) Despicable Me 2 7/3/2013
Pacific Rim 7/12/2013
Turbo 7/19/2013
The Wolverine 7/26/2013
The Smurfs 2 7/31/2013
300: Rise of an Empire 8/2/2013
Metallica: Through the Never 8/9/2013
Percy Jackson: Sea of Monsters 8/16/2013
One Direction Concert Movie 8/30/2013
Battle of the Year: The Dream Team 9/13/2013

Cloudy With a Chance of Meatballs 2

9/27/2013
 

Fiscal Q3 2014

Film

Domestic Release Date

(ending 12/31/13) Sin City: A Dame to Die For 10/4/2013
Gravity 10/4/2013
The Seventh Son 10/18/2013
Thor: The Dark World 11/8/2013
Frozen 11/27/2013

Postman Pat: The Movie--You Know You Are The One

11/27/2013
The Hobbit 2: The Desolation of Smaug 12/13/2013
Walking With Dinosaurs 12/20/2013
47 Ronin 12/25/2013
 

Sources: Rentrak and imdb.com.

Conference Call Information

Members of RealD management will host a conference call to discuss the Company’s financial results for the third quarter of fiscal 2013, beginning at 4:30 pm ET (1:30 pm PT), today, February 6, 2013. To access the call via telephone, interested parties should dial 877-407-0789 (U.S.) or 201-689-8562. (International) ten minutes prior to the start time and use conference ID 408060.

The conference call will also be broadcast live over the Internet, hosted at the Investor Relations section of the Company’s website at www.reald.com. An archived replay of the call will be available via webcast at www.reald.com or by dialing 877-870-5176 or 858-384-5517 for international callers. The conference ID for the telephone replay is 408060.

Cautionary Note on Forward-Looking Statements

This press release includes forward-looking information and statements, including but not limited to: statements concerning anticipated future financial and operating performance; RealD’s ability to continue to derive substantial revenue from the licensing of RealD’s 3D technologies for use in the motion picture industry, as well as RealD’s relationships with consumer electronics manufacturers and its ability to generate substantial revenue from the licensing of RealD’s 3D technologies for use in the 3D consumer electronics market; 3D motion picture releases and conversions scheduled for the fourth quarter of fiscal 2013 ending March 31, 2013 and the first, second and third quarters of fiscal 2014 ending March 31, 2014, their commercial success and consumer preferences; our ability to increase the number of RealD-enabled screens in domestic and international markets and market share; our ability to supply our solutions to our customers on a timely basis; RealD's relationships with its exhibitor and studio partners and the business model for 3D eyewear in North America; the progress, timing and amount of expenses associated with RealD’s research and development activities; market and industry trends, including growth in 3D content; RealD’s projected operating results; and competitive pressures in domestic and international markets. These statements are based on our management’s current expectations and beliefs, as well as a number of assumptions concerning future events. Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside management’s control that could cause actual results to differ materially from the results discussed in the forward-looking statements. The Company’s Annual Report on Form 10-K for the twelve months ended March 23, 2012, the Company’s Quarterly Report on Form 10-Q for the second fiscal quarter ended September 21, 2012 and other documents filed with the SEC include a more detailed discussion of the risks and uncertainties that may cause actual results to differ materially from the results discussed in the forward-looking statements.

RealD undertakes no obligation to update publicly the information contained in this press release, or any forward-looking statements, to reflect new information, events or circumstances after the date they were made, or to reflect the occurrence of unanticipated events.

Use of Non-GAAP Financial Measures

To supplement RealD’s financial statements presented on a GAAP basis, RealD provides Adjusted EBITDA and free cash flow as supplemental measures of its performance. The Company defines Adjusted EBITDA as net income (loss), plus net interest expense, income and other taxes, and depreciation and amortization, as further adjusted to eliminate the impact of share-based compensation expense, exhibitor option expense and certain other items not considered by RealD management to be indicative of the company’s core operating performance. The Company defines free cash flow as net cash provided by operating activities less total capital expenditures in a given period (e.g., purchases of cinema systems and property and equipment on a combined basis).

RealD presents Adjusted EBITDA in reporting its financial results to provide investors with additional tools to evaluate RealD’s operating results in a manner that focuses on what RealD’s management believes to be its ongoing business operations. RealD presents free cash flow to provide investors a metric for our capacity to generate cash from our operating and investing activities to sustain our operating activities. RealD’s management does not itself, nor does it suggest that investors should, consider any such Non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Adjusted EBITDA and free cash flow are used by management for planning purposes, including: the preparation of internal budgets, forecasts and strategic plans; in analyzing the effectiveness of business strategies; to evaluate potential acquisitions; in making compensation decisions; and in communications with its Board of Directors concerning financial performance. Because not all companies use identical calculations, the Company’s presentation of Adjusted EBITDA and free cash flow may not be comparable to similarly titled measures of other companies. Adjusted EBITDA is not intended to be a measure of free cash flow for management’s discretionary use, as it does not consider certain cash requirements such as tax and debt service payments. Adjusted EBITDA also differs from the amounts calculated under the similarly titled definition in our credit agreement, which is further adjusted to reflect certain other cash and non-cash charges and is used to determine compliance with financial covenants and the Company’s ability to engage in certain activities, such as incurring additional debt and making certain restricted payments.

About RealD Inc.

RealD is a leading global licensor of 3D technologies. RealD’s extensive intellectual property portfolio is used in applications that enable a premium 3D viewing experience in the theater, the home and elsewhere. RealD licenses its RealD Cinema Systems to motion picture exhibitors that show 3D motion pictures and alternative 3D content. RealD also provides its RealD Display, active and passive eyewear, and RealD Format technologies to consumer electronics manufacturers and content producers and distributors to enable the delivery and viewing of 3D content. RealD’s cutting-edge technologies have been used for applications such as piloting the Mars Rover.

RealD was founded in 2003 and has offices in Beverly Hills, California; Boulder, Colorado; London, United Kingdom; Shanghai, China; Hong Kong; Tokyo, Japan; and Moscow, Russia. For more information, please visit our website at www.reald.com.

© 2013 RealD Inc. All Rights Reserved.

           

RealD Inc.

Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)

 
Three months ended Nine months ended
December 31,       December 23, December 31,       December 23,
2012 2011 2012 2011
Revenue:
License $ 30,334 $ 28,454 $ 106,499 $ 116,146
Product and other   16,605     20,572     63,604     80,435  
Total revenue 46,939 49,026 170,103 196,581
Cost of revenue:
License 10,523 9,202 34,819 30,321
Product and other   15,497     15,870     65,366     64,465  
Total cost of revenue 26,020 25,072 100,185 94,786
Gross profit 20,919 23,954 69,918 101,795
Operating expenses:
Research and development 5,376 4,336 14,866 12,736
Selling and marketing 6,053 6,564 18,872 20,259
General and administrative   12,346     11,513     35,797     29,735  
Total operating expenses   23,775     22,413     69,535     62,730  
Operating income (loss) (2,856 ) 1,541 383 39,065
Interest expense, net (426 ) (227 ) (1,027 ) (710 )
Other income (loss)   (183 )   (792 )   (557 )   157  
Income (loss) before income taxes (3,465 ) 522 (1,201 ) 38,512
Income tax expense (benefit)   694     (2,241 )   4,242     7,170  
Net income (loss) (4,159 ) 2,763 (5,443 ) 31,342

Net (income) loss attributable to noncontrolling interest

  (1 )   70     89     (9 )

Net income (loss) attributable to RealD Inc. common stockholders

$ (4,160 ) $ 2,833   $ (5,354 ) $ 31,333  
 
Earnings (loss) per common share:
Basic $ (0.08 ) $ 0.05 $ (0.10 ) $ 0.58
Diluted $ (0.08 ) $ 0.05 $ (0.10 ) $ 0.55
 
Shares used in computing earnings (loss) per common share:
Basic 51,062 54,524 53,157 54,274
Diluted 51,062 56,385 53,157 56,985
 
 
                         

RealD Inc.

Consolidated Balance Sheets

(In thousands)

 
December 31, March 23,
2012 2012
(unaudited)
Assets
Current assets:
Cash and cash equivalents $ 27,667 $ 24,894
Accounts receivable, net 50,375 59,212
Inventories 14,105 40,577
Deferred costs – eyewear 351 932
Prepaid expenses and other current assets   5,392     2,630  
Total current assets 97,890 128,245
Property and equipment, net 21,183 12,713
Cinema systems, net 129,954 141,024
Digital projectors, net-held for sale 971 1,078
Goodwill 10,657 10,657
Other intangibles, net 1,620 1,746
Deferred income taxes 3,049 3,049
Other assets   5,101     3,663  
Total assets $ 270,425   $ 302,175  
 
Liabilities and equity
Current liabilities:
Accounts payable $ 17,046 $ 22,617
Accrued expenses and other liabilities 30,570 28,870
Deferred revenue 9,218 7,201
Income taxes payable 945 1,121
Deferred income taxes   3,100     3,149  
Total current liabilities 60,879 62,958
Credit facility agreement 35,000 25,000
Deferred revenue, net of current portion 11,038 13,920
Other long-term liabilities, customer deposits and virtual print fee liability 4,458 2,691
 
Commitments and contingencies
 
Equity (deficit)
Common stock 325,540 309,894
Accumulated deficit   (165,824 )   (112,711 )
Total RealD Inc. stockholders’ equity 159,716 197,183
Noncontrolling interest   (666 )   423  
Total equity   159,050     197,606  
 
Total liabilities and equity $ 270,425   $ 302,175  
                         

RealD Inc.

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 
Nine months ended
December 31, December 23,
2012 2011
Cash flows from operating activities
Net income (loss) $ (5,443 ) $ 31,342

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Depreciation and amortization

24,130

20,558
Deferred income tax (49 ) (179 )
Non-cash interest expense 342 133
Non-cash stock compensation 13,965 11,718
Gain on sale of digital projectors (1,156 )
Loss on disposal of property and equipment 44 434
Impairment of long-lived assets and related purchase commitments 6,581 9,024
Changes in operating assets and liabilities:
Accounts receivable 6,361 6,661
Inventories 26,465 8,951
Prepaid expenses and other current assets (2,372 ) (306 )
Deferred costs - eyewear 581 (524 )
Other assets (661 ) (3,458 )
Accounts payable

(5,595

) (32,904 )
Accrued expenses and other liabilities (2,092 ) (12,794 )
Other long-term liabilities, customer deposits and virtual print fee liability 1,767 1,700
Income taxes receivable/payable (176 ) 4,024
Deferred revenue   (865 )   (6,269 )
Net cash provided by operating activities 62,983 36,955
 
Cash flows from investing activities
Purchases of property and equipment (11,665 ) (5,545 )
Purchases of cinema systems and related components (12,774 ) (46,656 )
Proceeds from sale of digital projectors   2,474     3,999  
Net cash used in investing activities (21,965 ) (48,202 )
 
Cash flows from financing activities
Repayments of long-term debt (2,311 )
Proceeds from credit facility 47,500 30,000
Repayments on credit facility (37,500 ) (5,000 )
Payments of debt issuance costs (1,167 )
Proceeds from exercise of stock options 1,070 528
Proceeds from employee stock purchase plan 611
Proceeds from exercise of warrants 271
Proceeds from exercise of motion picture exhibitor options 3
Purchases of treasury stock (47,759 )
Distributions to noncontrolling interests   (1,000 )    
Net cash (used) provided by financing activities   (38,245 )   23,491  
Net increase in cash and cash equivalents 2,773 12,244
Cash and cash equivalents, beginning of period   24,894     16,936  
Cash and cash equivalents, end of period $ 27,667   $ 29,180  
 
 
               

RealD Inc.

Schedule of Non-GAAP Reconciliations

(In thousands)

(Unaudited)

 

Reconciliation of Net Income (Loss) to Adjusted EBITDA

 
Three months ended Nine months ended
December 31,       December 23, December 31,       December 23,
(in thousands) 2012 2011 2012 2011
 
Net income (loss) $ (4,159 ) $ 2,763 $ (5,443 ) $ 31,342
Add (deduct):
Interest expense, net 426 227 1,027 710
Income tax expense (benefit) 694 (2,241 ) 4,242 7,170
Depreciation and amortization 8,194 7,406 24,130 20,558

Other (income) loss(1)

183 792 557 (157 )

Share-based compensation expense(2)

4,871 4,086 13,965 11,718

Impairment of assets and intangibles(3)

680 1,196 6,581 9,024

Sales and use tax(4)

1,008 1,569 3,170 5,076

Property tax(5)

  580     367     1,191     1,133  
Adjusted EBITDA $ 12,477   $ 16,165   $ 49,420   $ 86,574  
 
      (1)     Includes gains and losses from foreign currency exchange and foreign currency forward contracts.
(2) Represents share-based compensation expense of nonstatutory and incentive stock options and restricted stock units and employee stock purchase plan to employees, officers and directors.
(3) Represents impairment of long-lived assets, such as fixed assets, theatrical equipment and related purchase commitments and identifiable intangibles.
(4) Represents taxes incurred by us for cinema license and product revenue.
(5) Represents property taxes on RealD Cinema Systems and digital projectors.
 
 
     

Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow

 
Nine months ended
December 31,                     December 23,
2012 2011
(in thousands)
Net cash provided by operating activities $ 62,983 $ 36,955
Purchases of property and equipment (11,665 ) (5,545 )
Purchases of cinema systems and related components   (12,774 )   (46,656 )
Free cash flow $ 38,544   $ (15,246 )

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