Welcome!

Microsoft Cloud Authors: John Basso, Liz McMillan, Pat Romanski, Elizabeth White, Mihai Corbuleac

News Feed Item

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

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 )   -  
 
LOSS BEFORE INCOME TAXES (1,187 ) (306 ) (1,833 ) (567 )
Income tax expense   47     15     64     20  
 
NET LOSS $ (1,234 ) $ (321 ) $ (1,897 ) $ (587 )
 
Net loss attributable to non-controlling interest   93     -     93     -  
 
Net loss attributable to Digital Cinema Destinations Corp. $ (1,141 ) $ (321 ) $ (1,804 ) $ (587 )
Preferred stock dividends   (5 )   (80 )   (6 )   (153 )
 
Net loss attributable to common stockholders $ (1,146 ) $ (401 ) $ (1,810 ) $ (740 )
 
Net loss per Class A and Class B common share – basic and diluted $ (0.21 ) $ (0.28 ) $ (0.33 ) $ (0.51 )
Weighted average common shares outstanding 5,511,765 1,469,166 5,465,356 1,469,166
 
 

SUPPLEMENTARY NON-GAAP RECONCILIATIONS

THEATER LEVEL CASH FLOW AND ADJUSTED EBITDA

(Unaudited)

($ in thousands)

         
Three Months Ended

December 31,

Six Months Ended

December 31,

2012   2011 2012   2011
Net loss $ (1,234 ) $ (321 ) $ (1,897 ) $ (587 )
Depreciation and amortization 1,098 132 1,947 262
Interest expense 347 - 372 -
Income tax expense 47 15 64   20  
 
EBITDA $ 258 $ (174 ) $ 486 $ (305 )
Stock-based compensation 26 16 69 33
Non-recurring organizational and M&A-related professional fees   315     16     362     28  
 
Adjusted EBITDA $ 599   $ (142 ) $ 917   $ (224 )
 
General and administrative expenses (1)   867     320     1,515     612  
 
Theater level cash flow (2) $ 1,466   $ 178   $ 2,432   $ 368  
   

(1)

 

Excludes stock-based compensation and non-recurring organizational and M&A-related professional fees

(2)

Represents theater level cash flow on a consolidated basis, including the results of the Start Media / Digiplex, LLC joint venture for an approximate 13-day average stub-period prior to December 31, 2012. See Form 10-Q for further information.

 

About Digital Cinema Destinations Corporation (www.digiplexdest.com)

Digital Cinema Destinations Corp. is dedicated to transforming its movie theaters into interactive entertainment centers. The Company provides consumers with uniquely satisfying experiences, combining state-of-the-art digital technology with engaging, dynamic content that far transcends traditional cinematic fare. The Company’s customers enjoy live and pre-recorded alternative programming such as concerts, operas, ballets, sporting events, conferences, interactive videogames, auctions, fashion shows and, on an ongoing basis, the very best major motion pictures. As of February 1, 2013, Digiplex operates 18 cinemas and 178 screens in AZ, CA, CT, NJ, OH and PA. You can connect with Digiplex via Facebook, Twitter, YouTube and Blogger. Digiplex is also participating in DigiNext, a unique, specialty content joint venture (with Nehst Studios) featuring curated content from festivals around the world. DigiNext releases typically include innovative live Q&A sessions between the audience and cast members.

Disclosure Regarding Forward-Looking Statements

This press release and other written or oral statements made by or on behalf of Digital Cinemas Destination Corp. may contain forward-looking statements within the meaning of the federal securities laws. Statements that are not historical facts, including statements about our beliefs, expectations and future performance, are forward-looking statements. Forward-looking statements are only predictions and are not guarantees of performance. These statements are based on beliefs and assumptions of management, which in turn are based on currently available information. The forward-looking statements also involve risks and uncertainties, which could cause actual results to differ materially from those contained in any forward-looking statement. Many of these factors are beyond our ability to control or predict. Risk factors are disclosed in our Form 10-K for the year ended June 30, 2012 under the caption “Risk Factors.” We believe these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations. Further, forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
It’s 2016: buildings are smart, connected and the IoT is fundamentally altering how control and operating systems work and speak to each other. Platforms across the enterprise are networked via inexpensive sensors to collect massive amounts of data for analytics, information management, and insights that can be used to continuously improve operations. In his session at @ThingsExpo, Brian Chemel, Co-Founder and CTO of Digital Lumens, will explore: The benefits sensor-networked systems bring to ...
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
"Tintri was started in 2008 with the express purpose of building a storage appliance that is ideal for virtualized environments. We support a lot of different hypervisor platforms from VMware to OpenStack to Hyper-V," explained Dan Florea, Director of Product Management at Tintri, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Is your aging software platform suffering from technical debt while the market changes and demands new solutions at a faster clip? It’s a bold move, but you might consider walking away from your core platform and starting fresh. ReadyTalk did exactly that. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, will discuss why and how ReadyTalk diverted from healthy revenue and over a decade of audio conferencing product development to start an innovati...
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
Large scale deployments present unique planning challenges, system commissioning hurdles between IT and OT and demand careful system hand-off orchestration. In his session at @ThingsExpo, Jeff Smith, Senior Director and a founding member of Incenergy, will discuss some of the key tactics to ensure delivery success based on his experience of the last two years deploying Industrial IoT systems across four continents.
There will be new vendors providing applications, middleware, and connected devices to support the thriving IoT ecosystem. This essentially means that electronic device manufacturers will also be in the software business. Many will be new to building embedded software or robust software. This creates an increased importance on software quality, particularly within the Industrial Internet of Things where business-critical applications are becoming dependent on products controlled by software. Qua...
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2016 Silicon Valley. The 19th Cloud Expo and 6th @ThingsExpo will take place on November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Interne...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develo...
SYS-CON Events announced today that MangoApps will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device.
The IETF draft standard for M2M certificates is a security solution specifically designed for the demanding needs of IoT/M2M applications. In his session at @ThingsExpo, Brian Romansky, VP of Strategic Technology at TrustPoint Innovation, explained how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
"We've discovered that after shows 80% if leads that people get, 80% of the conversations end up on the show floor, meaning people forget about it, people forget who they talk to, people forget that there are actual business opportunities to be had here so we try to help out and keep the conversations going," explained Jeff Mesnik, Founder and President of ContentMX, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Internet of @ThingsExpo has announced today that Chris Matthieu has been named tech chair of Internet of @ThingsExpo 2016 Silicon Valley. The 6thInternet of @ThingsExpo will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
When people aren’t talking about VMs and containers, they’re talking about serverless architecture. Serverless is about no maintenance. It means you are not worried about low-level infrastructural and operational details. An event-driven serverless platform is a great use case for IoT. In his session at @ThingsExpo, Animesh Singh, an STSM and Lead for IBM Cloud Platform and Infrastructure, will detail how to build a distributed serverless, polyglot, microservices framework using open source tec...
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
From wearable activity trackers to fantasy e-sports, data and technology are transforming the way athletes train for the game and fans engage with their teams. In his session at @ThingsExpo, will present key data findings from leading sports organizations San Francisco 49ers, Orlando Magic NBA team. By utilizing data analytics these sports orgs have recognized new revenue streams, doubled its fan base and streamlined costs at its stadiums. John Paul is the CEO and Founder of VenueNext. Prior ...
A critical component of any IoT project is what to do with all the data being generated. This data needs to be captured, processed, structured, and stored in a way to facilitate different kinds of queries. Traditional data warehouse and analytical systems are mature technologies that can be used to handle certain kinds of queries, but they are not always well suited to many problems, particularly when there is a need for real-time insights.