Welcome!

Agile Computing Authors: Rishi Bhargava, William Schmarzo, Liz McMillan, Elizabeth White, Yeshim Deniz

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
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
SYS-CON Events announced today that Technologic Systems Inc., an embedded systems solutions company, will exhibit at SYS-CON's @ThingsExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Technologic Systems is an embedded systems company with headquarters in Fountain Hills, Arizona. They have been in business for 32 years, helping more than 8,000 OEM customers and building over a hundred COTS products that have never been discontinued. Technologic Systems’ pr...
SYS-CON Events announced today that Auditwerx will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Auditwerx specializes in SOC 1, SOC 2, and SOC 3 attestation services throughout the U.S. and Canada. As a division of Carr, Riggs & Ingram (CRI), one of the top 20 largest CPA firms nationally, you can expect the resources, skills, and experience of a much larger firm combined with the accessibility and attent...
SYS-CON Events announced today that HTBase will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. HTBase (Gartner 2016 Cool Vendor) delivers a Composable IT infrastructure solution architected for agility and increased efficiency. It turns compute, storage, and fabric into fluid pools of resources that are easily composed and re-composed to meet each application’s needs. With HTBase, companies can quickly prov...
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists peeled away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud enviro...
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
SYS-CON Events announced today that Infranics will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Since 2000, Infranics has developed SysMaster Suite, which is required for the stable and efficient management of ICT infrastructure. The ICT management solution developed and provided by Infranics continues to add intelligence to the ICT infrastructure through the IMC (Infra Management Cycle) based on mathemat...
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), will provide an overview of various initiatives to certifiy the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldw...
In his General Session at 16th Cloud Expo, David Shacochis, host of The Hybrid IT Files podcast and Vice President at CenturyLink, investigated three key trends of the “gigabit economy" though the story of a Fortune 500 communications company in transformation. Narrating how multi-modal hybrid IT, service automation, and agile delivery all intersect, he will cover the role of storytelling and empathy in achieving strategic alignment between the enterprise and its information technology.
Microservices are a very exciting architectural approach that many organizations are looking to as a way to accelerate innovation. Microservices promise to allow teams to move away from monolithic "ball of mud" systems, but the reality is that, in the vast majority of organizations, different projects and technologies will continue to be developed at different speeds. How to handle the dependencies between these disparate systems with different iteration cycles? Consider the "canoncial problem" ...
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound e...
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
My team embarked on building a data lake for our sales and marketing data to better understand customer journeys. This required building a hybrid data pipeline to connect our cloud CRM with the new Hadoop Data Lake. One challenge is that IT was not in a position to provide support until we proved value and marketing did not have the experience, so we embarked on the journey ourselves within the product marketing team for our line of business within Progress. In his session at @BigDataExpo, Sum...
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
What sort of WebRTC based applications can we expect to see over the next year and beyond? One way to predict development trends is to see what sorts of applications startups are building. In his session at @ThingsExpo, Arin Sime, founder of WebRTC.ventures, will discuss the current and likely future trends in WebRTC application development based on real requests for custom applications from real customers, as well as other public sources of information,
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).