Welcome!

Agile Computing Authors: Elizabeth White, Yeshim Deniz, Pat Romanski, ManageEngine IT Matters, Liz McMillan

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 DXWorldExpo has been named “Global Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Digital Transformation is the key issue driving the global enterprise IT business. Digital Transformation is most prominent among Global 2000 enterprises and government institutions.
SYS-CON Events announced today that Datera, that offers a radically new data management architecture, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Datera is transforming the traditional datacenter model through modern cloud simplicity. The technology industry is at another major inflection point. The rise of mobile, the Internet of Things, data storage and Big...
"We've been engaging with a lot of customers including Panasonic, we've been involved with Cisco and now we're working with the U.S. government - the Department of Homeland Security," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held June 6-8, 2017, at the Javits Center in New York City, NY.
SYS-CON Events announced today that Calligo, an innovative cloud service provider offering mid-sized companies the highest levels of data privacy and security, has been named "Bronze Sponsor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Calligo offers unparalleled application performance guarantees, commercial flexibility and a personalised support service from its globally located cloud plat...
"We are focused on SAP running in the clouds, to make this super easy because we believe in the tremendous value of those powerful worlds - SAP and the cloud," explained Frank Stienhans, CTO of Ocean9, Inc., in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devic...
"The Striim platform is a full end-to-end streaming integration and analytics platform that is middleware that covers a lot of different use cases," explained Steve Wilkes, Founder and CTO at Striim, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We provide IoT solutions. We provide the most compatible solutions for many applications. Our solutions are industry agnostic and also protocol agnostic," explained Richard Han, Head of Sales and Marketing and Engineering at Systena America, in this SYS-CON.tv interview at @ThingsExpo, held June 6-8, 2017, at the Javits Center in New York City, NY.
DX World EXPO, LLC., a Lighthouse Point, Florida-based startup trade show producer and the creator of "DXWorldEXPO® - Digital Transformation Conference & Expo" has announced its executive management team. The team is headed by Levent Selamoglu, who has been named CEO. "Now is the time for a truly global DX event, to bring together the leading minds from the technology world in a conversation about Digital Transformation," he said in making the announcement.
"MobiDev is a Ukraine-based software development company. We do mobile development, and we're specialists in that. But we do full stack software development for entrepreneurs, for emerging companies, and for enterprise ventures," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
While the focus and objectives of IoT initiatives are many and diverse, they all share a few common attributes, and one of those is the network. Commonly, that network includes the Internet, over which there isn't any real control for performance and availability. Or is there? The current state of the art for Big Data analytics, as applied to network telemetry, offers new opportunities for improving and assuring operational integrity. In his session at @ThingsExpo, Jim Frey, Vice President of S...
SYS-CON Events announced today that DXWorldExpo has been named “Global Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Digital Transformation is the key issue driving the global enterprise IT business. Digital Transformation is most prominent among Global 2000 enterprises and government institutions.
In his opening keynote at 20th Cloud Expo, Michael Maximilien, Research Scientist, Architect, and Engineer at IBM, discussed the full potential of the cloud and social data requires artificial intelligence. By mixing Cloud Foundry and the rich set of Watson services, IBM's Bluemix is the best cloud operating system for enterprises today, providing rapid development and deployment of applications that can take advantage of the rich catalog of Watson services to help drive insights from the vast t...
SYS-CON Events announced today that EnterpriseTech has been named “Media Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. EnterpriseTech is a professional resource for news and intelligence covering the migration of high-end technologies into the enterprise and business-IT industry, with a special focus on high-tech solutions in new product development, workload management, increased effic...
SYS-CON Events announced today that Massive Networks, that helps your business operate seamlessly with fast, reliable, and secure internet and network solutions, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. As a premier telecommunications provider, Massive Networks is headquartered out of Louisville, Colorado. With years of experience under their belt, their team of...
SYS-CON Events announced today that Cloud Academy named "Bronze Sponsor" of 21st International Cloud Expo which will take place October 31 - November 2, 2017 at the Santa Clara Convention Center in Santa Clara, CA. Cloud Academy is the industry’s most innovative, vendor-neutral cloud technology training platform. Cloud Academy provides continuous learning solutions for individuals and enterprise teams for Amazon Web Services, Microsoft Azure, Google Cloud Platform, and the most popular cloud com...
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. 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 ...
SYS-CON Events announced today that CHEETAH Training & Innovation will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct. 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CHEETAH Training & Innovation is a cloud consulting and IT training firm specializing in improving clients cloud strategies and infrastructures for medium to large companies.
SYS-CON Events announced today that Datanami has been named “Media Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Datanami is a communication channel dedicated to providing insight, analysis and up-to-the-minute information about emerging trends and solutions in Big Data. The publication sheds light on all cutting-edge technologies including networking, storage and applications, and thei...
The current age of digital transformation means that IT organizations must adapt their toolset to cover all digital experiences, beyond just the end users’. Today’s businesses can no longer focus solely on the digital interactions they manage with employees or customers; they must now contend with non-traditional factors. Whether it's the power of brand to make or break a company, the need to monitor across all locations 24/7, or the ability to proactively resolve issues, companies must adapt to...