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Investor News

IDW Reports Second Quarter Fiscal 2021 Results

Net Income Increased to $2.5 million
Publishing Revenue Increased 28% Led by Resurgent Direct Market Sales
Sale of CTM Media Completed

NEWARK, NJ and LOS ANGELES, CA / June 14, 2021 / IDW Media Holdings, Inc. (OTC PINK: IDWM), an integrated media company, today reported net income per share of $0.25 on revenue of $10.1 million for the three months ended April 30, 2021.  

Second Quarter Fiscal 2021 (2Q21) Highlights

  • Consolidated revenue increased to $10.1 from $9.3 million in 2Q20.
  • COVID-19 Update: At IDW Publishing, direct market sales continued to recover.  IDW Entertainment continued to be impacted by industry-wide production / greenlight delays.
  • Consolidated income from operations decreased to $0.4 million compared to $1.3 million in 2Q20.
  • Net income per share increased to $0.25 from a loss per share of $(0.04) in 2Q20 boosted by a gain on the sale of CTM Media of $0.21 per share.
  • IDW Publishing, long a leader in industry critical acclaim, was nominated for eleven (including one shared nomination) 2021 Will Eisner Comic Industry Awards.  The prestigious awards honor exemplary work in comics publishing.

Comments from Ezra Rosensaft, Chief Executive Officer

“IDW continued to progress financially and operationally during the second quarter highlighted by a return to profitability even as we ramped up our investment in exciting long-term growth opportunities.

“IDW Publishing achieved solid year over year revenue growth reflecting sustained execution on its strategic priorities including continuing genre expansion, leveraging high yield opportunities in the ecommerce space, as well as the resurgence of direct market sales, leading with chart-topping comic releases and increased in-person foot traffic in local comic shops.

“At IDW Entertainment Locke & Key seasons 2 and 3, greenlit by Netflix, are making progress on their respective production paths as COVID pandemic restrictions ease.  Netflix plans to premiere season 2 in October.  We are also excited about other projects that we are working to bring to market.

“Finally, we are working toward registering our securities with the SEC in preparation for our planned uplist to a national exchange.  Our uplist is on track for completion this summer.”

Consolidated P&L Highlights

Consolidated P&L Highlights

(In millions, except income (loss) per share, unaudited)2Q211Q212Q20
Revenue$10.1$8.4$9.3
Direct cost of revenue$4.7$9.2$3.3
SG&A including non-cash compensation$4.9$4.2$4.6
Non-cash compensation included in SG&A$0.1$0.1$0.2
Depreciation & amortization$0.1$0.1$0.1
Income (loss) from operations$0.4$(5.1)$1.3
Net income (loss) from continuing operations$0.6$(5.1)$1.3
(Loss) from discontinued operations, net$(0.2)$(1.1)$(1.6)
Gain on sale of discontinued operations$2.1
Net income (loss)$2.5$(6.3)$(0.4)
Income (loss) per share – continuing operations$0.27*$(0.51)$0.15
Loss per share – discontinued operations$(0.02)$(0.11)$(0.19)
Net income (loss) per share$0.25$(0.62)$(0.04)
* Sale of discontinued operations included 

Segment P&L Highlights

(Does not include corporate overhead)

(in millions, unaudited)2Q211Q212Q20
Revenue
IDW Publishing$6.0$5.6$4.7
IDW Entertainment$4.2$2.8$4.6
(Loss) income from operations*
IDW Publishing$(0.5)$(0.4)$(0.6)
IDW Entertainment$1.2$(4.6)$2.2
CTM*$(0.2)$(1.1)$(1.6)
Corporate (unallocated overhead)$(0.3)$(0.2)$(0.2)
*CTM’s bottom-line results are reported as ‘Net (loss) income from discontinued operations’ in all periods presented.

Financial Take-Aways

  • Revenue:  
    • IIDW Publishing (“IDWP”): Direct market recovery drove publishing revenue growth, led by titles from high profile properties – both original and licensed – including Locke & Key/The Sandman Universe crossover, Sonic the Hedgehog, X-Men, and TMNT.  Sales to major retailers contributed nearly half of IDWP revenue.  Sales through other brick-and-mortar retailers contributed a smaller but growing share of IDWP sales. 
    • IDW Entertainment (IDWE):  Revenue was generated by the finalization of credits for production of V-Wars and October Faction from the Canadian Revenue Agency (CRA) and the delivery of final episodes of Wynonna Earp, Season 4.
  • (Loss) Income from Operations:  
    • IDWP: The quarter’s loss was primarily attributable to non-routine factors including a write-down of capitalized expenses related to tabletops games, a line of business from which IDWP has exited, and severance expense as well as increased personnel expense.
    • IDWE:  Income from operations decreased due to the amortization of production expenses for episodes of Wynonna Earp Season 4 episodes delivered during the quarter.
  • CTM Media:  CTM Media’s results were reported as discontinued operations for all periods presented. The CTM sale was consummated on February 15, 2021, which was reflected this quarter as a gain on the sale of discontinued operations. 
  • Balance Sheet Highlights:  At April 30, 2021, IDW’s cash balance was $7.6 million.  Working capital (current assets less current liabilities) totaled $13.1 million.

Earnings Conference Call

IDW’s management will host an earnings conference call beginning at 5:00 PM Eastern to present results, outlook and strategy followed by Q&A with investors.  

To listen to the call and participate in the Q&A, dial 1-877-705-6003 (toll free – U.S.) or 1-201-493-6725 (toll – international) and request the ‘IDW Media call.’

A replay of the conference call can be accessed approximately three hours after the call concludes through June 21, 2021 by dialing 1-844-512-2921 (toll free – U.S.) or 1-412-317-6671 (toll – international) and providing this replay PIN number: 13720075.   A replay will also be available via streaming audio through the IDW investor relations website.

About IDW

IDW (OTC PINK: IDWM) is an integrated media company providing compelling stories and characters for global audiences. Our IDW Publishing and IDW Entertainment businesses acquire IP for holistic franchise development and leverage established stories across multiple entertainment platforms including comics and graphic novels, television and merchandise.

Investor Contact

IDW Media Investor Relations
investor.relations@idwmh.com

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Investor News

IDW Reports Third Quarter Fiscal Year 2020 Results

Publishing Overcomes COVID-19 Challenges to Deliver Solid Operational and Financial Results

First Half of Wynonna Earp’s Season 4 Airs on SYFY – Drives Year Over Year Revenue Increase

NEWARK, NJ and LOS ANGELES, CA / September 14, 2020 / IDW Media Holdings, Inc. (OTC PINK: IDWM), an integrated media company, today reported a third quarter net loss per share of $(0.47) on revenue of $8.5 million for the three months ended July 31, 2020.

Operational Highlights

  • SYFY has aired the first half of season four of IDW’s live-action series Wynonna Earp. The balance of production – episodes 7-12 – resumed after a COVID-19 driven delay.
  • IDW and its Top Shelf imprint were again honored with multiple Will Eisner Comic Industry Awards in 2020. ‘They Called Us Enemy’ by George Takei, Justin Eisinger, Steven Scott, and Harmony Becker was named the “Best Reality-Based Work.” Stan Sakai was named “Best Letterer” for his work on the monthly full-color Usagi Yojimbo comic book series published by IDW. Sakai’s ‘Usagi Yojimbo: Grasscutter Artist Select,’ a hardcover collection edited by IDW’s Scott Dunbier, was named “Best Archival Collection/Project — Comic Books.”
  • IDW and Top Shelf were nominated for three Ignatz Awards, which recognizes exceptional works that challenge popular notions of what comics can achieve.
  • IDW’s publishing operations welcomed the resumption of direct market distribution early in the third quarter. Subsequent sales have gradually strengthened, augmented by robust sales through the library, digital comic, and book markets as well as web store and foreign sales.
  • The sale of CTM, IDW’s tourism-focused brochure distribution and marketing company, is pending lender and SBA approval related to its PPP loans.

Comments of Ezra Rosensaft, Chief Executive Officer
“First and foremost, a big thank you to my IDW colleagues across the Company for their extraordinary work and dedication. Thanks to them, IDW overcame the challenges of the COVID-19 pandemic to put together a solid quarter with minimal disruption to our customers and partners.

“In the third quarter, IDW’s publishing operations continued to be impacted by the closure of many comic shops and our direct market distributor, Diamond, in the spring. On May 20th, Diamond resumed operations on a limited basis. However, direct market volumes have not yet recovered to pre-pandemic levels.

“Our publishing team, to its great credit, pivoted quickly… aggressively and successfully pursuing sales through the indirect market and direct-to-consumer channels. Sales of popular backlisted titles – including the late Congressman John Lewis’ ‘March’ trilogy, Alan Roberts’ ‘Beauty of Horror’ coloring books, ‘Teenage Mutant Ninja Turtles’ titles and Joe Hill’s and Gabriel Rodriquez’s ‘Locke & Key’ titles – were particularly strong. The latter have benefitted enormously from the success of season one of the eponymous Netflix series.

“We expect further improvement in the coming quarters as we secure better economics from our licensing deals while building our IP library to align with our entertainment division’s development priorities. And I am very excited about the management team we have put in place to execute on those priorities.

“At IDW Entertainment, the first six episodes of Wynonna Earp season 4 have now aired on SYFY. Production of the second half of the season – delayed by COVID-19 – has resumed. The start of production of Locke & Key’s season 2, which was ordered by Netflix this spring following the success of season one, is planned for later this month.

“At the corporate level, we continue to move forward toward re-registration with the SEC and will then seek a national exchange listing to increase IDW’s visibility and liquidity in the capital markets.

Wrapping up, I want to thank Howard Jonas and IDW’s Board of Directors for entrusting me with the CEO position. It’s a great honor to lead our talented team and I look forward to working with them to fulfill IDW’s promise and potential.”

Consolidated P&L Highlights

(Numbers may not foot due to rounding)

(in millions, except net loss per share, unaudited) 3Q20 2Q20 3Q19 
Revenue $8.5 $9.3 $5.4 
Direct cost of revenue $8.1 $3.3 $3.3 
SG&A including non-cash compensation $3.7 $4.6 $4.0 
  Non-cash compensation $0.5 $0.2 $0.6 
Depreciation & amortization $0.1 $0.1 $0.1 
(Loss) income from continuing operations $(3.4) $1.3 $(2.0) 
(Loss) income from discontinued operations $(1.1) $(1.6) $0.5 
Net loss $(4.5) $(0.4) $(1.5) 
Net loss per share $(0.47) $(0.04) $(0.20) 

Segment P&L Highlights

(Does not include corporate overhead.)

(in millions, unaudited) 3Q20 2Q20 3Q19 
Revenue       
IDW Publishing $5.2 $4.7 $5.3 
IDW Entertainment $3.3 $4.6  
CTM* NA NA NA 
        
Income (loss) from operations*       
IDW Publishing  $(0.6) $(1.2) 
IDW Entertainment $(3.2) $2.2 $(0.8) 
CTM – ((Loss) income from discontinued operations)* $(1.1) $(1.6) $0.5 

*CTM’s results are reported as ‘Net (loss) income from discontinued operations’ in the third quarter fiscal 2020
and all prior periods presented.

Financial Take-Aways

  • Revenue: The year over year increase in consolidated revenue reflected delivery of the first five episodes of Wynonna Earp’s season four (S4) and an increase in accruals for certain tax credits.
  • Loss from Operations: IDW Publishing generated year over year improvement for the second consecutive quarter despite the challenges related to COVID-19. The year over year increase in IDW’s consolidated loss from operations resulted from production expenses realized upon delivery of the first five Wynonna Earp S4 episodes and reversal of certain accruals partially offset by the improved results from IDW Publishing.
  • Balance Sheet Highlights: At July 31st, IDW’s cash balance decreased to $12.5 million from $14.7 million at April 30th. Working capital (current assets less current liabilities) decreased to $15.1 million from $18.7 million over the same period.
  • CTM Media: Results from CTM Media were reported as a net loss from discontinued operations of $1.1 million in 3Q20 compared to net income from discontinued operations of $474 thousand in 3Q19.

Earnings Conference Call
IDW’s management will host an earnings conference call beginning at 5:00 PM Eastern today to present results, outlook and strategy followed by Q&A with investors.

To listen to the call and participate in the Q&A, dial 1-877-705-6003 (toll free – U.S.) or 1-201-493-6725 (toll – international) and request the ‘IDW Media call.’

A replay of the conference call can be accessed beginning approximately three hours after the call concludes through September 21, 2020 by dialing 1-844-512-2921 (toll free – U.S.) or 1-412-317-6671 (toll – international) and providing this replay PIN number: 13708399. A replay will also be available via streaming audio through the IDW investor relations website.


About IDW
IDW Media Holdings, Inc. (OTC PINK: IDWM) is an integrated media company. IDW’s businesses include IDW Publishing – a leading publisher of comic books and graphic novels, IDW Entertainment – a producer and distributor of franchise content through television and other media, and CTM Media Group – one of North America’s largest distributors of information for tourists and travelers.

Investor Contact

IDW Media Investor Relations
investor.relations@idwmh.com


To view the results, please see IDW Media Holdings’ Financial Reports: IDW Reports Third Quarter Fiscal Year 2020 Results

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Investor News

IDW Reports Second Quarter Fiscal Year 2020 Results

To view the results, please see IDW Media Holdings’ Financial Reports: IDW Reports Second Quarter Fiscal Year 2020 Results

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Investor News

IDW Reports First Quarter Fiscal Year 2020 Results

IDW Entertainment Debuts Three New Series 

NEWARK, NJ and LOS ANGELES, CA / March 12, 2020 / IDW Media Holdings, Inc. (OTC PINK: IDWM), an integrated media company, today reported a first quarter net loss per share of $(0.91) on revenue of $14.1 million for the three months ended January 31, 2020.

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IDW Media Holdings

IDW Reports First Quarter Fiscal Year 2020 Results

IDW Entertainment Debuts Three New Series 

NEWARK, NJ and LOS ANGELES, CA / March 12, 2020 / IDW Media Holdings, Inc. (OTC PINK: IDWM), an integrated media company, today reported a first quarter net loss per share of $(0.91) on revenue of $14.1 million for the three months ended January 31, 2020.

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Press Release

IDW Announces Closing of $12.3 Million Private Placement

IDW to Seek Listing on NYSE American

NEWARK, NJ & LOS ANGELES, CA – March 9, 2020:  IDW Media Holdings, Inc. (OTC PINK: IDWM), an integrated media company, today announced that it has closed on a private placement of 2.050 million shares of its Class B common stock at a sale price of $6.00 per share for aggregate gross proceeds of $12.3 million inclusive of a $4.0 million debt-to-equity conversion by IDW’s Chairman and CEO, Howard Jonas.