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IDW Reports First Quarter Fiscal 2021 Results

IDW Publishing Delivers Solid Quarter Despite COVID-19 Challenges 

NEWARK, NJ and LOS ANGELES, CA / March 15, 2021 / IDW Media Holdings, Inc. (OTC PINK: IDWM), an integrated media company, today reported a net loss per share of $0.62 on revenue of $8.4 million for the three months ended January 31, 2021.  

First Quarter Fiscal 2021 (1Q21) Highlights

  • Consolidated revenue decreased to $8.4 from $10.3 million in 1Q20.
  • COVID-19 Update: At IDWP, direct market sales recovering with year over year growth. Digital publishing revenue increased 68% year over year. IDWE impacted by industry-wide production / greenlight delays.
  • Consolidated loss from operations improved to $5.1 million from $5.8 million in 1Q20.
  • Loss per share narrowed to $0.62 from $0.92 in 1Q20
  • TMNT: The Last Ronin became the most successful comic in IDWP history, has sold over 200,000 copies including third printing in February. 
  • Locke & Key, the Netflix series based on the IDW Comic and produced by IDWE was nominated by the Academy of Science Fiction, Fantasy & Horror Films for Best Fantasy Television Series.
  • Following the quarter close, IDW completed the planned sale of its CTM subsidiary.

Comments from Ezra Rosensaft, Chief Executive Officer

“IDW again reported strong bottom-line improvement compared to the year ago quarter despite the remaining COVID-19 challenges. We are swiftly moving toward profitable operations as IDW Entertainment closes in on additional deals and we work through the last impacts of legacy production financing agreements. 

“Our outlook for 2021 continues to improve with an exciting line-up of titles at IDWP. The streaming services are getting production schedules back on track now that some COVID-19 restrictions have been relaxed, and the IDWE team has done a terrific job of developing properties to take full advantage of the thaw. We have also picked up the pace of investment in new IP based on our capacity to develop and holistically monetize properties across publishing and entertainment.

“Following the quarter close, we updated our Form S-1 Statement to register our common stock with the SEC as we move closer to uplisting on a national exchange. The previously announced sale of our CTM subsidiary closed in February, greatly simplifying our story and strengthening our balance sheet.”

Consolidated P&L Highlights

(In millions, except net loss per share, unaudited) (Numbers may not foot due to rounding)1Q214Q201Q20
Revenue$8.4$10.1$10.3
Direct cost of revenue$9.2$6.5$11.6
SG&A including non-cash compensation$4.2$4.5$4.4
Non-cash compensation included in SG&A$0.1$0.2$0.6
Depreciation & amortization$0.1$0.1$0.1
Bad debt expense$0.0$0.4$0.0
Interest and other expense, net$0.0$0.3$0.0
Loss from continuing operations$(5.1)$(1.7)$(5.8)
Loss from discontinued operations$(1.1)$(0.3)$(1.1)
Net loss attributable to IDW Media$(6.3)$(2.2)$(6.8)
Loss per share – continuing operations$(0.51)$(0.17)$(0.78)
Loss per share – discontinued operations, net$(0.11)$(0.03)$(0.14)
Net loss per share$(0.62)$(0.20)$(0.92)

Segment P&L Highlights

(Does not include corporate overhead.)

(in millions, unaudited)1Q214Q201Q20
Revenue   
IDW Publishing$5.6$7.7$6.3
IDW Entertainment$2.8$2.4$4.0
    
(Loss) income from operations*   
IDW Publishing$(0.4)$0.5$0.1
IDW Entertainment$(4.6)$(2.0)$(5.6)
CTM*$(1.1)$(0.3)$(1.1)
Corporate (unallocated overhead)$(0.2)$(0.3)$(0.3)

*CTM’s bottom line results are reported as ‘Net (loss) income from discontinued operations’ in all periods presented.

Financial Take-Aways

  • Revenue:
    • IDWP direct market recovering. Driven by strong sales of Star Wars: High Republic Adventures #1 and Teenage Mutant Ninja Turtles: The Last Ronin. Increases in digital and publishing revenues offset by decline in games sales.
    • IDW Entertainment (IDWE) revenue generated entirely by the delivery of certain episodes of Wynonna Earp, Season 4. Revenue decreased from the year ago quarter when IDWE delivered certain October Faction episodes.
  • Income (loss) from Operations:  
    • IDWP generated positive EBITDA with strong publishing and digital sales partially offset by increases in personnel expenses and royalties.
    • IDWE costs principally are related to WE production. In addition, they include an impairment of $2.1 million as a result of a recently adopted accounting standard.
  • CTM Media: CTM Media’s results were reported as discontinued operations reflecting the pending sale of the business. Following the quarter close, the sale closed.
  • Balance Sheet Highlights:  At January 31, 2021, IDW’s cash balance was $8.7 million. Working capital (current assets less current liabilities) totaled $13.3 million.

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 approximately three hours after the call concludes through March 22, 2021 by dialing 1-844-512-2921 (toll free – U.S.) or 1-412-317-6671 (toll – international) and providing this replay PIN number: 13717453.   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 across comics and graphic novels, television, games, merchandise and other entertainment platforms and leverage established stories from our creative partners.

Investor Contact

IDW Media Investor Relations
investor.relations@idwmh.com


To view the results, please see IDW Media Holdings’ Financial Reports: IDW Reports First Quarter Fiscal 2021 Results

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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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Investor News

IDW Reports Fourth Quarter and Full Fiscal Year 2019 Results

Fourth Quarter Revenue Surges on Deliveries of “V Wars” and “October Faction” to Netflix

NEWARK, NJ AND LOS ANGELES, CA / January 23, 2020 / IDW Media Holdings, Inc. (OTC PINK: IDWM), an integrated media company, today reported a fourth quarter net loss per share of $2.29 on revenue of $33.9 million and a full fiscal year net loss per share of $3.90 on revenue of $62.6 million for the three months and twelve months ended October 31, 2019, respectively.

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Investor News

IDW to Report Fourth Quarter and Full Fiscal Year 2019 Results

NEWARK, NJ – January 16, 2020: IDW Media Holdings, Inc. (OTC PINK: IDWM), an integrated media company, today announced that it will report financial results for the three and twelve months ended October 31, 2019 on Thursday, January 23, 2020.

IDW’s earnings release will be issued and posted on the IDW investor relations website (https://idwmediaholdings.com/investor-relations/) at approximately 4:15 PM Eastern.

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 toll-free 1-877-705-6003 (toll free – U.S.) or 1-201-493-6725 (toll – international) and request the ‘IDW call.’

A replay of the conference call can be accessed approximately three hours after the call concludes through January 30, 2020 by dialing 1-844-512-2921 (toll free – U.S.) or 1-412-317-6671 (toll – international) and providing this replay number: 13697805. 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
Ezra Rosensaft, Chief Financial Officer
ezra@idwmh.com

[ilink url=”https://idwmediaholdings.com/wp-content/uploads/2020/01/IDW-Media-to-Announce-Fourth-Quarter-and-Full-Fiscal-Year-2019-Results.pdf” style=”download”]Download a PDF of this Press Release[/ilink]