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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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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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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 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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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]

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IDW Positioned for Exciting 2020 after a Momentous 2019

LOS ANGELES, CA and SAN DIEGO, CA – December 26 2019:  IDW Media Holdings, Inc., (OTCPINK: IDWM), an integrated media company, is wrapping up a 2019 loaded with significant accomplishments and is prepared for a transformative 2020.

“IDW made great progress in the past year and will be serving up a feast for readers and viewers in 2020,” said IDW’s Chairman and CEO, Howard Jonas.  “Across the company, we are working with renowned creators to bring compelling characters and their stories to entertain audiences globally.”   

IDW Entertainment (IDWE) has four series airing in December or scheduled for launch in 2020:

 

  • “V Wars,” IDWE’s vampire thriller, debuted on Netflix on December 5th.  The binge-worthy series with a 10-episode first season, stars Ian Somerhalder and was produced by High Park Entertainment in Toronto (CA).  The series is based upon Jonathan Maberry’s IDW Publishing comic book series. After release, “V Wars” rocketed to the top of Netflix’s trending and most popular lists.

 

  • “October Faction” premieres on Netflix January 23rd. The much-anticipated show is based on the IDW Publishing comics of Steve Niles and Damien Worm as adapted by showrunner Damian Kindler and is also produced by High Park Entertainment. The series, starring Tamara Taylor and J.C. MacKenzie, chronicles the veteran monster-hunting couple Fred and Deloris Allen and their teenage twins – who move to a small town in upstate New York in a spectacularly unsuccessful attempt to bury their past.

 

  • “Locke & Key” premieres on Netflix on February 7th.  The show is based on the critically acclaimed hit graphic novels of Joe Hill and Gabe Rodriguez, also published by IDW.  After their father is murdered, three Locke family siblings return to their ancestral home, Keyhouse Manor, and to its keys that access other fearsome dimensions.

 

  • Season 4 (S4) of “Wynonna Earp” is now in production.  Thanks to energetic and tireless lobbying by its enthusiastic fans, the gun-slinging great-great-granddaughter of Wyatt Earp will continue bringing paranormal demons to justice. The show, created by Emily Andras and starring Melanie Scrofano, is based on the IDW comics of Beau Smith. S4 is coming to the small screen through a partnership of IDW with Syfy, Space and Seven24 Films. The initial S4 episode could air on Syfy as early as this summer.

IDW Publishing (IDWP) comics and graphic novels continue to break new ground:

“They Called Us Enemy” (TCUE) has been named the best graphic novel of 2019 by the Publisher’s Weekly Critics Poll.  In TCUE, actor and activist George Takei chronicles his family’s imprisonment in U.S. internment camps during WWII.

TCUE has been lauded as a ‘Best Book of the Year’ by:

  • Amazon 
  • The New York Public Library 
  • The School Library Journal 
  • Publishers Weekly 
  • Kirkus Reviews 

In June of 2020, IDWP plans to release TCUE in Spanish.  “It’s been my life’s mission to tell the story of the cruel and unjust incarceration of Japanese Americans during World War II,” Mr. Takei said in a recent speech to educators.  “I am thrilled to make the story accessible to a community that right now—today—is facing attacks that are all too familiar. This [Spanish language] edition is especially meaningful to me since I was raised in the Spanish-speaking community of East L.A., which welcomed my family after four years of imprisonment.”

The Spanish-language edition of TCUE is only the first book in a multi-phase, multi-title program to release fan-favorite graphic novels in Spanish language to the North American readers for the first time in the company’s history.

In December, IDWP released its 100th edition of the beloved “Teenage Mutant Ninja Turtles” comic.  The Company has been publishing the franchise for eight years, though its roots go back to its founding by Kevin Eastman and Peter Laird in the 1980s. The current series, a collaborative effort led by Eastman and Tom Walz, has seen the teenage reptiles evolve and adapt while continuing to connect with fans around the world.  

IDWP released the first edition of “Dying is Easy” in December. “DiE” is a ground-breaking mini-series by New York Times best-selling author Joe Hill (also of “Locke & Key” fame) and co-creator/artist Martin Simmonds.  The first edition introduces Syd Homes – a disgraced ex-cop and darkly bitter stand-up comic who quickly finds himself on the wrong side of the law.

IDWP also proudly launched “Wellington,” a new comics series of the fictional adventures of an historical figure, Arthur Wellesley, 1st Duke of Wellington and twice British Prime Minister, as he hunts down the demons wreaking havoc in 19th-century England.  “Wellington” is a spinoff of “Lore,” a hugely successful IDWP series created by Aaron Mahnke.  For “Wellington”, Mahnke collaborates with sci-fi and fantasy author and comics creator Delilah S. Dawson.

Coming in 2020 from IDWP — a graphic serial adaptation of the best-selling ‘Sleeping Beauties’ a terrifying, cautionary novel by Stephen King and his son, Owen King.  Novelist Rio Youers and artist Alison Sampson collaborate to produce this spectacular ten-part series.

Also slated for release in 2020: New Yorker Cartoonist Shannon Wheeler’s graphic novel adaptation of “The Mueller Report.”  The book transforms the dry language of the original report into a creative, sometimes comic, and always insightful re-imagining.  

“IDW Publishing is well-poised to enter its twenty-first year with its most diverse slate of content ever,” said Chris Ryall,” IDW Publishing’s President & Publisher/Chief Creative Officer. “And beyond developing new editorial directives to better suit the ever-changing needs of the publishing world, we have spent considerable time leading up to 2020 in identifying and cultivating new audiences, additional markets, and interesting new channels of distribution, too. We are very excited about expanding our mission of creating, marketing, and releasing captivating new comics and graphic novels to the world.” 

 


All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate,” “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the SEC provide detailed information on such statements and risks, and should be consulted along with this release. To the extent permitted under applicable law, we assume no obligation to update any forward-looking statements.

 

About IDW Media Holdings:

IDW Media Holdings, Inc. (OTCPINK: IDWM) is an integrated media company.  IDW’s businesses include IDW Publishing – a leading American 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