RLJ Entertainment (RLJE) saw its loss narrow to $21.87 million, or $5.69 a share for the year ended Dec. 31, 2016. In the previous year period, the company reported a loss of $54.98 million, or $13.55 a share.
Revenue during the year dropped 18.93 percent to $80.24 million from $98.97 million in the previous year. Gross margin for the year expanded 1037 basis points over the previous year to 32.89 percent. Operating margin for the year stood at negative 4.62 percent as compared to a negative 41.20 percent for the previous year.
Operating loss for the year was $3.70 million, compared with an operating loss of $40.77 million in the previous year.
However, the adjusted EBITDA for the year stood at $13.09 million compared with $7.99 million in the prior year period. At the same time, adjusted EBITDA margin improved 824 basis points in the year to 16.31 percent from 8.07 percent in the last year period.
"In 2016, we made excellent progress in our execution of our digital channel growth strategy. We doubled our subscriber base year over year and recently achieved a significant milestone when we crossed half a million subscribers at the end of February 2017. By significantly increasing our investments in high quality, original and exclusive content, enhancing our marketing efforts and expanding our platform and territory footprint, in 2017 we expect to grow our top line revenue and continue to improve our operational margins. We see the one million subscriber target to be achievable in the next 24 months," added Miguel Penella, chief executive officer of RLJ Entertainment.
Debt comes down significantlyRLJ Entertainment has recorded a decline in total debt over the last one year. It stood at $42.05 million as on Dec. 31, 2016, down 31.34 percent or $19.20 million from $61.25 million on Dec. 31, 2015. RLJ Entertainment has recorded a decline in short-term debt over the last one year. It stood at $42.05 million as on Dec. 31, 2016, down 31.34 percent or $19.20 million from $61.25 million on Dec. 31, 2015. Total debt was 30.93 percent of total assets as on Dec. 31, 2016, compared with 40.44 percent on Dec. 31, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
