RLJ Entertainment (RLJE) saw its loss narrow to $6.12 million, or $1.26 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $13.48 million, or $3.41 a share.
Revenue during the quarter dropped 21.72 percent to $13.89 million from $17.74 million in the previous year period. Gross margin for the quarter expanded 565 basis points over the previous year period to 34.33 percent. Operating margin for the quarter stood at negative 20.98 percent as compared to a negative 14.12 percent for the previous year period.
Operating loss for the quarter was $2.91 million, compared with an operating loss of $2.50 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $0.10 million compared to negative $0.43 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at 0.70 percent for the quarter compared to negative 2.45 percent in the last year period.
Miguel Penella, chief executive officer of RLJ Entertainment, stated, "Our focus on strategic execution is clearly reflected in our first quarter 2017 results as new subscribers respond to the expanding wealth of content delivered by our Digital Channels, in turn driving a new, higher growth and higher margin business model. This year, we are increasing our investment in original, exclusive and high-quality content to expand our Digital Channels programming, growing the content pipeline of our IP licensing and wholesale business units, and leveraging this programming capability to expand our Digital Channels’ platform and geographical footprint. Our programming strength and our expertise in engaging with our targeted audience position us well to achieve our objective of one million Acorn TV and UMC combined subscribers within the next 24 months."
Debt comes down significantlyRLJ Entertainment has recorded a decline in total debt over the last one year. It stood at $42.19 million as on Mar. 31, 2017, down 30.97 percent or $18.93 million from $61.12 million on Mar. 31, 2016. Short-term debt stood at $42.19 million as on Mar. 31, 2017. Total debt was 33.31 percent of total assets as on Mar. 31, 2017, compared with 45.01 percent on Mar. 31, 2016. 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
