RLJ Entertainment Inc., (RLJE) saw its loss narrow to $3.96 million, or $1.17 a share for the quarter ended Jun. 30, 2016. In the previous year period, the company reported a loss of $7.15 million, or $1.92 a share.
Revenue during the quarter dropped 29.32 percent to $18.35 million from $25.96 million in the previous year period. Gross margin for the quarter expanded 909 basis points over the previous year period to 38.36 percent. Operating margin for the quarter stood at negative 2.16 percent as compared to a negative 0.82 percent for the previous year period.
Operating loss for the quarter was $0.40 million, compared with an operating loss of $0.21 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $2.22 million compared with $3 million in the prior year period. At the same time, adjusted EBITDA margin improved 53 basis points in the quarter to 12.08 percent from 11.55 percent in the last year period.
Miguel Penella, chief executive officer of RLJ Entertainment, added "We remain focused on developing RLJ Entertainment into a premium digital network company serving distinct audiences. With the announcement of our recent strategic relationship and refinancing of our senior debt with AMC Networks, we expect to further enhance our brand and accelerate the acquisition of content to advance our position in the OTT space."
Debt comes down marginally
RLJ Entertainment Inc., has recorded a decline in total debt over the last one year. It stood at $60.66 million as on Jun. 30, 2016, down 2.64 percent or $1.64 million from $62.30 million on Jun. 30, 2015. Short-term debt stood at $60.66 million as on Jun. 30, 2016. Total debt was 46.23 percent of total assets as on Jun. 30, 2016, compared with 34.94 percent on Jun. 30, 2015.
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