Scribe penned the upcoming sequel Underworld: New Dawn. Read full story.
Scribe penned the upcoming sequel Underworld: New Dawn. Read full story.
Vince Vaughn has already boarded the Universal project. Read full story.
OMAHA, Neb. -- Ballantyne Strong, Inc. (NYSE Amex: BTN), a provider of digital cinema projection equipment and services, cinema screens and other cinema products, announced today that Samuel C. Freitag and Donde Plowman have been appointed as new members of the Company's Board of Directors, effective June 6th. With these additions, the Board consists of seven members, including six that are considered independent pursuant to NYSE Amex listing requirements.
Mr. Freitag brings extensive experience as a private equity fund manager and investment banker to Ballantyne, having served as a Senior Managing Director of GKB Merchant Banc and Vice Chairman at George K. Baum & Company as both a private equity fund manager and an investment banking and corporate finance professional, where he was employed between 1986 and 2002. He is presently an independent private investor and also serves on several other boards, including the Board of Directors at MarketSphere Consulting, LLC and at Lansing Trade Group, LLC. Mr. Freitag is on the Board of Managers of SYMMEDRx Health Care Solutions and is a member of the Board of Trustees at Coe College in Cedar Rapids, IA.
Ms. Plowman is currently the James Jr. and Susan Stuart Endowed Dean of the College of Business Administration at the University of Nebraska - Lincoln and is also a Professor of Management at the school. Prior to being named Dean she was the Ralph and Janet Heath Professor of Business and head of the Department of Management at the University of Tennessee (in Knoxville) from 2007 to 2010. Between 2000 and 2007, she was a Professor of Management at the University of Texas (in San Antonio), where she also served as Associate Dean of graduate programs and research, as well as Director of the Ph.D program at the College of Business, between 2000 and 2003. She began her tenure at UT-San Antonio in 1988. Ms. Plowman has published more than 40 articles and book chapters and has conducted numerous management training programs at corporations including IBM, Apple and Texas Instruments.
Commenting on its new board appointments, Ballantyne Strong President and CEO Gary L. Cavey stated, "We are truly fortunate to have two seasoned professionals of this caliber join our Board. The combination of Sam's Wall Street background and expertise in investment banking and corporate finance and Donde's extensive work in academia and management training nicely complement the varied experience of the Company's other board members. Our new directors also bring an extensive knowledge of international business and M&A, which we expect to play a key role in Ballantyne's future growth and success."
Morristown, N.J. and Los Angeles, CA -- Cinedigm Digital Cinema Corp. (NASDAQ: CIDM), the global leader in the digital cinema industry, reported continued solid growth in its operational and financial performance in the fiscal fourth quarter and year ended March 31, 2011. Cinedigm also reported the first positive fiscal year Adjusted EBITDA(defined below) from its non-deployment businesses in its history, underscoring its leadership position in building complementary business, technology and content services that leverage the growing digital cinema platform.
Revenues for the fiscal year ended March 31, 2011 were $79.9 million, representing a 15.8% increase from prior year's revenues of $69.0 million. The Company achieved Adjusted EBITDA of $45.4 million, increasing 20.3% from $37.7 million in the prior fiscal year. The net loss in the year of $(29.2) million, or $(0.95) per share compared to the net loss of ($29.5) million, or $(1.03) per share, in the prior fiscal year. The net loss for the year ended March 31, 2011 included losses related to various non-cash items and discontinued operations of $48.2 million, as compared to $36.1 million in the prior year which included a non-recurring gain on the extinguishment of note payable.
Revenues for the fiscal fourth quarter were $20.6 million, representing a 31.8% increase from prior year fourth quarter revenues of $15.6 million. The Company posted Adjusted EBITDA of $11.6 million for the fourth quarter, increasing 36.6% from the $8.5 million reported for the fourth quarter of the prior year. The net loss in the fourth quarter of $(7.3) million, or $(0.23) per share, represents a 51.5% improvement compared to the net loss of $(15.0) million, or $(0.51) per share, in the fourth quarter one year ago.
Chris McGurk, Chairman and Chief Executive Officer of Cinedigm, commented, "From a strategic, operational and financial standpoint, fiscal 2011 was an outstanding year for Cinedigm. We have continued to streamline the company's focus, directing our resources and growth efforts toward those businesses where we are confident we can be a market leader and capitalize on the growth opportunities presented by the rapidly expanding digital cinema platform, particularly software and content distribution. First and foremost, we made great progress in our deployment business this quarter, signing over 1,400 screens - a multi-exhibitor record for the company. We now have 119 digital cinema exhibitor partners. Our software business also hit a significant milestone during the quarter with the signing of an overall services management agreement with AMC Theatres, the 2nd largest theatre chain in North America. Our content division continues to see increased activity, including the first ever wide-release 3D music performance with the Foo Fighters, the recently announced partnership with National Geographic Entertainment / YouTube for the documentary ‘Life In A Day,' and the ongoing progress of The Cinedigm Network."
Adam M. Mizel, CFO and Chief Strategy Officer, added, "Cinedigm had an excellent quarter and year. In 2011 we achieved positive Adjusted EBITDA from our non-deployment businesses in the third and fourth fiscal quarters of the year, and for the full fiscal year, a trend that we fully expect to continue and accelerate in the current fiscal year."
Mr. Mizel noted that Adjusted EBITDA, exclusive of Phase I and Phase II deployment, was a positive $0.8 million in the fourth quarter, and $0.5 million for the full fiscal year, which is a significant improvement over fiscal 2010 Adjusted EBITDA losses of $(0.6) million and $(4.9) million, respectively.
On the digital cinema services side, Phase II digital system signings during the quarter were a record 1,402, resulting in 2,750 systems signed for the full fiscal year with 1,859 installed during the fiscal year and 2,195 total Phase II digital systems deployed to date.
"As we have consistently noted, each one thousand screens we deploy will add $2.0-$2.5 million of non-deployment EBITDA in the first twelve months through service fees, software license and maintenance fees, and delivery fees," Mr. Mizel continued.
"This is a very exciting time for Cinedigm," Mr. McGurk concluded. "The expanding digital screen platform provides Cinedigm with the ability to generate significant revenues and profits from the variety of software and services we provide, as well as aggressively pursue the high potential alternative content business on the digital cinema backbone. As a management team we are all committed to exploiting the many opportunities in front of us, and we are confident that a disciplined and focused approach will yield continued strong results to our bottom line, and of course shareholder value."