AskMuncher
3 years ago
$IDWM IDW Reports Fourth Quarter and Full Fiscal Year 2020 Results
Press Release | 01/25/2021
IDW Publishing Achieves Operating Profitability in Fourth Quarter
Locke & Key Renewed for Third Season
NEWARK, NJ and LOS ANGELES, CA / ACCESSWIRE / January 25, 2021 / IDW Media Holdings, Inc. (OTC PINK:IDWM), an integrated media company, today reported a fourth quarter net loss per share of $0.20 on revenue of $10.1 million for the three months ended October 31, 2020. For the full fiscal year 2020, the net loss per share totaled $1.54 on revenue of $38.2 million.
Fourth Quarter FY 2020 (4Q20) Highlights
IDW's publishing business (IDWP) increased revenue to $7.7 million in 4Q20 from $5.8 million in 4Q19 led by strong sales of the late Congressman John Lewis's March graphic novels.
IDWP generated positive income from operations of $491 thousand in 4Q20 compared to a loss from operations of $843 thousand in 4Q19.
Netflix has renewed Locke & Key for a third season. Production of S3 is scheduled to follow immediately after completion of production of S2.
On a consolidated basis, IDW narrowed its loss from continuing operations to $1.7 million in 4Q20 from $18.0 million in 4Q19.
The closing of the sale of CTM, IDW's tourism-focused brochure distribution and marketing company, has been delayed due to conditions pertaining to CTM's PPP loans.
CTM's results were reported as discontinued operations for all periods presented.
IDW's net loss per share narrowed to $0.20 in 4Q20 from a loss per share of $2.29 in 4Q19.
Comments from Ezra Rosensaft, Chief Executive Officer
"IDW generated significantly improved financial results in the fourth quarter. IDW Publishing had an outstanding quarter increasing revenue to its highest level in four years and generating positive income from operations. IDW Entertainment's results continue to improve as we work through the impacts of legacy production financing deals.
"Netflix announced that it will renew Locke & Key for a third season. The first season's compelling storyline, cast, and production values established an outstanding foundation for the continued success of the show. Congratulations to comic book creators Joe Hill and Gabe Rodríguez and Co-Showrunners Meredith Averill and (Executive Producer) Carlton Cuse.
"Looking ahead, IDW is positioned for a strong fiscal 2021. As we deepen our relationships with leading creators, further integrate our operations, and holistically develop our IP, we expect further improvements in our operational and financial results.
"We are in the process of re-registering IDW's Class B common stock with the Securities and Exchange Commission and are working to get that done in the first half of this calendar year, and then will work to get the stock listed on a national exchange."
Consolidated P&L Highlights
(In millions, except net loss per share, unaudited)
(Numbers may not foot due to rounding)
4Q20 3Q20 4Q19 FY 2020 FY 2019
Revenue
$ 10.1 $ 8.5 $ 28.4 $ 38.2 $ 42.8
Direct cost of revenue
$ 6.5 $ 8.1 $ 40.2 $ 29.5 $ 49.2
SG&A including non-cash compensation
$ 4.5 $ 3.7 $ 6.1 $ 17.3 $ 18.4
Non-cash compensation included in SG&A
$ 0.2 $ 0.5 $ 0.0 $ 1.1 $ 2.5
Depreciation & amortization
$ 0.1 $ 0.1 $ 0.1 $ 0.3 $ 0.3
Bad debt reserve
$ 0.4 $ 0.0 $ 0.0 $ 0.4 $ 0.0
Interest and other expense, net
$ 0.3 $ 0.0 $ 0.0 $ 0.4 $ 0.2
Loss from continuing operations
$ (1.7 ) $ (3.4 ) $ (18.0 ) $ (9.7 ) $ (25.2 )
(Loss) income from discontinued operations
$ (0.3 ) $ (1.1 ) $ 0.8 $ (4.1 ) $ (1.3 )
Net loss attributable to IDW Media
$ (2.2 ) $ (4.5 ) $ (17.1 ) $ (13.8 ) $ (26.4 )
Net loss per share
$ (0.20 ) $ (0.47 ) $ (2.29 ) $ (1.54 ) $ (3.90 )
Segment P&L Highlights
(Does not include corporate overhead.)
(in millions, unaudited)
4Q20 3Q20 4Q19 FY 2020 FY 2019
Revenue
IDW Publishing
$ 7.7 $ 5.2 $ 5.8 $ 23.9 $ 20.1
IDW Entertainment
$ 2.4 $ 3.3 $ 22.6 $ 14.3 $ 22.7
CTM*
NA NA NA NA NA
Income (loss) from operations*
IDW Publishing
$ 0.5 $ 0.0 $ (0.8 ) $ (0.1 ) $ (5.2 )
IDW Entertainment
$ (2.0 ) $ (3.2 ) $ (17.2 ) $ (8.6 ) $ (19.8 )
CTM - ((Loss) income from discontinued operations)*
$ (0.3 ) $ (1.1 ) $ 0.8 $ (4.1 ) $ (1.3 )
*CTM's bottom line results are reported as ‘Net (loss) income from discontinued operations' in all prior periods presented.
Financial Take-Aways
Revenue:
IDWP reported robust increases in quarterly revenue year over year attributable in part to robust sales of the late Congressman John Lewis's March trilogy and George Takei's They Called Us Enemy. Book market revenue increased substantially augmented by sales of digital comic offerings and license and royalty revenues.
IDW Entertainment (IDWE) revenue in 4Q20 was generated primarily by the delivery of certain episodes of Wynonna Earp, Season 4. Revenue decreased significantly from the year ago quarter when IDWE delivered V Wars and certain October Faction episodes.
Income (loss) from Operations:
IDWP generated positive income from operations in 4Q20 despite the challenges of the COVID-19 environment. The improvement reflected the impact of increased revenue including sales of higher margin backlist titles.
IDWE substantially narrowed its loss from operations in 4Q20. The loss reflected Wynonna Earp related expenses and the write down of a Dirk Gently related asset. The loss in the year ago quarter reflected the delivery of V Wars and October Faction episodes and an earlier asset write-down.
CTM Media: CTM Media's results were reported as discontinued operations reflecting the pending sale of the business. Pandemic related market changes also drove the quarterly and full year increases in the loss from operations.
Balance Sheet Highlights: At October 31, 2020, IDW's cash balance increased to $10.5 million from $7.5 million at October 31, 2019. Working capital (current assets less current liabilities) increased to $17.8 million from $15.4 million over the same period.
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 approximately three hours after the call concludes through February 1, 2021 by dialing 1-844-512-2921 (toll free - U.S.) or 1-412-317-6671 (toll - international) and providing this replay PIN number: 13715320. A replay will also be available via streaming audio through the IDW investor relations website.
About IDW
IDW (OTCPINK:IDWM) is an integrated media company providing compelling stories and characters for global audiences. Our IDW Publishing and IDW Entertainment businesses acquire IP for holistic franchise development across comics and graphic novels, television, games, merchandise and other entertainment platforms and leverage established stories from our creative partners.
Investor Contact
IDW Media Investor Relations
investor.relations@idwmh.com
IDW MEDIA HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
October 31,
2020 October 31,
2019
Assets
Current assets:
Cash and cash equivalents
$ 10,541 $ 7,543
Trade accounts receivable, net
22,921 43,462
Inventory
3,754 3,313
Prepaid expenses
1,361 1,319
Current assets held for sale from discontinued operations
11,171 5,186
Total current assets
49,748 60,823
Property and equipment, net
410 562
Right-of-use assets, net
771 -
Non-current assets
Taxes receivable
- 513
Investments
25 -
Intangible assets, net
52 115
Goodwill
199 199
Television costs, net
2,926 9,388
Other assets
527 372
Non-current assets held for sale from discontinued operations
- 5,165
Total assets
$ 54,658 $ 77,137
Liabilities and stockholders equity
Current liabilities:
Trade accounts payable
$ 1,406 $ 2,145
Accrued expenses
3,953 3,036
Deferred revenue
2,385 1,058
Bank loans payable - current portion
14,204 29,242
Related party loans payable - current portion
- 4,550
Government loans- current portion
793 -
Operating lease obligations - current portion
562 -
Other current liabilities
69 2,007
Current liabilities held for sale from discontinued operations
8,540 3,344
Total current liabilities
31,912 45,382
Non-current liabilities
Operating lease obligations - long term portion
368 -
Bank loans payable - long term portion
- 10,500
Government loans - long term portion
403 -
Related party loans payable - long term portion
3,750 4,500
Non-current liabilities held for sale from discontinued operations
- 683
Total non-current liabilities
4,521 15,683
Total liabilities
$ 36,433 $ 61,065
Stockholders equity (see note 4):
Preferred stock, $.01 par value; authorized shares - 500; no shares issued at October 31, 2020 and October 31, 2019
- -
Class B common stock, $0.01 par value; authorized shares - 12,000; 9,987 and 7,419 shares issued and 9,467 and 6,899 shares outstanding at October 31, 2020 and October 31, 2019, respectively
93 74
Class C common stock, $0.01 par value; authorized shares - 2,500; 545 shares issued and outstanding at October 31, 2020 and October 31, 2019
5 5
Stock subscription receivable
- (1,000)
Additional paid-in capital
111,379 96,671
Accumulated other comprehensive loss
(60) (60)
Accumulated deficit
(91,996) (78,457)
Treasury stock, at cost, consisting of 519 shares of Class B common stock at October 31, 2020 and October 31, 2019
(1,196) (1,196)
Total IDW Media Holdings Inc. stockholders equity
18,225 16,037
Non-controlling interest
- 35
Total stockholders equity
18,225 16,072
Total liabilities and stockholders equity
$ 54,658 $ 77,137
IDW MEDIA HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
Fiscal Years Ended
October 31,
(in thousands, except per share data)
2020 2019
Revenues
$ 38,162 $ 42,835
Costs and expenses:
Direct cost of revenues
29,530 49,153
Selling, general and administrative
17,270 18,415
Depreciation and amortization
252 286
Bad debt expense
434 33
Total costs and expenses
47,486 67,887
Loss from operations
(9,324) (25,052)
Interest expense, net
(46) (173
Other income (expense), net
(318) (15)
Loss before income taxes
(9,688) (25,240)
(Provision for) benefit from income taxes
- 42
Net loss from continuing operations
(9,688) (25,198)
(Loss) income from discontinued operations, net
(4,110) (1,294)
Net loss
(13,798) (26,492)
Net income attributable to non-controlling interests
- 63
Net loss attributable to IDW Media Holdings, Inc
$ (13,798) $ (26,429)
Basic and diluted income (loss) per share (note 3):
Continuing operations
$ (1.08) $ (3.71)
Discontinued operations, net
(.46) (0.19)
Net loss
$ (1.54) $ (3.90)
Weighted-average number of shares used in the calculation of basic and diluted loss per share:
8,982 6,768
Dividend declared per common share:
$ 0.00 $ 0.00
IDW MEDIA HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Fiscal years ended October 31,
(in thousands)
2020 2019
Operating activities:
Net loss
$ (13,798) $ (26,492 )
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization
1,017 1,513
Amortization of finance leases
411 -
Bad debt expense
680 113
Stock based compensation
722 3,123
Stock options
409 -
Warrants issued
- 118
Amortization of right-of-use asset
1,557 -
Loss on deconsolidation of subsidiary
35 -
Changes in assets and liabilities:
Trade accounts receivable
20,807 (28,960 )
Inventory
(442) 297
Prepaid expenses and other assets
760 (443 )
Investment
(25) -
Television costs
6,462 28,527
Operating lease liability
(1,597) -
Trade accounts payable, accrued expenses and other liabilities
(2,108) (3,501 )
Deferred revenue
795 715
Deconsolidation of subsidiary
304 -
Net cash provided by (used in) operating activities
15,989 (24,990 )
Investing activities:
Business acquisitions
- (12 )
Proceeds on disposition of long lived assets
185 -
Disposition of subsidiary, net of cash received
(115) -
Capital expenditures
(420) (1,113 )
Net cash used in investing activities
(350) (1,125 )
Financing activities:
Proceeds from issuance of common stock
14,596 22,663
Financing under capital leases
- 360
Repayments of capital lease obligations
- (410 )
Repayments of finance lease obligation
(404) -
Proceeds of related party loans
- 9,050
Proceeds of government loans
3,004 -
Proceeds of bank loans
1,021 19,382
Repayments of related party loans
(5,300) (19,000 )
Repayments of bank loans
(26,559) (9,378 )
Net cash (used in) provided by financing activities
(13,642) 22,667
Effect of exchange rate changes on cash and cash equivalents
- 168
Net increase (decrease) in cash and cash equivalents
$ 1,997 $ (3,280 )
Cash and cash equivalents at beginning of period
10,165 13,445
Cash and cash equivalents at end of period
$ 12,162 $ 10,165
Supplemental schedule of investing and financing activities
Cash paid for interest
$ 200 $ 228
Cash paid for income taxes
$ 98 $ 25
Purchases of property and equipment through capital lease obligations
$ - $ 360
Received from sale of long lived assets
$ 154 $ -
AskMuncher
3 years ago
$IDWM Netflix Renews Locke & Key for Season 3 and More IDW News
Press Release | 12/28/2020
LOS ANGELES and SAN DIEGO, CA / ACCESSWIRE / December 28, 2020 / IDW Media Holdings, Inc., (OTC PINK:IDWM), an integrated media company, provided the following year-end news round-up:
Netflix Announces Renewal of "Locke & Key" for Season 3
Netflix has announced the renewal of supernatural horror drama Locke & Key for a third season - even before the premiere of Season 2, which is slated for 2021. The show, distributed by IDW Entertainment, is based on the critically acclaimed hit graphic novels from Joe Hill and Gabe Rodríguez, published by IDW. "Netflix's decision ratchets up the enormous potential of 'Locke & Key' across all channels. We are extremely excited to continue working with Joe and Gabe to further elaborate the 'Locke & Key' franchise," said IDW's CEO, Ezra Rosensaft.
IDW's Yoe Books Imprint Debuts Invisible Men: The Trailblazing Black Artists of Comic Books
Using primary source material from World War II-era Black newspapers and magazines, this compelling book by comics historian Ken Quattro profiles pioneers like E.C. Stoner, a renowned fine artist of the Harlem Renaissance and the first Black artist to draw comic books; Owen Middleton, whose life sentence in Sing Sing became a cause célèbre championed by historian Will Durant, leading both to freedom and a career in comics; Matt Baker, who drew Vooda, the first groundbreaking Black comic book hero; and many more. Each man's personal struggles and triumphs are represented as they broke through into an industry formerly occupied only by whites.
IDW and Imprint Top Shelf Productions Unveil Summer Line-Up for Young Readers
This coming summer may seem impossibly far off, but IDW is already well along in its preparations. Summer is a crucial time to reach and engage young readers and educators preparing their fall curricula. That's why we are excited about our line-up of compelling graphic novels for middle-grade and young adult readers. These books run the gamut from outright fun to introspective and even educational, further evidence that IDW and Top Shelf are home to a diverse library of fiction and non-fiction graphic novels.
Better Place, by debut author Duane Murray and Shawn Daley (Samurai Grandpa), tells the story of Dylan, a young boy in a new neighborhood whose best (and only) friend is his grandad. Together, they imagine themselves as Red Rocket and Kid Cosmo. Daily, the superhero and his sidekick save the world from evil. But when Dylan learns that his grandad has gone to "a better place", he embarks on a grand adventure to find his superhero.
Chibi-Usagi: Attack of the Heebie Chibis, by Stan Sakai and Julie Fujii Sakai, makes the rich world of multiple award winner Usagi Yojimbo accessible to readers of all ages in this chibi-style original graphic novel. In this tale, Chibi-Usagi and his friends must rescue a village of clay people from the threat of the dreaded Salamander King.
The Girl and the Glim, the exciting debut graphic novel from animator India Swift, with colors by Michael Doig, gives the classic new kid in school story a wild science fiction twist. Thirteen-year-old Bridgette thinks that the bullies in her new school are making her life as bad as things can get, until the arrival of an alien being from outer space. This wildly imagined, beautifully drawn story captures the importance of friendship, human connection, and doing what's right.
Marie Curie: A Quest For Light, written by Frances Andreasen Østerfelt and internationally acclaimed Danish astrophysicist Anja Cetti Andersen with art by Anna Blaszczyk, focuses on the exceptional life and groundbreaking research of Marie Curie, the first female Nobel Prize winner, who expanded scientific understanding and created new opportunities for women.
Pirate Penguin vs. Ninja Chicken Vol. 3: Macaroni and Bees?!?, by Ray Friesen, is the latest installment featuring the ridiculous adventures of the fan-favorite flightless fighting friends.
The Science of Surfing: A Surfside Girls Guide to the Ocean, by Kim Dwinell, is the coolest way to experience a beach vacation and learn at the same time. Sam and Jade, from the pages of the beloved graphic novel series The Surfside Girls, explain the science behind the amazing wonders of the sea. Plus, there's a whole step-by-step chapter on how to surf.
For more information on IDW title visit IDWpublishing.com, and follow IDW on social media.
MEDIA HIGHLIGHTS:
‘Locke and Key' Renewed for Season 3 at Netflix Ahead of Season 2 Premiere by Joe Otterson in Variety. "News of the renewal comes ahead of the debut of the show's second season, which is set to launch in 2021…Season 2 of the show was announced back in March."
IDW to Publish a Celebration of Trailblazing Black Comic Book Creators by Ethan Moss in CBR.com. "The long history of comic books has seen many artists rise to stardom. Now, Kenn Quattro and IDW Publishing have explored an often-overlooked aspect of history by exploring the Black artists who helped to create the worlds of superheroes."
Licensing Hotline: Godzilla Reawakens in Middle-Grade Comics by Karen Raugust in Publishers Weekly. "IDW is building on its longtime relationship with Toho, signing a new licensing deal that expands its classic Godzilla publishing program into younger age brackets; formats include art books, coloring books, and journals; and categories such as tabletop games and puzzles."
Star Wars: Writer Daniel José Older Opens Up on Creating Adventures in The High Republic by Daniel McMahon in CBR.com. "It's funny thinking about age-range in Star Wars because most Star Wars content is pretty much all ages - some skews older and some skews younger. With The High Republic Adventures though, I really wanted to make sure that the young people stayed front and center, right there in the spotlight."
About IDW Media Holdings:
IDW (OTCPINK: IDWM) is an integrated media company providing uniquely compelling stories and characters for global audiences. Our IDW Publishing and IDW Entertainment segments acquire IP for holistic franchise development across comics and graphic novels, television, theatrical, games, merchandise and other entertainment platforms and leverage established stories from our creative partners.
Investor Contact:
Ezra Rosensaft
IDW Media Holdings
ezra@idwmh.com
SOURCE: IDW Media Holdings Inc.
AskMuncher
4 years ago
$IDWM IDW’s They Called Us Enemy and Usagi Yojimbo Win at 32nd Annual Will Eisner Comic Industry Awards
Press Release | 07/27/2020
SAN DIEGO, CA / ACCESSWIRE / July 27, 2020 / Usagi Yojimbo from IDW Publishing and They Called Us Enemy from IDW imprint Top Shelf Productions garnered three coveted Eisners between them at this weekend's Will Eisner Comic Industry Awards ceremony, the highest honor in the comics community as voted upon by professional peers.
The heartfelt graphic memoir They Called Us Enemy by George Takei, Justin Eisinger, Steven Scott, and Harmony Becker won in the category of "Best Reality-Based Work." They Called Us Enemy presents Takei's firsthand account of a childhood imprisoned by the US government during World War II.
"What a tremendous honor to be recognized by our peers in the comics industry with this Eisner Award for They Called Us Enemy," the creators said in a joint statement. "We offer our deep thanks to the judges who nominated this book and everyone that voted. We also owe a special thanks to all the readers, librarians, educators, and shopkeepers that have embraced this story and spread the word. Because of you, the story of the wrongful imprisonment of Japanese Americans during World War II will be more widely known by future generations, and in that education, there is hope for a brighter tomorrow."
"In times of crisis, it can be tempting to consider books ‘nonessential,' but that's when it's most essential to grapple with our history and our values, and to understand how the past still lives with us in the present," said Top Shelf editor Leigh Walton. "As a young man, George Takei could find nothing in his school textbooks about his family's imprisonment - now, his Eisner-winning graphic memoir is rapidly becoming adopted as a school text. It's an honor to join the comics community in celebrating this team's profound and beautiful achievement."
Usagi Yojimbo, the beloved epic fantasy by Stan Sakai, claimed two Eisner Awards: Sakai as "Best Letterer" for his work on the monthly full-color Usagi Yojimbo comic book series, and "Best Archival Collection/Project - Comic Books" for Stan Sakai's Usagi Yojimbo: Grasscutter Artist Select, a prestige hardcover collecting the seminal tales of the eponymous ronin hero, edited by IDW's Scott Dunbier.
In response to the "Best Letterer" category win, Sakai said, "Lettering is usually an unrecognized part of the comic creation process, so this award is especially significant. I still do traditional hand lettering as I feel it gives a unique warmth to the storytelling."
For the "Best Archival Collection/Project - Comic Books" award, Sakai said, "I'm so happy to receive this Eisner Award. Scott Dunbier and the team at IDW did an incredible job. This is a book I am very proud of. Thank you."
Grasscutter Artist Select editor Scott Dunbier added, "It's an honor to receive this award. I would like to thank Shawn Lee for his inspired design and, of course, the maestro himself, Stan Sakai, whose work is a true inspiration."
"Stan Sakai is a legend," said IDW Editor-In-Chief John Barber. "We couldn't be happier to have Usagi Yojimbo here at IDW, to see Stan's extraordinary storytelling work - lettering included - recognized by the Eisner judges, and to witness the work continuing to inspire readers around the world!"
The 2020 Eisner Award judges recognized IDW Publishing and its imprints, Artist's Editions, EuroComics, Library of American Comics, Sunday Press, Top Shelf, and Yoe Books, with a combined fifteen nods (fourteen nominations and one shared nomination), the most nominations for a publisher this year.
For Further Reading
Stan Sakai's Usagi Yojimbo: Grasscutter Artist Select* • BW • $150.00 US / $195.00 CAN • ISBN 978-1-68405-660-6
*Available Direct Exclusively from IDW Publishing
Usagi Yojimbo Vol. 1: Bunraku and Other Stories • FC • $19.99 US / $25.99 CAN • ISBN 978-1-68405-657-6
They Called Us Enemy • BW • $19.99 US / $25.99 CAN • ISBN 978-1-60309-450-4
Nos llamaron Enemigo (They Called Us Enemy Spanish Ed.) • BW • $19.99 US / $25.99 CAN • ISBN 978-1-60309-483-2
They Called Us Enemy Expanded Ed. • BW • $29.99 US / $39.99 CAN • ISBN 978-1-60309-470-2
About IDW Publishing
IDW Publishing (IDWP), a subsidiary of IDW Media Holdings Inc. (OTC PINK:IDWM), is an award-winning publisher of comic books, graphic novels, art books, trade paperbacks, and tabletop games. IDWP is one of the top four publishers of comic books and graphic novels in the U.S. with a library of world-renowned licensed content and original series. IDWP's critically-acclaimed imprints include Top Shelf Productions, Artist's Editions, EuroComics, The Library of American Comics, Sunday Press, and Yoe! Books.
About IDW Media Holdings
IDW Media Holdings, Inc. (OTC PINK:IDWM) is an integrated media company. IDW's businesses include IDW Publishing - a leading American publisher of comic books and graphic novels, and IDW Entertainment - a producer and distributor of franchise content through television and other media.
AskMuncher
4 years ago
$IDWM Chris Ryall Leaving IDW To Start New Publishing and Entertainment Venture Focused On Developing New Voices Alongside Industry Veterans
Press Release | 07/21/2020
Transitions To Advisory Role At IDW Publishing
SAN DIEGO, CA / ACCESSWIRE / July 21, 2020 / IDW Publishing, a subsidiary of IDW Media Holdings Inc. (OTC PINK:IDWM), and Chris Ryall today jointly announced that Ryall is stepping down as President, Publisher and Chief Creative Officer to pursue new business opportunities.
"Change is often hard, and I will miss this extended family I have worked with for more than 15 years," said Ryall. "In the past year alone, we brought on some amazing hires, expanded the scope of many of the departments, and re-focused the foundation of the business to best support the integrated multi-media company that IDW has become. Our collective success with the entertainment team on ‘Locke & Key' has been a crowning moment for the entire company. I'm so proud of this special place and the incredible people who work here. I know that I leave IDW perfectly poised for continued success."
In partnership with Ashley Wood and many of the talented creators he has worked with at IDW, Ryall is launching a new storytelling venture focused on the disparate worlds and characters that he brought to life at IDW Publishing.
Although he is stepping aside from his current roles at IDW, he will continue as an Executive Producer on the Netflix series, "Locke & Key," and remain the sole editor on any Locke & Key publishing ventures going forward.
"After the wonderful experience this past year serving as an Executive Producer on ‘Locke & Key' and working with the amazingly creative team that brought the show to life, I look forward to bringing exciting new stories into the world through many different storytelling forms," Ryall added. "I'm thrilled to be back working alongside Ashley Wood, as well as other creators to come, in developing interesting projects for our World of Syzygy venture."
During Ryall's tenure as President and Publisher, IDW Publishing signed a multi-year publishing initiative with the Smithsonian Institution, launched a major program to produce Spanish-language graphic novels for the North American market, transitioned its foreign book distribution business to Penguin Random House and led IDW Publishing to 15 prestigious Eisner Award nominations in 2020, the most of any publisher.
Ryall was one of the rare executives who not only produced comic books in his various capacities with the company, but also authored assorted projects, such as Zombies vs Robots, with artist Ashley Wood, in development at Sony Pictures. Perhaps the biggest mark he left on IDW was that of Chief Creative Officer, partnering across divisions to ensure that creators and stories were well cared for as they transitioned to entertainment.
Howard Jonas, IDW's Chairman, said, "Chris has been instrumental in IDW Publishing's success, and we thank him for the passion and commitment he brought to the company. We wish him all the best in his new ventures. With Chris's departure, IDW will be restructuring and expanding its operations, and we will name a new management team very soon."
For information on how to acquire copies of IDW Publishing's upcoming comic book and graphic novel releases, please contact your local comic shop or visit www.comicshoplocator.com to find a store near you.
About IDW Publishing
IDW Publishing (IDWP), a subsidiary of IDW Media Holdings Inc. (OTC PINK: IDWM), is an award-winning publisher of comic books, graphic novels, art books, trade paperbacks, and tabletop games. IDWP is one of the top four publishers of comic books and graphic novels in the U.S. with a library of world-renowned licensed content and original series. IDWP's critically-acclaimed imprints include Top Shelf Productions, Artist's Editions, EuroComics, The Library of American Comics, Sunday Press, and Yoe! Books.
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 and IDW Entertainment - a producer and distributor of franchise content through television and other media.
AskMuncher
4 years ago
$IDWM IDW Reports Second Quarter Fiscal Year 2020 Results
Press Release | 06/15/2020
‘Locke & Key' Season 2 Ordered
IDW Entertainment and IDW Publishing Deliver Strong Financial Results Despite COVID-19
NEWARK, NJ and LOS ANGELES, CA / June 15, 2020 / IDW Media Holdings, Inc. (OTC PINK:IDWM), an integrated media company, today reported a second quarter net loss per share of $(0.04) on revenue of $11.6 million for the three months ended April 30, 2020.
Operational Highlights
Netflix ordered a second season of IDW Entertainment (IDWE)'s Locke & Key, a supernatural horror series that premiered on the service to popular and critical acclaim.
IDW Publishing (IDWP)'s imprints were honored with an industry-leading 15 nominations for the prestigious Will Eisner Comic Industry Awards. Eisner Award winners will be announced in July.
IDWE's live-action series Wynonna Earp has completed filming and production of episodes 1-6 of season 4. The balance of production -- episodes 7-12 -- is expected to resume as COVID-19 related restrictions are relaxed.
IDWP was able to significantly offset the suspension of direct market comic distribution (see COVID-19 impacts below) by re-focusing on the library market, digital comic market, the book market, web store and foreign sales. Demand strengthened for backlisted titles such as Locke & Key and coloring books, licensed titles, and puzzles and board games. Direct market comic distribution and comic releases resumed in a reduced capacity in May. Since then, re-orders have been stronger than expected. Notable upcoming releases include Sleeping Beauties by Stephen and Owen King and the first titles in IDWP's Spanish-language graphic novel program.
COVID-19: Overview of Impacts
IDW Media: Through its subsidiaries, IDW received Paycheck Protection Program (PPP) loans of $3.0 million in aggregate comprising $1.2 million related to core IDWE and IDWP operations, and $1.8 million for CTM. The latter was received shortly after the quarter close and is not reflected in second quarter financials. The company intends to utilize the substantial majority of proceeds to compensate furloughed personnel and in other expense categories eligible for forgiveness.
IDWE: Industry-wide production suspensions halted filming and production of Wynonna Earp Season 4 after the completion of six of twelve episodes. IDWE continued developing, packaging and pitching from its pipeline on a remote basis.
IDWP: Halted most new product releases through the direct comic market in late March when Diamond, the comic industry's sole direct market distributor, suspended operations. IDWP pivoted to focus on back catalog, digital sales, direct-to-consumer sales, foreign sales, and book market channels. IDWP has extended full returnability on all new direct-market releases through July to encourage orders from retailers. IDWP furloughed or laid off approximately 20% of its workforce during the quarter. The majority of furloughed employees have since been recalled.
CTM: Suspended operations and furloughed approximately 90% of its workforce in March as most clients closed and travel and tourism came to a halt. CTM has since resumed operations in both the U.S. and Canada on a limited basis.
Comments of IDW Chairman, Howard Jonas
"Netflix's decision to renew Locke & Key for a second season was very gratifying and Season 2 promises to be even more exciting. Congratulations to Joe Hill and Gabriel Rodriquez whose creativity and story-telling genius conceived and guided the series, and to the IDW Entertainment team. There is more to come at IDW Entertainment as we continue to pursue additional deals from our development slate.
"IDW's overall financial results significantly improved compared to recent quarters - despite the COVID-19 pandemic - and our balance sheet continues to strengthen. IDW Publishing adapted to the suspension of its direct comic market with increased sales of backlisted titles, games and digital offerings through the non-direct market and direct-to-consumer channels, while IDW Entertainment benefitted from recognition of Locke & Key -derived revenue. The pandemic forced CTM to suspend operations during the second quarter. However, certain of its key markets are beginning to re-open, and we have begun what we expect will be a gradual rebound.
"If operations continue to normalize in the coming weeks and months as anticipated, we are positioned to pursue the tremendous opportunities for original content producers in the global entertainment market. We remain committed to moving towards an SEC registration and exchange listing to increase IDW's visibility in the capital markets."
Consolidated P&L Highlights
(Numbers may not foot due to rounding)
(in millions, except net loss per share, unaudited)
2Q20
1Q20
2Q19
Revenue
$11.6
$14.1
$7.8
Direct cost of revenue
$4.5
$13.3
$4.1
SG&A including non-cash compensation
$6.5
$7.3
$7.0
Non-cash compensation
$0.2
$0.3
$0.7
Depreciation & amortization
$0.4
$0.3
$0.4
Bad debt expense
$0.4
$0.1
-
Loss from operations
$(0.3)
$(6.8)
$(3.6)
Net loss
$(0.4)
$(6.8)
$(3.7)
Net loss per share
$(0.04)
$(0.91)
$(0.61)
Segment P&L Highlights
(Does not include corporate overhead.)
(in millions, unaudited)
2Q20
1Q20
2Q19
Revenue
IDW Publishing
$4.7
$6.3
$3.7
IDW Entertainment
$4.6
$4.0
$-
CTM
$2.3
$3.8
$4.0
Income (loss) from operations
IDW Publishing
$(0.6)
$0.1
$(1.6)
IDW Entertainment
$2.2
$(5.6)
$(0.7)
CTM
$(1.6)
$(1.1)
$(1.3)
Financial Take-Aways
Revenue: The increase in consolidated revenue was driven primarily by delivery of IDWE's Locke & Key Season 1 episodes. The increase in IDWP revenue resulted from increased sales of backlisted comics and books through Amazon and other non-direct market channels, digital offerings and games, partially offset by a decrease in direct market sales. The decrease in CTM revenues reflects the pandemic-related closing of many clients, including Broadway shows, and CTM's suspension of operations in March.
Loss from Operations: IDW's consolidated loss from operations narrowed substantially on the receipt of high margin revenue from Locke & Key and, at IDWP, on increased demand for backlisted titles - notably The Beauty of Horror coloring book line.
Balance Sheet Highlights: At April 30th, IDW's cash balance increased to $15.9 million from $4.6 million at January 31st. The increase includes receipt of $1.2 million in cash from PPP loans prior to the quarter close and the proceeds of the equity placement (see below). IDW Media plans on utilizing the substantial majority of the PPP loan proceeds on qualified expenses in order to qualify for "forgiveness" for a substantial majority of its PPP loan. Working capital (current assets less current liabilities) increased to $18.7 million from $8.9 million, while related party debt decreased to $5.0 million from $9.0 million.
Equity Placement: As previously announced, IDW completed a private placement of 2.05 million shares of its Class B common stock at a sale price of $6.00 per share during the quarter. Aggregate gross proceeds were $12.3 million inclusive of a $4.0 million debt-to-equity conversion by IDW's Chairman, Howard Jonas.
Earnings Conference Call
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 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 approximately three hours after the call concludes through June 22, 2020 by dialing 1-844-512-2921 (toll free - U.S.) or 1-412-317-6671 (toll - international) and providing this replay PIN number: 13702673. 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
Ezra Rosensaft, Chief Financial Officer
ezra@idwmh.com
IDW MEDIA HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
April 30,
2020
(unaudited) October 31,
2019
Assets
Current assets:
Cash and cash equivalents
$ 15,867 $ 10,165
Trade accounts receivable, net
36,180 45,253
Inventory
4,133 3,313
Prepaid expenses
1,798 2,092
Total current assets
57,978 60,823
Property and equipment, net
2,117 3,078
Right-of-use assets, net
6,398 0
Non-current assets
Taxes receivable
513 513
Intangible assets, net
312 455
Goodwill
2,309 2,309
Television costs
2,516 9,388
Other assets
750 571
Total non-current assets
6,400 13,236
Total assets
$ 72,893 $ 77,137
Liabilities and stockholders' equity
Current liabilities:
Trade accounts payable
$ 2,688 $ 2,625
Accrued expenses
3,431 4,173
Deferred revenue
3,509 2,255
Bank loans payable - current portion
27,031 29,242
Related party loans payable - current portion
- 4,550
Government loans- current portion
393 -
Income taxes payable
67 73
Operating lease obligations - current portion
1,694 -
Finance lease obligations - current portion
389 396
Other current liabilities
51 2,068
Total current liabilities
39,253 45,382
Non-current liabilities
Operating lease obligations - long term portion
4,168 -
Finance lease obligations - long term portion
524 683
Bank loans payable - long term portion
- 10,500
Government loans - long term portion
803 -
Related party loans payable - long term portion
5,000 4,500
Total non-current liabilities
10,495 15,683
Total liabilities
49,748 61,065
Stockholders' equity (see note 3):
Preferred stock, $.01 par value; authorized shares - 500; no shares issued at April 30, 2020 and October 31, 2019
- -
Class B common stock, $0.01 par value; authorized shares - 12,000; 9,570 and 7,419 shares issued and 9,050 and 6,899 shares outstanding at April 30, 2020 and October 31, 2019, respectively
89 74
Class C common stock, $0.01 par value; authorized shares - 2,500; 545 shares issued and outstanding at April 30, 2020 and October 31, 2019
5 5
Stock subscription receivable
- (1,000 )
Additional paid-in capital
109,777 96,671
Accumulated other comprehensive loss
(105) (60 )
Accumulated deficit
(85,425) (78,457 )
Treasury stock, at cost, consisting of 519 shares of Class B common stock at April 30, 2020 and October 31, 2019
(1,196) (1,196 )
Total IDW Media Holdings Inc. stockholders' equity
23,145 16,037
Non-controlling interest
- 35
Total stockholders' equity
23,145 16,072
Total liabilities and stockholders' equity
$ 72,893 $ 77,137
IDW MEDIA HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
April 30, Six Months Ended
April 30,
(in thousands, except per share data)
2020 2019 2020 2019
Revenues
Product revenue
4,681 3,740 10,981 8,953
Service revenue
6,874 4,069 14,719 8,205
Total Revenues
11,555 7,809 25,700 17,158
Costs and expenses:
Direct cost of product revenue
2,506 2,470 6,032 5,618
Direct cost of service revenue
2,025 1,605 11,806 3,316
Selling, general and administrative (i)
6,538 6,977 13,823 15,040
Depreciation and amortization
354 365 692 768
Bad debt expense
431 25 482 41
Total costs and expenses
11,854 11,442 32,835 24,783
Loss from operations
(299) (3,633 ) (7,135) (7,625 )
Interest expense, net
(19) (78 ) (39) (183 )
Other income (expense), net
(36) (18 ) (53) (13 )
Loss before income taxes
(354) (3,729 ) (7,227) (7,821 )
(Provision for) benefit from income taxes
- (18 ) - (18 )
Net loss
$ (354) $ (3,747 ) $ (7,227) $ (7,839 )
Basic and diluted loss per share (note 3):
Net loss per share continuing operations
$ (.04) $ (0.61 ) $ (.89) $ (1.28 )
Weighted-average number of shares used in the calculation of basic and diluted loss per share:
8,845 6,172 8,143 6,135
Dividend declared per common share:
$ 0.00 $ 0.00 $ 0.00 $ 0.00
Interest Expense
$ 9 $ 92 $ 18 $ 207
(i) Stock-based compensation included in selling, general and administrative expenses
$ 178 $ 734 $ 520 $ 1,732
IDW MEDIA HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Six months ended April 30,
(in thousands)
2020 2019
Operating activities:
Net loss
$ (7,227) (7,839 )
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization
527 768
Amortization of finance leases
165
Bad debt expense
482 41
Stock based compensation
520 1,732
Stock options
333 -
Amortization of right-of-use asset
995 -
Loss on deconsolidation of subsidiary
35 -
Changes in assets and liabilities:
Trade accounts receivable
8,591 9,742
Related party receivable
- (4,000 )
Inventory
(820) (3,258 )
Prepaid expenses and other assets
115 (568 )
Television costs
6,872 (13,390 )
Right-of-use assets
(814) -
Trade accounts payable, accrued expenses and other current liabilities
(2,702) (6,740 )
Deferred revenue
1,254 1,433
Deconsolidation of subsidiary
339 -
Net cash provided by (used in) operating activities
8,665 (22,079 )
Investing activities:
Disposition of subsidiary, net of cash received
(115) (12 )
Capital expenditures
(299) (403 )
Net cash used in investing activities
(414) (415 )
Financing activities:
Proceeds from issuance of common stock
13,268 19,005
Non-controlling interest investment in subsidiary
- -
Repayments of finance lease obligations
(207) 8
Repayments of capital lease obligations
- (206 )
Proceeds of related party loans
- 9,000
Proceeds of bank loans
2,217 17,463
Repayments of related party loans
(4,050) (19,000 )
Repayments of bank loans
(13,732) (8,231 )
Net cash (used in) provided by financing activities
(2,504) 18,039
Effect of exchange rate changes on cash and cash equivalents
(45) 119
Net increase (decrease) in cash and cash equivalents
5,702 (4,336 )
Cash and cash equivalents at beginning of period
10,165 13,445
Cash and cash equivalents at end of period
$ 15,867 9,109
Supplemental schedule of investing and financing activities
Cash paid for interest
$ 18 207
Cash paid for income taxes
$ - 18
SOURCE: IDW Media Holdings, Inc.
View source version on accesswire.com:
https://www.accesswire.com/593957/IDW-Reports-Second-Quarter-Fiscal-Year-2020-Results
Golden Cross
4 years ago
$IDWN Positioned for Exciting 2020 after a Momentous 2019
Press Release | 12/26/2019
LOS ANGELES and SAN DIEGO, CA / ACCESSWIRE / December 26, 2019 / IDW Media Holdings, Inc., (OTC PINK: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
SOURCE: IDW Media Holdings Inc.
View source version on accesswire.com:
https://www.accesswire.com/571347/IDW-Positioned-for-Exciting-2020-after-a-Momentous-2019
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