DHX Media Reports 1st Quarter Results and Sale of Caillou Season Four to PBS KIDS 2 hours 17 minutes ago
GROSS MARGIN UP 6%, ORGANIC EBITDA INCREASES 11%
HALIFAX, Nov. 14, 2012 /CNW/ - DHX Media Ltd. ("DHX Media" or the "Company") (TSX:DHX.TO - News), a leading independent international producer, distributor and licensor of mainly children's entertainment content, is pleased to announce its financial results for the quarter ended September 30, 2012, as well as a new sale to PBS KIDS of a fourth season of 26 episodes of its hit pre-school series Caillou.
Highlights of Q1 2013 Results:
(All amounts in Canadian dollars)
- Revenues of $13.51 million, down 20% from $16.94 million for Q1 2012;
- Gross margin increased to $5.42 million (40% of revenues), up 6% from $5.10 million for Q1 2012 (30% of revenues);
- Adjusted EBITDA1 of $1.85 million, an increase of 11% from $1.66 million in EBITDA for Q1 2012;
- One-time charges of $0.91 million ($0.75 million after-tax) for acquisition-related costs associated with the Cookie Jar transaction; and
- Normalized net income of $0.68 million (up 113% over Q1 2012-$0.32 million), or $0.01 per share, after adding back one-time Cookie Jar acquisition-related costs. Q1 2013 reported net loss was $0.07 million, or $0.00 per share, down from a net income of $0.32 million, or $0.01 per share, a decrease of 122%, from Q1 2012.
1 EBITDA represents income of the Company before amortization, finance income (expense), taxes, share of loss of associates, development expenses and any impairments, share-based compensation expense, and Adjusted EBITDA includes adjustments for other one-time charges. (See Q1 2013 MD&A definition of EBITDA and Adjusted EBITDA for full details).
Michael Donovan, Chairman and CEO, DHX Media commented, "Our first quarter results do not reflect the effect of the Cookie Jar acquisition which closed on October 22. For this period, we are pleased to report growth in our adjusted EBITDA1, gross profit margin and normalized net income for the quarter. We are also pleased to report that significant progress has been made towards the integration of Cookie Jar since closing and we can now confirm that the target run-rate cost synergies of $8 million have been fully identified and implementation is well underway."