IDW Media Holdings, Inc. (OTCQX: IDWM), a fully integrated media company announced today its results for the fourth quarter and year ended October 31, 2016.

Gross Revenue of $23.6 million for the three months ended October 31, 2016 compared to $13.9 million for the three months ended October 31, 2015, and $65.3 million for the year ended October 31, 2016 compared to $49.5 million for the year ended October 31, 2015.The release of IDW Entertainment television shows was the primary driver of the increased revenue.

Year End Financial Highlights:

  • IDW Entertainment FY 2016 Revenue of $16 million or 24.5% of Gross Revenues compared to $187 thousand or 0.4% last year.
  • On June 21, 2016, IDWM acquired the remaining 17% non-controlling interest of IDW Inc. resulting in 100% ownership and no minority interest.
  • Income from operations increased by $1.1 million or 53% to $3.2 million for the three months ended October 31, 2016 compared to $2.1 million for the three months ended October 31, 2015, primarily due to IDW Entertainment.
  • The increase in 2016 net income resulted from profit from the release of the first two IDW Entertainment television shows.

Management: Commenting on the results, Ted Adams, CEO stated, “Our FY16 performance reflects multi-faceted growth at IDW, and as we look to FY17, we’re expecting that growth to continue.

“Our publishing division — which includes IDW Publishing where we primarily publish comic books and graphic novels and IDW Games where we publish board games and card games, was led by the success of the March books and the Teenage Mutant Ninja Turtles board game. We are thrilled to have entered into a new partnership with leading book distributor Penguin Random House which we expect will contribute to the growth of IDW Publishing in 2017 and help further our ability to create new intellectual property. IDW Games has a number of new games in development — both using original intellectual property and existing entertainment brands — that we expect to have a positive impact on FY17.

“IDW Entertainment had a breakout year as it grew revenue from $0.2 million in 2015 to $16.0 million in 2016 driven by the successful first seasons of Wynonna Earp and Dirk Gently. Both shows will return to the air in 2017 for their second seasons. Joe Hill has also written the pilot script and series outline for a TV show based on our flagship title, Locke & Key, and we will be presenting it to potential networks this year.

“CTM Media group further expanded our distribution network for travel brochures in the Cape Cod and Washington D.C. regions.”

Forward Looking Statements:
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. 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 public disclosures provide information on certain of 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. (OTCQX: IDWM, OTC:IDWM, OTCBB:IDWM) is a fully integrated media company, which includes the award-winning IDW Publishing, IDW Games, IDW Entertainment, Top Shelf Productions, the San Diego Comic Art Gallery, and CTM Media Group Inc. CTM Media Group Inc. is one of North America’s largest distributors of tourism information. Distributing over 100 million brochures last year, CTM’s comprehensive visitor out of home marketing network includes over 14,000 brochure information displays and over 400 award-winning touch screen kiosks.

   
   
IDW MEDIA HOLDINGS, INC.  
   
CONSOLIDATED BALANCE SHEETS  
   
(in thousands)   October 31, 2016     October 31, 2015 (as reclassified – see note 13)  
Assets                
Current assets:                
  Cash and cash equivalents   $ 6,203     $ 6,596  
  Trade accounts receivable, net     11,592       5,915  
  Inventory – print and production costs     13,652       5,688  
  Prepaid expenses     1,738       2,015  
  Note receivable – current portion     310       372  
Total current assets     33,495       20,586  
Property and equipment, net     3,394       3,039  
Non-current assets                
  Trade accounts receivable – non-current portion     2,478        
  Note receivable – non-current portion           310  
  Deferred taxes     10,413       12,264  
  Intangible Assets, net     1,539       1,769  
  Goodwill     2,227       1,700  
  Other assets     392       498  
Total non-current assets     17,049       16,541  
Total assets   $ 53,938     $ 40,166  
Liabilities and stockholders’ equity                
Current liabilities:                
  Trade accounts payable     2,412     $ 1,302  
  Accrued expenses     8,730       3,907  
  Deferred revenue     1,809       2,131  
  Income taxes payable     1,037       736  
  Capital lease obligations – current portion     365       257  
  Bank loans payable – current portion     426       431  
  Other current liabilities     421       359  
Total current liabilities     15,200       9,123  
Non-current liabilities                
  Accrued liabilities – non-current     470        
  Capital lease obligations – long term portion     807       527  
  Bank loans payable – long term portion     749       1,199  
Total non-current liabilities     2,026       1,726  
Total liabilities     17,226       10,849  
Commitments and contingencies (see notes 1 and 14)            
Stockholders’ equity (see note 1):                
  IDW Media Holdings, Inc. stockholders’ equity:                
  Preferred stock, $.01 par value; authorized shares – 500; no shares issued at October 31, 2016 and October 31, 2015            
  Class B common stock, $0.01 par value; authorized shares – 12,000; 5,553 shares and 4,623 shares issued and outstanding at October 31, 2016 and October 31, 2015, respectively     56       46  
  Class C common stock, $0.01 par value; authorized shares – 2,500; 545 shares issued and outstanding at October 31, 2016 and October 31, 2015     5       5  
  Additional paid-in capital     53,208       47,419  
  Accumulated other comprehensive loss     (250 )     (153 )
  Accumulated deficit     (15,111 )     (18,780 )
  Treasury stock, at cost, consisting of 519 shares of Class B common stock at October 31, 2016 and October 31, 2015     (1,196 )     (1,196 )
  Total IDW Media Holdings, Inc. stockholders’ equity     36,712       27,341  
  Non-controlling interests           1,976  
Total stockholders’ equity     36,712       29,317  
Total liabilities and stockholders’ equity   $ 53,938     $ 40,166  
                 
   
   
IDW MEDIA HOLDINGS, INC.  
   
CONSOLIDATED STATEMENTS OF OPERATIONS  
   
    Three Months Ended
October 31, (unaudited)
    Fiscal Years Ended
October 31,
 
(in thousands, except per share data)   2016     2015     2016     2015  
                                 
Revenues   $ 23,632     $ 13,936     $ 65,267     $ 49,456  
Costs and expenses:                                
  Direct cost of revenues     13,691       5,847       34,444       21,759  
  Selling, general and administrative (i)     6,116       5,529       22,727       21,138  
  Depreciation and amortization     401       370       1,538       1,627  
  Bad debt expense     196       86       318       101  
Total costs and expenses     20,404       11,832       59,027       44,625  
Income from operations     3,228       2,104       6,240       4,831  
Interest expense, net     (18 )     (20 )     (75 )     (38 )
Other income (expense), net     (1 )     2       (23 )     (90 )
Income before income taxes     3,209       2,086       6,142       4,703  
Provision for income taxes     (1,244 )     (683 )     (2,473 )     (1,636 )
Net income     1,965       1,403       3,669       3,067  
                                 
Net income attributable to non-controlling interests           (217 )           (729 )
Net income attributable to IDW Media Holdings, Inc.   $ 1,965     $ 1,186     $ 3,669     $ 2,338  
                                 
Basic and diluted income per share attributable to IDW Media Holdings, Inc. common stockholders (see notes 1 and 3):                                
Net income per share   $ 0.35     $ .26     $ 0.74     $ .50  
                                 
Weighted-average number of shares used in the calculation of basic and diluted income per share:     5,579       4,649       4,976       4,640  
                                 
Dividend declared per common share:   $ 0.00     $ 0.163     $ 0.163     $ 0.652  
                                 
Interest Expense   $ 21     $ 22     $ 86     $ 79  
                                 
(i) Stock-based compensation included in selling, general and administrative expenses   $ 99     $ 93     $ 388     $ 367  
                                 
 
 
IDW MEDIA HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA
(Unaudited)
 
    Fiscal Years Ended
October 31,
(in thousands)   2016   2015
Net income   $ 3,669   $ 3,067
  Depreciation and amortization     1,538     1,627
  Provision for income taxes     2,473     1,636
  Interest expense, net     75     38
EBITDA     7,755     6,368
  Non-cash compensation     388     367
             
Adjusted EBITDA   $ 8,143   $ 6,735
           

http://www.firstcomicsnews.com/wp-content/uploads/2016/09/IDW-Logo-600x253.pnghttp://www.firstcomicsnews.com/wp-content/uploads/2016/09/IDW-Logo-150x63.pngFirst Comics NewsNewsIDW
IDW Media Holdings, Inc. (OTCQX: IDWM), a fully integrated media company announced today its results for the fourth quarter and year ended October 31, 2016. Gross Revenue of $23.6 million for the three months ended October 31, 2016 compared to $13.9 million for the three months ended October 31, 2015,...