Tue, 22 Oct 2019

IDW Media Reports Second Quarter Fiscal Year 2019 Results

ACCESSWIRE
14 Jun 2019, 06:19 GMT+10

STAMFORD, CT / ACCESSWIRE / June 13, 2019 / IDW Media Holdings, Inc. (OTC PINK: IDWM), an integrated media company, today reported a net loss per share of ($0.61) on revenue of $7.8 million for the second quarter of its 2019 fiscal year, the three months ended April 30, 2019.

Highlights

Following quarter close, IDW Media successfully completed an offering raising $23 million in new capital and reduced long-term debt from $21 million to $9 million. The remaining debt is due to IDW Media's Chairman and CEO;

IDW Entertainment (IDWE) has three series scheduled for delivery to Netflix within the next twelve months. During 2Q19, IDWE:

Completed principal photography on October Faction and V-Wars. Both shows are currently in post-production with deliveries scheduled for Q4 CY2019;

Began principal photography of Locke & Key, which is scheduled to complete post-production in Q1 CY2020;

IDWE has prioritized fifteen projects for early stage development based on IP developed at IDW Publishing (IDWP);

During 2Q19, IDWP added twenty titles to its IP portfolio of over 400 creator-owned or IDWP-owned originals;

Media veteran Allan Grafman, who previously held senior positions at Archie Comics, and Hallmark Entertainment, among others, has joined IDW Media's Board of Directors;

Management is reviewing strategic alternatives with the assistance of advisor, JP Morgan.

IDW Media Management Comments - Chairman and CEO, Howard Jonas

'The successful completion of our private placement has put IDW Media on a strong financial footing. We are working together to restore the company to profitability in fiscal 2020 and to realize the full potential of IDW Publishing's extensive IP portfolio.

'IDW Entertainment's October Faction and V-Wars are both in post-production and scheduled for delivery to Netflix in the fourth quarter of this year. With the initial seasons of those series concluded, we will pivot to production models that require less capital and minimize downside risk. Locke & Key, which is now in principal photography for delivery to Netflix early in fiscal 2020, is being developed under a production services agreement, for which IDW will receive a percentage of the production budget with limited risk.

'IDW Entertainment has also identified a robust pipeline of fifteen potential projects from IDW Publishing's portfolio and is developing pitches and scripts for streaming and traditional broadcast TV networks as well as for feature film platforms. The pipeline represents a targeted array of genres. Looking further ahead, we intend to develop at least two new projects or feature films from our pipeline per year.'

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