Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Nice comeback there!
Good pick friend..DISK is on its was back to where it began before all this mess with their failed merger.
FTRS had a strong day today...someone is loading up
http://finance.yahoo.com/q?s=ftrs
Very good news today
February 14, 2008 - 4:12 PM EST
Print Email Article Font Down Font Up Charts
close
Email this News Article
Your Name
Your Email
Friend's Name
Friend's Email
Receive Copy: yes
DISK 1.21 -0.01
Today 5d 1m 3m 1y 5y 10y
Image Entertainment Reports Financial Results for Fiscal 2008 Third Quarter and Nine Months Ended December 31, 2007
Image Entertainment, Inc. (Nasdaq:DISK), a leading independent licensee, producer and distributor of home entertainment programming in North America, today reported financial results for its third quarter and nine months ended December 31, 2007.
Fiscal 2008 Third Quarter Ended December 31, 2007 Financial Summary
--
Net revenues were $27,343,000, up 12.2% from net revenues of $24,360,000 for the third quarter of fiscal 2007 as a result of strong sales of catalogue DVD content.
-- Digital distribution revenues grew 54.0% to $519,000, compared to $337,000 for the third quarter of fiscal 2007.
--
Gross margins improved to 19.4%, from 19.1% for the third quarter of fiscal 2007.
--
Selling expenses improved to 10.3% of net revenues, down from 12.2% of net revenues for the third quarter of fiscal 2007 due in part to reduced personnel costs.
--
General and administrative expenses were down $159,000, or 3.8%, from the third quarter of fiscal 2007.
--
The December 2007 quarter included increased expenses of:
-- $228,000 in proposed BTP merger transaction costs.
-- $210,000 in consulting fees associated with Sarbanes-Oxley Section 404 compliance.
--
For comparison purposes, the December 2006 quarter included $267,000 for severance and office closure costs and $216,000 in proxy contest and special committee process costs.
--
Restructuring expenses were $170,000, representing fees and expenses to be incurred in connection with terminating the Company's Nevada distribution facility lease. Approximately $2.7 million in future operating lease commitments will be cancelled as a result of an agreement in principle to terminate the lease.
-- Interest expense was $901,000, compared to $928,000 for the third quarter of fiscal 2007.
--
Noncash interest expense was $420,000, or 46.6% of total interest expense for the quarter ended December 31, 2007, compared to $547,000 for the quarter ended December 31, 2006.
--
Other income was $603,000, representing a downward adjustment to the long-term warrant liability to fair value at December 31, 2007.
--
The net loss was ($2,052,000), or ($0.09) per diluted share, compared to a net loss of ($3,456,000), or ($0.16) per diluted share, for the third quarter of fiscal 2007.
Best selling new DVD releases for the quarter included:
--
Deadliest Catch: Season 2 (Discovery);
--
Berlin Alexanderplatz (Criterion Collection);
--
Mythbusters Collection 2 (Discovery)
Fiscal 2008 Nine Months Ended December 31, 2007 Financial Summary
--
Net revenues were $69,854,000, compared to $69,549,000 for the first nine months of fiscal 2007.
-- Digital revenues were $1,613,000, up over 100% from $802,000 for the first nine months of fiscal 2007.
--
Gross margins improved to 20.3%, from 18.4% for the first nine months of fiscal 2007.
-- Selling expenses improved to 10.1% of net revenues, down from 11.5% of net revenues for the first nine months of fiscal 2007, primarily due to reduced personnel costs and reduced advertising and promotion expenses.
--
General and administrative expenses were up $227,000, or 1.8%, compared to the first nine months of fiscal 2007.
--
The nine months ended December 31, 2007 included increased expenses of:
-- $1,174,000 in proposed BTP merger transaction costs.
-- $400,000 associated with the closure of the Nevada distribution facility.
-- $250,000 in legal expenses for the dismissed stockholder claim.
-- $210,000 in consulting fees associated with Sarbanes-Oxley Section 404 compliance.
--
For comparison purposes, the first nine months of fiscal 2007 included $764,000 in proxy contest and special committee process costs, $432,000 in bad debt expense relating to the bankruptcy of Tower records and higher temporary labor costs of $383,000.
-- Restructuring expenses for the nine months ended December 31, 2007 were $612,000, including distribution facility lease termination expenses and involuntary employee termination expenses.
-- Interest expense was $2,502,000 compared to $1,688,000 for the first nine months of fiscal 2007.
--
Noncash interest expense was $1,257,000, or 50.2% of total interest expense for the nine months ended December 31, 2007 as compared to $841,000 for the nine months ended December 31, 2006.
--
Other income was $603,000, representing a noncash downward adjustment to the long-term warrant liability to fair value at December 31, 2007.
--
Net loss was ($8,334,000), or ($0.38) per diluted share, compared to a net loss of ($9,561,000), or ($0.45) per diluted share, for the first nine months of fiscal 2007.
Best selling DVD new and catalogue releases for the first nine months ended December 31, 2007, in addition to those noted above included:
--
Jeff Dunham: Spark of Insanity;
--
Jeff Dunham: Arguing with Myself;
--
Twilight Zone: The Complete Definitive Edition;
--
Shark Week: 20th Anniversary Collection (Discovery);
--
Fear and Loathing in Las Vegas (Criterion Collection)
Martin W. Greenwald, president and chief executive officer of Image Entertainment, commented, “The termination of the merger agreement with BTP has focused fresh attention upon Image, and we are extremely aware of the importance of our quarterly results. We are encouraged by the very strong performance of the excellent Criterion, Discovery and Levity brands, as well as the continuing growth in our digital revenues. Compared to the same quarter last year, revenues and margins were up, selling expenses were down, and we will strive to continue this trend going forward.”
Mr. Greenwald continued, “Nevertheless, the lengthy discussions with BTP resulted in significant legal fees that added to our general and administrative expenses. In addition, the entire merger process diverted an enormous amount of management’s attention during our historically strong holiday quarter. Now that the merger agreement has been terminated, we look forward to being able to focus all of our attention on maximizing shareholder value by attempting to deliver stronger financial results and pursue other strategic alternatives.”
Mr. Greenwald concluded, “As we execute on our plan to bring the best independent product to market, including direct-to-video films with strong and recognizable cast, we are optimistic about what the future holds for Image. I know this past year has been a roller coaster ride, but we thank our shareholders for their patience, and we look forward to releasing news about further developments as they arise.”
Fiscal Year 2008 Guidance
At this time, the Company is not providing annual or quarterly revenue guidance.
Corporate Conference Call
Image Entertainment’s management will host a conference call today, February 14, at 4:30 p.m. ET to review the fiscal 2008 third quarter financial results as well as other corporate events. Image executive management will be on-line to discuss these results and take part in a Q & A session. The call can be accessed by dialing 888-219-1420 and requesting to join the conference call by stating the confirmation code 9586465, or by webcast at www.image-entertainment.com or www.earnings.com. Dial-ins begin at approximately 4:20 p.m. Eastern time, or at any time during the conference call. International participants please dial 913-312-1420.
A replay of the conference call will be available from 8:00 p.m. Eastern time on the day of the call until February 21, 2008, by dialing 888-203-1112 and entering the following pass code: 9586465. International participants please dial 719-457-0820 using the same passcode.
About Image Entertainment:
Image Entertainment, Inc. is a leading independent licensee, producer and distributor of home entertainment programming in North America, with approximately 3,000 exclusive DVD titles and approximately 250 exclusive CD titles in domestic release and approximately 450 programs internationally via sublicense agreements. For many of its titles, the Company has exclusive audio and broadcast rights and, through its subsidiary Egami Media, Inc., has digital download rights to approximately 2,000 video programs and over 300 audio programs containing more than 4,500 tracks. The Company is headquartered in Chatsworth, California. For more information about Image Entertainment, Inc., please go to www.image-entertainment.com.
Forward-Looking Statements:
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 relating to, among other things, our goals, plans and projections regarding our financial position, results of operations, market position, product development and business strategy. These statements may be identified by the use of words such as “will,” “may,” “estimate,” “expect,” “intend,” “plan,” “believe,” and other terms of similar meaning in connection with any discussion of future operating or financial performance. All forward-looking statements are based on management’s current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations.
These factors include, among other things, our inability to raise additional working capital, changes in debt and equity markets, increased competitive pressures, and changes in our business plan, changes in the retail DVD and entertainment industries. For further details and a discussion of these and other risks and uncertainties, see “Forward-Looking Statements” and “Risk Factors” in our most recent Annual Report on Form 10-K, and our most recent Quarterly Report on Form 10-Q. Many of the factors that will determine the outcome of the subject matter of this press release are beyond Image Entertainment’s ability to control or predict. Unless otherwise required by law, we undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
Good news for me and for those who held DISK :) Nice EOD action!
FTRS broke resistance and climbing....or inching forward. Looking good!
Best to you too..may take a couple of days though
Volume is still pretty thin on this, and buys are rolling in..lots at .67..so IMO this goes higher .80-.85
Nice...Check FTRS broke resistance
Excellent trade..I sold too early as well
In FTRS...looking good...broke 200 MA on 15 minute this afternoon...maybe it was me :)
Took a position here at .61...chart looks good for an uptrend...keep watch for .67 break and push to .80 cents
.<font color=#006400>Everyone!
Member mark mudturtle, he has been making some very good calls that continuously remain positive for several days. Just look though mudturtle's history and you will see.
Good job! You are a real asset to this board.
yes...ask was raised to .67 for tomorrow opening...we will see if it sticks
you bet...thanks for the entry!
FTRS Entered @ .61...good call, I see a continuation PPO just hooked and PPS broke 15 minute 200 MA just recently on Intraday. We will see :) Plus they aren't negative on the balance sheet...so that is always a plus. They are in the middle of a presentation.
http://finance.yahoo.com/q?s=ftrs.ob
Wilkommen!
I see a uptrend forming again here...looks like the company has their marbles i order concerning their desire for payback, and BTP may be scrambling a bit to get it back to them. Check yahoo message boards as well on this one...lots of DD over there.
http://messages.finance.yahoo.com/mb/DISK
Good call!
Looking forward to add more once it hits there, if it does..EOD turned north...maybe a heads up as to what is in store
My pix are MOBE ( even though it has been picked by everyone here) and DISK (this will rebound!)
TY GG!
I believe so
WRSP - tough call, may sell off tomorrow, but TRIXY is beginning its upitty
http://finance.yahoo.com/q?s=WRSP
HDY - turning
http://finance.yahoo.com/q?s=hdy
SOBM - looking for bottom...may have found it :) cuz why? They got some cash!
http://finance.yahoo.com/q?s=sobm.ob
Nice charts brother...what monster gains!
RZ - making sales with car companies, looks good
http://finance.yahoo.com/q?s=rz
CRME - Drug almost approved
http://finance.yahoo.com/q?s=crme
KERX - already posted by the Captain
http://finance.yahoo.com/q?s=kerx
CADX - Plenty of buzz on this one
http://finance.yahoo.com/q?s=cadx
HGSI - good news happening here
http://finance.yahoo.com/q?s=hgsi
COT - Just broke 200 MA - 15 minute
http://finance.yahoo.com/q?s=cot
AEZ - Keep an eye out. Trix is showing an uptrend
http://finance.yahoo.com/q?s=aez
PWER - This one is getting some attention
http://finance.yahoo.com/q?s=pwer
LXRX - Already posted, but I wanted to repost with more charts
http://finance.yahoo.com/q?s=lxrx
RSFF - careful here, but it could gap up tomorrow
http://finance.yahoo.com/q?s=rsff