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Cinedigm Files Annual Report To Avoid Nasdaq Delisting

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Cinedigm filed its annual report for its fiscal year after a delay that drew a warning about being possibly delisted by the Nasdaq stock exchange.

The company said its fourth-quarter loss was 4 cents a share, compared to 8 cents a year ago.

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Revenue was $8.3 million, with streaming channel revenue up 197% from a year ago. 

For the fiscal year ended March 31, the company reported a net loss of $63.2 million, or 49 cents a share, compared to a loss of $15.1 million, or 34 cents a share, the previous year.

The company has been launching new streaming channels and expanding into new digital businesses.

Earlier this month, Cinedigm announced the launch of the Elvis Presley Channel as an ad-supported VOD and linear streaming service.

Full-year revenue fell to $31.4 million from $39.3 million. 

"We reached a key inflection point during the fourth quarter, where we generated huge growth in our streaming business," said chairman and CEO Chris McGurk. "Our streaming/digital business was 75% of our total revenues during the quarter and we expect that percentage will continue to increase as we grow the business both organically and through our streaming acquisition rollup strategy. In addition, we reduced our debt significantly and recently announced we now have zero debt and our strongest ever overall balance sheet position. Clearly, we have great forward momentum and are set up for continued rapid growth in fiscal year 2022."

Jon Lafayette

Jon has been business editor of Broadcasting + Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.