Alliance Entertainment Reports First Quarter Fiscal Year 2024 Financial Results

About this update from Alliance Entertainment Holding Corporation

[{"type":"text","content":"First Quarter FY 2024 Net Revenues Totaled $226.8 Million Increasing Business Segment Stabilization Driven by Higher Average Selling Prices and Decreased Operating Expenses Q1 FY 2024 Gross Profit Up 3% to $26.3 Million on Profitable Sales Strategy Q1 FY 2024 Positive Adjusted EBITDA of $1.3 Million PLANTATION, Fla., Nov. 10, 2023 (GLOBE NEWSWIRE) -- Alliance Entertainment Holding Corporation (Nasdaq: AENT) (“Alliance Entertainment”, “Company”), a distributor and wholesaler of the world’s largest in stock selection of music, movies, video games, electronics, arcades, toys and collectibles, has reported its financial and operational results for the fiscal first quarter ended September 30, 2023. First Quarter and Subsequent 2023 Operational Highlights Signed a letter of intent (LOI) with White Oak Commercial Finance to secure three-year funding of up to a $150 million senior secured credit facility, the proceeds of which would be used to refinance the existing credit facility, fund working capital needs and provide for general corporate purposes.Distribution Solutions, a division of Alliance Entertainment partnered with Future Today, a leading distribution company in the digital space to expand their reach and offer viewers even more options for its licensed and owned video content.Partnered with Atari® and retro home arcade company, Arcade1Up, for the launch of the Arcade1Up Atari 50th Anniversary Deluxe Arcade Machine for the home through its COKeM International video game division.Shipped over 2.0 million units representing $32.0 million in K-POP sales during the fiscal year ended July 31, 2023, a 55% increase over the previous year, with exponential sales growth expected to continue with several other major K-POP acts scheduled to be released throughout the balance of 2023.Company’s Mill Creek Entertainment announced exclusive digital and physical release of Believe Entertainment’s supernatural thriller Nefarious, on Blu-ray™ and DVD following successful Premium Video-on-Demand (“VOD”) rollout. Mill Creek also recently signed a home entertainment licensing agreement with The Walt Disney Company, to distribute over 1,800 titles of select physical (Blu-ray and DVD) live-action film and television properties from the ABC Signature, 20th Television, Hollywood Pictures, Touchstone Pictures, and 20th Century Studios content librarie...

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