Alliance Entertainment Reports Second Quarter Fiscal Year 2024 Financial Results

About this update from Alliance Entertainment Holding Corporation

[{"type":"text","content":"Q2 FY 2024 Net Revenues Totaled $425.6 Million Q2 FY 2024 Gross Profit Up 128% to $47.7 Million on Profitable Sales Strategy Q2 FY 2024 Net Income of $8.9 million Driven by Strategic and Financial Improvements Q2 FY 2024 Adjusted EBITDA of $17.9 Million PLANTATION, Fla., Feb. 08, 2024 (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 second quarter ended December 31, 2023. Second Quarter FY 2024 and Subsequent Operational Highlights Closed a new 3-year $120 million senior secured asset-based credit facility with White Oak Commercial Finance, LLC, replacing the Company’s revolver with Bank of America.Consumer Direct Shipments (CDF) grew to 45% of gross sales revenue for the fiscal second quarter compared to 37% in the year-ago period, totaling 2.3 million shipments of 5.3 million units.Significantly Reduced inventory and debt, with fiscal second quarter year over year inventory decreasing from $175 million down to $114 million, and debt down from $177 million to $107 million.COKeM gaming division reported sales of the popular Arcade1Up home arcade machines that exceeded initial forecasts in the calendar fourth quarter of 2023.AMPED independent music distribution arm partnered with Vydia, an end-to-end solution to empower the next generation of music creators, managers, and labels, to expand Vydia’s capabilities for physical distribution.Partnered with Grail Game, the premier specialty bid site for high end collectibles, to create a new sales channel, and mystery box experiences for collectors.Launched a new publishing venture under the banner of Alliance Entertainment Publications to create and release high quality, full-color, fan-focused collectible magazines.AMPED achieved a record-breaking 24 Grammy nominations for 19 artists, highlighting the company's commitment to championing independent music and empowering artists to succeed.AMPED assisted with the successful physical launch of K-Pop band ATEEZ’s latest album, \"THE WORLD EP.FIN : WILL\", with physical CD and Vinyl sales powering the band’s first US number-one album within its first week of rele...

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