Business
Alliance Entertainment Reports Third Quarter and Nine Month Fiscal 2023 Financial Results
Completes Business Combination and Becomes Publicly Traded Company Third Quarter Fiscal 2023 Net Revenues Totaled $227.7 Million PLANTATION, Fla.--(BUSINESS
About this update from Alliance Entertainment Holding Corporation
[{"type":"text","content":"\nCompletes Business Combination and Becomes Publicly Traded Company\n\n\nThird Quarter Fiscal 2023 Net Revenues Totaled $227.7 Million\n\n\n PLANTATION, Fla.--(BUSINESS WIRE)--\nAlliance Entertainment Holding Corporation (OTC: AENT) (“Alliance Entertainment”, “Company”), a distributor and wholesaler of the world’s largest in stock selection of music, movies, video games, electronics, arcades, and collectibles, has reported its financial and operational results for the fiscal third quarter and nine-month period ended March 31, 2023.\n\n\nThird Quarter and Subsequent 2023 Operational Highlights\n\n\n\nCompleted its business combination with Adara Acquisition Corp.\n\n\n\n2023 Record Store Day on Saturday, April 22, 2023 broke a sales record for most vinyl sold in a single day with more than 800,000 units of vinyl created and shipped to participating independent record stores and retail sales expected to surpass $32 million.\n\n\n\nSigned a multi-year home entertainment licensing agreement with The Walt Disney Company to distribute hundreds 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 libraries.\n\n\n\nCompany’s AMPED Distribution celebrated 10 years of business with impressive wins at the 2023 Grammy™ Awards and Billboard™ Charts dominance, with 26 nominations across their distributed labels for the 2023 Grammy™ Awards, resulting in seven impressive wins.\n\n\n\nExtended its partnership with the Criterion Collection, a continuing series of important classic and contemporary films on home video, continuing the distribution of the Criterion Collection’s titles in the physical media space across the United States, along with all backroom services including inventory, order management and financial services.\n\n\n\nPartnered with AutoStore™ and Swisslog to design and install a cube-based warehouse automated storage and retrieval system (ASRS) that is now live and operational at the Company’s 873,000 square foot Kentucky warehouse.\n\n\n\nImplemented cost savings initiatives, including headcount reduction and management salary cuts, to address macroeconomic headwinds caused by increased inflation and interest rates, and retailers’ relatively conservative inventory positions.\n\n\n\nAnnou...
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