Alliance Entertainment Reports Third Quarter and Nine Month Fiscal Year 2024 Financial Results

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[{"type":"text","content":"Q3 FY 2024 Net Revenues Totaled $211.2 Million Q3 FY 2024 Gross Profit Increased to $28.0 Million and Gross Margin Improved 130bps to 13.3% on Profitable Sales Strategy Q3 FY 2024 Adjusted EBITDA of $2.9 Million Improved by $5.3 Million Debt Reduced $40 Million in Last 12 Months Ended March 31, 2024 PLANTATION, Fla., May 09, 2024 (GLOBE NEWSWIRE) -- Alliance Entertainment Holding Corporation (Nasdaq: AENT) (“Alliance Entertainment”, “Company”), a global distributor and wholesaler specializing in music, movies, video games, electronics, arcades, toys, and collectibles, has reported its financial and operational results for the fiscal third quarter ended March 31, 2024. Third Quarter FY 2024 and Subsequent Operational Highlights Fiscal third quarter net revenues totaled $211.2 million.Fiscal third quarter gross profit increased to $28.0 million and gross margin improved 130bps to 13.3% on profitable sales strategy.Fiscal third quarter Adjusted EBITDA of $2.9 million improved by $5.3 million.March 31, 2024 inventory of $108 million down from March 31, 2023 inventory of $163 million.March 31, 2024 debt of $87 million down from March 21, 2023 debt of $127 million.Fiscal third quarter Digital Video Revenue increased to $4.0 million from $2.3 million a 74% increase.Installed Sure Sort® X, a cost-saving sortation technology system from warehouse automation solutions provider OPEX® at its Kentucky facility.AMPED Distribution division collaborated with mega/gamma/Vydia to bring multiple versions of USHER’s ‘Coming Home’ in CD and vinyl LP formats to prominent retailers across the U.S.Confirmed Company’s first Investor and Analyst Tour on May 16, 2024, at its warehouse in Shepherdsville, Kentucky. Bruce Ogilvie, Chairman of Alliance Entertainment, commented, “During the third quarter of fiscal 2024 we continued our focus on operations, technology and margin improvement with a shift toward larger scale automation as one of the largest physical media and entertainment product distributors in the world. Our momentum continued with year-over-year improvements in gross profit, gross margin, positive adjusted EBITDA, and encouraging developments across our brands. “Operationally, during the quarter we installed Sure Sort® X at our Kentucky facility, a cost-saving sortation technology system from warehouse automation solutions provider OPEX®. Uti...

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