Business
IDW Announces Results for Second Quarter Fiscal Year 2023
IDW Announces Results for Second Quarter Fiscal Year 2023.
About this update from Idw Media Holdings, Inc.
[{"type":"text","content":"LOS ANGELES, CA and NEWARK, NJ / ACCESSWIRE / June 14, 2023 / IDW Media Holdings, Inc., (the "Company" or "IDW") (OTC:IDWM), an integrated media company, today reported results for its second quarter and six months ended April 30, 2023.Second Quarter Fiscal 2023 (2Q23) Financial ResultsConsolidated revenue decreased 9% to $5.5 million from $6.1 million in 2Q22, reflecting revenue decline at IDW Publishing ("IDWP").IDWP revenue decreased to $5.4 million from $6.1 million in 2Q22 primarily due to timing of print sales to Scholastic.IDW Entertainment (IDWE) reported no meaningful revenue in 2Q23.Consolidated loss from operations was $1.9 million compared to consolidated loss from operations of $2.2 million in 2Q22.Net loss was $1.9 million, or $0.15 per share, compared to net loss of $2.3 million, or $0.17 per share, in 2Q22.Consolidated P&L Highlights*(*In millions, except per share data. Quarterly results are unaudited.Numbers may not foot due to rounding) 2Q23 1Q23 2Q22 Revenue $5.5 $6.6 $6.1 Direct cost of revenue $2.9 $3.4 $3.6 SG&A including non-cash compensation $4.4 $4.9 $4.6 Non-cash compensation included in SG&A $0.2 $0.2 $0.2 Depreciation & amortization $0.1 $0.2 $0.1 Loss from operations $(1.9) $(2.0) $(2.2)Net loss $(1.9) $(2.0) $(2.3)Net loss per share $(0.15) $(0.15) $(0.17)Segment P&L Highlights* 2Q23 1Q23 2Q22 Revenue IDW Publishing $5.4 $6.6 $6.1 IDW Entertainment $- $- $- Loss from operations IDW Publishing $(0.2) $(0.3) $(0.3)IDW Entertainment $(0.4) $(0.5) $(1.7)Corporate (unallocated overhead) $(1.3) $(1.2) $(0.3)Financial Take-Aways(2Q23 compared to 2Q22)Revenue:IDWP: In 2Q23, revenue decreased primarily due to timing of print sales to Scholastic.IDWE: In 2Q23, IDWE reported no meaningful revenue. IDWE recognizes revenue upon the delivery of the entertainment products it develops.Loss from Operations:IDWP: In 2Q23, loss from operations was $0.2 million, compared to loss from operations of $0.3 million in 2Q22. SG&A as a percentage of revenue was 48.6% compared to 50.9% in 2Q22.IDWE: In 2Q23, loss from operations was $0.4 million, compared to loss from operations of $1.7 million in 2Q22. SG&A decreased to $0.5 million compared to $1.2 million in 2Q22.Balance Sheet Highlights: At April 30, 2023 IDW's cash balance was $5.6 million. Working capital (curren...