Business
IDW Media Holdings, Inc. Reports Record Third Quarter 2016 Results
IDW Media Holdings, Inc. Reports Record Third Quarter 2016 Results.
About this update from Idw Media Holdings, Inc.
[{"type":"text","content":"\n \n \n IDW Media Holdings, Inc. Reports Record Third Quarter 2016 Results\n \n \nIDW Media Holdings, Inc. Reports Record Third Quarter 2016 Results\n\nRecord Third Quarter Gross Revenue of $17.6mm Resulting in an Increase of 31% and Record Nine Month Gross Revenue of $41.6mm Resulting in an Increase of 17% Led by the Success of IDW Entertainment\n\n \n STAMFORD, CT and SAN DIEGO, CA--(Marketwired - Sep 15, 2016) - IDW Media Holdings, Inc. (OTC PINK: IDWM), a fully integrated media company announced today its results for the third quarter ended July 31, 2016.\n Gross Revenue of $17.6 million for the three months ended July 31, 2016 compared to $13.4 million for the three months ended July 31, 2015, and $41.6 million for the nine months ended July 31, 2016 compared to $35.5 million for the nine months ended July 31, 2015 is primarily due to IDW Entertainment which increased by $4 million and $7.5 million for those periods. The increase resulted from the release of IDW Entertainment television episodes.\n Third Quarter Financial Highlights:\n \n \n IDW Entertainment 3rd Quarter Revenue of $4 million or 23% of Total Revenues compared to $58k or 0.4% last year.\n \nOn June 21, 2016, IDWM acquired the remaining 17% non-controlling interest of IDW Inc. resulting in 100% ownership and no minority interest.\n \nIncome from operations increased by $691,000 or 36% for the three months ended July 31, 2016 compared to the three months ended July 31, 2015, primarily due to IDW Entertainment. \n \nThe increase resulted from gross profit from the release of IDW Entertainment television episodes. \n \n \n Management\n Commenting on the results, Ted Adams, CEO stated, \"Our third quarter performance reflects record growth from the IDW Entertainment Division\".\n Mr. Adams added, \"In the fourth quarter of 2016, we expect continued revenue growth, led by the success of our March graphic novels and additional IDW Entertainment revenue from the premier of Dirk Gently airing on BBC America.\"\n Forward Looking Statements:\n All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words \"believe,\" \"anticipate,\" \"expect,\" \"plan,\" \"intend,\" \"estimate,\" \"target\" and similar expressions, are forward-looking statements within the meaning of the Private Securities Lit...