Business
IDW Reports Second Quarter Fiscal 2021 Results
IDW Reports Second Quarter Fiscal 2021 Results.
About this update from Idw Media Holdings, Inc.
[{"type":"text","content":"Net Income Increased to $2.5 millionPublishing Revenue Increased 28% Led by Resurgent Direct Market SalesSale of CTM Media CompletedNEWARK, NJ and LOS ANGELES, CA / ACCESSWIRE / June 14, 2021 / IDW Media Holdings, Inc. (OTC PINK:IDWM), an integrated media company, today reported net income per share of $0.25 on revenue of $10.1 million for the three months ended April 30, 2021.Second Quarter Fiscal 2021 (2Q21) HighlightsConsolidated revenue increased to $10.1 from $9.3 million in 2Q20.COVID-19 Update: At IDW Publishing, direct market sales continued to recover. IDW Entertainment continued to be impacted by industry-wide production / greenlight delays.Consolidated income from operations decreased to $0.4 million compared to $1.3 million in 2Q20.Net income per share increased to $0.25 from a loss per share of $(0.04) in 2Q20 boosted by a gain on the sale of CTM Media of $0.21 per share.IDW Publishing, long a leader in industry critical acclaim, was nominated for eleven (including one shared nomination) 2021 Will Eisner Comic Industry Awards. The prestigious awards honor exemplary work in comics publishing.. Comments from Ezra Rosensaft, Chief Executive Officer "IDW continued to progress financially and operationally during the second quarter highlighted by a return to profitability even as we ramped up our investment in exciting long-term growth opportunities."IDW Publishing achieved solid year over year revenue growth reflecting sustained execution on its strategic priorities including continuing genre expansion, leveraging high yield opportunities in the ecommerce space, as well as the resurgence of direct market sales, leading with chart-topping comic releases and increased in-person foot traffic in local comic shops."At IDW Entertainment Locke & Key seasons 2 and 3, greenlit by Netflix, are making progress on their respective production paths as COVID pandemic restrictions ease. Netflix plans to premiere season 2 in October. We are also excited about other projects that we are working to bring to market."Finally, we are working toward registering our securities with the SEC in preparation for our planned uplist to a national exchange. Our uplist is on track for completion this summer."Consolidated P&L Highlights(In millions, except income (loss) per share, unaudited) 2Q21 1Q21 2Q20 Revenue $10....