Business
IDW Reports Second Quarter Fiscal Year 2020 Results
IDW Reports Second Quarter Fiscal Year 2020 Results.
About this update from Idw Media Holdings, Inc.
[{"type":"text","content":"‘Locke & Key' Season 2 OrderedIDW Entertainment and IDW Publishing Deliver Strong Financial Results Despite COVID-19NEWARK, NJ and LOS ANGELES, CA / June 15, 2020 / IDW Media Holdings, Inc. (OTC PINK:IDWM), an integrated media company, today reported a second quarter net loss per share of $(0.04) on revenue of $11.6 million for the three months ended April 30, 2020.Operational HighlightsNetflix ordered a second season of IDW Entertainment (IDWE)'s Locke & Key, a supernatural horror series that premiered on the service to popular and critical acclaim.IDW Publishing (IDWP)'s imprints were honored with an industry-leading 15 nominations for the prestigious Will Eisner Comic Industry Awards. Eisner Award winners will be announced in July.IDWE's live-action series Wynonna Earp has completed filming and production of episodes 1-6 of season 4. The balance of production -- episodes 7-12 -- is expected to resume as COVID-19 related restrictions are relaxed.IDWP was able to significantly offset the suspension of direct market comic distribution (see COVID-19 impacts below) by re-focusing on the library market, digital comic market, the book market, web store and foreign sales. Demand strengthened for backlisted titles such as Locke & Key and coloring books, licensed titles, and puzzles and board games. Direct market comic distribution and comic releases resumed in a reduced capacity in May. Since then, re-orders have been stronger than expected. Notable upcoming releases include Sleeping Beauties by Stephen and Owen King and the first titles in IDWP's Spanish-language graphic novel program.COVID-19: Overview of Impacts IDW Media: Through its subsidiaries, IDW received Paycheck Protection Program (PPP) loans of $3.0 million in aggregate comprising $1.2 million related to core IDWE and IDWP operations, and $1.8 million for CTM. The latter was received shortly after the quarter close and is not reflected in second quarter financials. The company intends to utilize the substantial majority of proceeds to compensate furloughed personnel and in other expense categories eligible for forgiveness.IDWE: Industry-wide production suspensions halted filming and production of Wynonna Earp Season 4 after the completion of six of twelve episodes. IDWE continued developing, packaging and pitching from its pipeline on ...