Business
IDW Reports Third Quarter Fiscal 2021 Results
IDW Reports Third Quarter Fiscal 2021 Results.
About this update from Idw Media Holdings, Inc.
[{"type":"text","content":"Resurgent Direct Market Sales Drove 30% Increase in Publishing RevenueProceeds from Capital Raise Slated Primarily for Investment in Original ContentUplist to NYSE American CompletedNEWARK, NJ and LOS ANGELES, CA / ACCESSWIRE / September 13, 2021 / IDW Media Holdings, Inc. (NYSE America:IDW), an integrated media company, today reported a net loss per share of $0.09 on revenue of $6.8 million for the three months ended July 31, 2021.Third Quarter Fiscal 2021 (3Q21) HighlightsThe company successfully completed a capital raise generating net proceeds of $9.6 million following the quarter close. The Company intends to utilize the majority of the proceeds to enhance investment in outstanding original content through partnerships with authors and creators.In conjunction with the capital raise, the company uplisted its Class B common stock from the OTC market to the NYSE American exchange with the ticker symbol ‘IDW'.Consolidated revenue decreased to $6.8 million from $8.5 million in 3Q20.IDW Publishing revenue increased 30% to $6.8 million - its highest third quarter revenue in five years -from $5.2 million in 3Q20. The increase was driven by direct market sales and sales of titles from licensing partners. IDW Entertainment reported no revenue in 3Q21, but expects to record revenue from Locke & Key S2 in 4Q21.Consolidated loss from operations decreased to $2.1 million compared to $3.4 million in 3Q20.Net loss per share narrowed to $0.09 from a net loss per share of $0.47 in 3Q20. The decreased net loss reflects the improved results from continuing operations, a gain on the forgiveness of one of the company's two PPP loans of $1.2 million and a loss from discontinued operations of $1.1 million in 3Q20.Comments from Ezra Rosensaft, Chief Executive Officer"We took important steps to accelerate our growth trajectory, strengthen our balance sheet, and enhance the visibility and liquidity of our stock during and immediately after the third quarter. Most notably, our successful capital raise will enable us to significantly enhance our pipeline of high-quality original content for development across our publishing and entertainment businesses. Our development of the Locke & Key franchise is a protype for how we will leverage the mutual synergies between publishing and entertainment to build fandoms based on original IP.&quo...