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Cinedigm sold another 84 Digital Cinema Projection Systems to theater chains that had them in use under a virtual print fee program. Freeing up funds. This
brings the total number of systems sold to date to 328. This sale represents the continued monetization of the systems the Company owns. Details of the transaction were not released.
“We are very pleased with the continued interest from cinema chains in purchasing our systems as such sales were originally contemplated to occur at the conclusion of the digital cinema deployment plan,” said Gary Loffredo, President of Digital Cinema. General Counsel and Chief Operating Officer, Cinedigm. “We are just at the beginning of this process and expect more success in the future.”
Gary Loffredo, General Counsel and President of Cinema Equipment Business, added, “Our legacy cinema equipment business continues to run-off as expected as we transition towards a higher growth, higher margin portfolio of OTT revenue sources. Subsequent to the third fiscal quarter we completed the sale of 311 digital cinema projection systems bringing the total number of systems sold to date to 328. As previously announced, we are in the process of selecting an advisory firm with expertise in this area to help monetize the remaining available systems and expect to announce more sales in the coming months.”
Cinedigm led the entertainment industry initiative to convert movie theaters from 35mm analog projectors to digital projection technology. Cinedigm installed new digital projection systems in 12,688 theater screens, with 382 exhibitor partners in multiple territories worldwide.
As the company announced its quarterly figures it received formal notification from Nasdaq that the Company has regained compliance with Listing Rule 5450(a)(1), which requires the Company's common stock to maintain a minimum bid price of $1.00 per share. The Nasdaq staff made this determination of compliance after the closing bid price of the Company's common stock was at $1.00 per share or greater for the prior 10 consecutive business days.
Nasdaq had previously notified the Company of its non-compliance with Listing Rule 5450(a)(1) on December 12, 2018, following 30 consecutive business days for which the closing bid price of the Company's common stock did not meet the $1.00 per share minimum requirement.
Revenue for the three months ended December 31, 2018 was $14.6 million, compared to $18.5 million for the year ago period. This decrease was driven by the expected lower revenue from virtual print fees (“VPF”) in our legacy business, which are earned when movies distributed by studios are displayed on screens utilizing the Company’s systems that are installed in movie theatres. The Company continues to shift its strategy toward building a portfolio of revenue streams in the OTT business as the cinema equipment business winds down.
brings the total number of systems sold to date to 328. This sale represents the continued monetization of the systems the Company owns. Details of the transaction were not released.
“We are very pleased with the continued interest from cinema chains in purchasing our systems as such sales were originally contemplated to occur at the conclusion of the digital cinema deployment plan,” said Gary Loffredo, President of Digital Cinema. General Counsel and Chief Operating Officer, Cinedigm. “We are just at the beginning of this process and expect more success in the future.”
Gary Loffredo, General Counsel and President of Cinema Equipment Business, added, “Our legacy cinema equipment business continues to run-off as expected as we transition towards a higher growth, higher margin portfolio of OTT revenue sources. Subsequent to the third fiscal quarter we completed the sale of 311 digital cinema projection systems bringing the total number of systems sold to date to 328. As previously announced, we are in the process of selecting an advisory firm with expertise in this area to help monetize the remaining available systems and expect to announce more sales in the coming months.”
Cinedigm led the entertainment industry initiative to convert movie theaters from 35mm analog projectors to digital projection technology. Cinedigm installed new digital projection systems in 12,688 theater screens, with 382 exhibitor partners in multiple territories worldwide.
As the company announced its quarterly figures it received formal notification from Nasdaq that the Company has regained compliance with Listing Rule 5450(a)(1), which requires the Company's common stock to maintain a minimum bid price of $1.00 per share. The Nasdaq staff made this determination of compliance after the closing bid price of the Company's common stock was at $1.00 per share or greater for the prior 10 consecutive business days.
Nasdaq had previously notified the Company of its non-compliance with Listing Rule 5450(a)(1) on December 12, 2018, following 30 consecutive business days for which the closing bid price of the Company's common stock did not meet the $1.00 per share minimum requirement.
Revenue for the three months ended December 31, 2018 was $14.6 million, compared to $18.5 million for the year ago period. This decrease was driven by the expected lower revenue from virtual print fees (“VPF”) in our legacy business, which are earned when movies distributed by studios are displayed on screens utilizing the Company’s systems that are installed in movie theatres. The Company continues to shift its strategy toward building a portfolio of revenue streams in the OTT business as the cinema equipment business winds down.