Cinedigm said it recorded a profit in its fiscal first quarter, reversing a loss a year ago, as revenues for its subscription and ad supported streaming channels increased.
According to the company's preliminary results, net income was $5 million, or 3 cents a share, compared to a net loss of $19.9 million, or 21 cents a share, a year ago.
Revenue rose 149% to $15 million.
Streaming channel revenue increased 181% from a year ago, with ad supported streaming channel revenues up 301% and subscription streaming revenues up 88%.
Also Read: Cinedigm’s Streaming Strategy Starts to Pay Off
Streaming minutes were up 18% to 1.37 billion in the quarter. Total subscribers were up 6% to 679,000.
Cinedigm also said that it received a deficiency notice from Nasdaq because it hasn't filed its 10-Q quarterly report form in a timely manner. Failure to file could result in it being delisted. The company said it intends to file within the next few days.
Also Read: Cinedigm Files Annual Report To Avoid Nasdaq Delisting
"We're in a great position. Our streaming revenues increased 181% this quarter and we have a very strong balance sheet having paid down all remaining Company debt shortly after quarter end. There is an enormous opportunity for Cinedigm to continue this rapid growth, all supported by an exceptional management team that we continue to enhance," said CEO Chris McGurk.
Also Read: Cinedigm Reviving El Rey Network as Streaming Service
During the quarter, the company acquired Indian tech company FoundationTV, announced plans to launch The Elvis Presley Channel and agreed to help boost distribution of The Country Network.
