Key Developments For Cinedigm Digital Cinema Corp.
Cinedigm Digital Cinema Corp. (CIDM.O) (Consolidated Issue listed on NASDAQ Global Market)
Cinedigm Digital Cinema Corp. Receives Commitment Letters For Five-Year, Senior Credit Facilities
Cinedigm Digital Cinema Corp. announced that its non-recourse deployment subsidiary, Access Digital Cinema Phase 2 Corp. (Phase 2), has received commitment letters from GE Capital's Media, Communications & Entertainment business and Societe Generale Corporate & Investment Banking for senior credit facilities totaling up to $100 million. Once closed, these facilities will support the deployment of up to 2,133 digital systems in 2010 as contemplated under Cinedigm's ongoing 10,000-screen digital cinema rollout. Cinedigm anticipates the closing of this new loan facility, together with support from digital cinema equipment vendors Christie Digital Systems and Barco, Inc., by December 31, 2009 with installations targeted to commence in early 2010. GE Capital's commitment covers the financing of up to about 1,600 digital systems and Societe Generale's commitment covers the financing of up to an additional 533 digital systems.
Cinedigm Digital Cinema Corp. And 3ality Digital, LLC Collaborate On Production And Distribution of Alternative 3D Entertainment
Cinedigm Digital Cinema Corp. and 3ality Digital, LLC announced that they plan to collaborate on a series of alternative 3D entertainment projects that should arrive in theatres nationwide over the course of the next two years. The companies, which earlier this year joined forces on the first live 3D sports broadcast available to consumers, plan to introduce a minimum of eight projects in the next 24 months. 3ality Digital will produce the projects and Cinedigm will distribute and market them through its state-of-the-art CineLive(TM) satellite network.
Cinedigm Digital Cinema Corp. Reaffirms FY 2010 Guidance
Cinedigm Digital Cinema Corp. reaffirmed fiscal 2010 expectation to produce double digit increases in revenues and adjusted EBITDA over fiscal 2009 levels as a result of the full year impact of $5 million of expense savings and the overall increase in industry digital screen deployments, which in turn drives growth across all of the Company's business units. The Company reported EBITDA of $39.37 million and revenues of $83 million in fiscal 2009.
Cinedigm Digital Cinema Corp. Comments On FY 2010 Guidance
Cinedigm Digital Cinema Corp. announced that for fiscal 2010, it expects to produce double digit increases in revenues and EBITDA over fiscal 2009. The Company reported revenues of $80.98 million and EBITDA of $30.35 million in fiscal 2009. According to Reuters Estimates, analysts were expecting the Company to report revenues of $87.19 million and EBITDA of $42.91 million for the same period.
Access Integrated Technologies, Inc. Signs On Initial Financing For Phase 2 Digital Cinema Conversions
Access Integrated Technologies, Inc., doing business as Cinedigm Digital Cinema Corp., announced its Phase 2 Entity signed on an $8.9 million credit facility. The facility will fund the launch of Cinedigm's first 137 Phase 2 conversions of Premiere Cinemas' theatres to the Company's digital cinema platform, in what is expected to ultimately be a 10,000-screen digital cinema deployment plan. The first 35 systems are expected to be operational in December, bringing the total for Phase 2 to 55 by year end. To date, Cinedigm has signed almost 500 screens to its Phase 2 plan and anticipates thousands more in the months ahead.
