Cinedigm Digital Cinema Corp. (CIDM) announced that it cut its fiscal 2013 GAAP revenues and Adjusted EBITDA outlook, due to delayed delivery and customer product acceptance related to about $2.5 million in software revenues, with almost $2.0 million related to a contract with a major studio customer. An expanded scope has required the Company to discuss a contract amendment and expansion and pushed its delivery into late Fiscal 2014.
This delay in product completion also pushed new sales and revenue recognition with other existing studio customers into fiscal year 2014. Additionally, as reported previously, virtual print fee or "VPF" revenues and EBITDA were reduced by approximately $2.0 million in the summer of 2012 as major studios shifted their release schedules due to the Summer Olympics and issues surrounding the Aurora shootings.
The company lowered its fiscal 2013 consolidated GAAP revenues guidance to a range of $87.0 million - $89.0 million from the prior estimate of $91.0- $97.0 million.
Analysts polled by Thomson Reuters expect the company to report revenues of $91.31 million for fiscal 2013. Analysts' estimates typically exclude special items.
The company now estimates consolidated Adjusted EBITDA for fiscal 2013 to be in the range of $55.0 million - $56.0 million, compared to prior estimate of $57.0 million- $59.0 million.
The company now projects its fiscal 2013 non-deployment Adjusted EBITDA to be in the range $4.8-$5.2 million, compared to previous estimate of $6.7 million- $7.7 million.
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