Home Financial Markets Cinedigm Corp. (CIDM) stock plunged during after-hour trading. Here’s what’s happening?

Cinedigm Corp. (CIDM) stock plunged during after-hour trading. Here’s what’s happening?

Cinedigm Corp. (NASDAQ: CIDM) stock gained by 37.96% at the last close whereas the CIDM stock price declines by 3.36% in the after-hours trading session. Cinedigm has been at the forefront of the entertainment industry’s digital revolution for more than two decades. Now, Cinedigm provides premium services, streaming channels, and technological services to the world’s top media, technology, and retail organizations, entertaining hundreds of millions of people around the world.

>> 7 Top Picks for the Post-Pandemic Economy << 

Important Update

Cinedigm stated that they have paid off the remaining $3.5 million of its Prospect Digital Cinema loan, which was due on July 9, 2021. The debt was reduced and the balance sheet was improved thanks to revenue from the sale of some digital cinema equipment.


3 Tiny Stocks Primed to Explode The world's greatest investor — Warren Buffett — has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential.

We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns.

Click here for full details and to join for free

Sponsored


Gary Loffredo, President, Chief Operating Officer & General Counsel of Cinedigm stated,

They are now fully debt-free after paying off their non-recourse loan from Prospect. From over $49 million at the conclusion of the previous fiscal year, they have decreased their debt balance to zero. The debt-free financial sheet enables them to fund their fast expanding streaming business as well as the accretive acquisition roll-up plan.

Read More

Also,

Cinedigm Corp. has released its preliminary, unaudited, results for the period ended March 31, 2021. Given below are the highlights:

Financial Updates

  • Revenues from streaming channels have increased by 197 percent year over year.
  • Revenues from ad-supported streaming channels are rising 331 percent year over year.
  • Revenues from subscription streaming channels have increased by 117 percent year over year.
  • For the fourth quarter in a row, streaming digital content licensing and sales, led by partners like Amazon, Apple, and Tubi, resulted in record digital sales billings.
  • AMC Entertainment and CIDM agreed to a two-year sales plan for legacy digital cinema equipment, with gross revenues to CIDM of $10.8 million.
  • Total debt was reduced by $37.3 million to $11.9 million, down from $49.1 million the year before.

Business Updates

  • In the quarter, net streaming minutes reached 1.16 billion, a new high for CIDM, increasing 285 percent from the previous quarter.
  • Total monthly ad-supported streaming channel viewers increased by 248 percent from the previous quarter to 23.6 million.
  • Demand agreements for streaming advertising increased by 178 percent to 64, up from 23 in the previous quarter. Comcast’s Freewheel and TripleLift are two of the most important new partners.

Get The Best Stocks To Trade Every Day!

Join now to get the NewsHeater.com pre-market morning brief 100% free

Must Read

Palatin Technologies Inc. (PTN) stock rises during pre-market trading. What has been happening lately?

Palatin Technologies Inc. (NASDAQ: PTN) stock declined by 1.16% the last close whereas the PTN stock price gains by 3.91% in the pre-market trading...

Smith Micro Develops Inc. (SMSI) stock soars during current market trading. Here’s to know why?

Smith Micro Develops Inc. (NASDAQ: SMSI) stock surged by 2.39% during the current market trading session. Smith Micro creates software that simplifies and improves...

Drive Shack Inc. (DS) stock soars during after-hour trading, followed by no recent update

Drive Shack Inc. (NASDAQ: DS) stock declined by 3.94% at last close while the DS stock-price surged by 7.38% in the after-hour session. Drive...

SPX Flow Inc. (FLOW) stock surged during current market. Here’s why the stock is sky-rocketing?

SPX Flow Inc. (NASDAQ: FLOW) stock gained by 24.24% in the current market trading session. SPX FLOW, based in Charlotte, works to make the...

Platinum Group Metal Ltd. (PLG) stock surges during after-market trading. Here’s to know what’s happening?

Platinum Group Metal Ltd. (NASDAQ: PLG) stock declined by 8.54% at last close whereas the PLG stock price gains by 7% in the after-market...

TD Holdings Inc. (GLG) stock gains during current market trading. Here’s the recent update

TD Holdings Inc. (NASDAQ: GLG) stock gains by 5.01% in the current market trading session. TD Holdings, Inc. is a service provider in China...

Palatin Technologies Inc. (PTN) stock rises during pre-market trading. What has been happening lately?

Palatin Technologies Inc. (NASDAQ: PTN) stock declined by 1.16% the last close whereas the PTN stock price gains by 3.91% in the pre-market trading...

NeuroMetrix Inc. (NURO) stock plunged during pre-market. Let’s find out why?

NeuroMetrix Inc. (NASDAQ: NURO) stock gained by 18.89% at last close while the NURO stock price losses by -4.12% in the pre-market trading session....

Related News

Nova Lifestyle Inc. (NVFY) stock fell during current market trading. Here’s what you should know?

Nova Lifestyle Inc. (NASDAQ: NVFY) stock fell by 30.37% during the current market trading session. Nova Living, Inc. is a well-known, forward-thinking designer and...

Why did Jupiter Wellness Inc. (JUPW) stock plunge in the after-hours?

Jupiter Wellness Inc. (JUPW) shares declined 9.76% in after-hours on Monday, July 19, 2021, and closed at $3.70. Earlier in the morning session on...

Mitcham Industries Inc. (MIND) stock plunged during current market. What’s driving it low?

Mitcham Industries Inc. (NASDAQ: MIND) stock declines by 0.52% in the current market trading session. MIND Technology serves the oceanographic, hydrographic, defense, seismic, and...

Property Solutions Acquisitions Corp. (PSAC) stock soars during pre-market trading. Let’s see why?

Property Solutions Acquisitions Corp. (NASDAQ: PSAC) stock gained by 6.94% at last close while the PSAC stock price surged by 7.84% in the pre-market...

Why did RADA Electronic Industries Ltd. (RADA) stock plunge in the after-hours on Friday?

RADA Electronic Industries Ltd. (RADA) shares lost 7.56% in after-hours on Friday, July 16, 2021, and closed at $11.50 per share. Earlier in the...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Get The Best Stocks To Trade Every Day!

Join now to get the NewsHeater.com pre-market morning brief 100% free

SPECIAL GIFT

WE HAVE A GIFT FOR YOU

Download Free eBook For

7 GROWTH STOCKS FOR 2021

100% free. stop anytime no spam