ACCESSWIRE
20 Jan 2023, 07:19 GMT+10
LOS ANGELES, CA and NEWARK, NJ / ACCESSWIRE / January 19, 2023 / IDW Media Holdings, Inc., ('IDW') (NYSE American:IDW), an integrated media company, today reported results for the three and twelve-months ended October 31, 2022.
Fourth Quarter Fiscal 2022 (4Q22) Developments
Full Fiscal Year 2022 Developments
Howard Jonas, Chairman of IDW Media Holdings, commented, 'As we move through fiscal 2023, IDW remains focused on leveraging the combined strengths of its Publishing and Entertainment groups to produce inventive content for a variety of media platforms. The Board is pleased with the direction that Allan has brought to the Company since being appointed CEO in the fall, and we remain focused on driving long-term, sustained shareholder value.'
Allan Grafman, Chief Executive Officer of IDW Media Holdings, commented, 'We're pleased to have closed out fiscal 2022 with strong fourth quarter performance, as reflected in increased revenue, enhanced operating results and improved profitability year over year. As expected, our delivery of season three of Locke & Key drove significant revenue growth in the quarter. IDW continued to make solid progress throughout fiscal 2022 and we entered fiscal 2023 with a heightened focus on leveraging our creative partnerships to maximize our library of original titles for the continued development of print as well as entertainment projects.
'As we've previously discussed, our entertainment development pipeline is very strong and we're excited about the strength of our slate of opportunities to bring new content to market. We currently have seven development agreements in place and many more that are in the works, and to provide some context, last year at this time we had no meaningful development deals in place, reflecting our team's tremendous progress. That said, the development of premier entertainment content from idea to green light to delivery takes time. While we cannot predict the timing, we're optimistic about our potential entertainment projects and the partners we're working with, and we're confident that IDW has some of the most compelling characters and stories available. We look forward to bringing innovative new series, feature films and podcasts to market.'
Consolidated P&L Highlights*
Segment P&L Highlights*
Financial Take-Aways
(4Q22 compared to 4Q21; Full year fiscal 2022 results are compared to full year fiscal 2021)
Earnings Conference Call
IDW's management will host an earnings conference call beginning at 5:00 PM Eastern time today to present results, outlook, and strategy followed by Q&A with investors. To listen to the call and participate in the Q&A, dial (877) 704-4453 (domestic) or (201) 389-0920 (international) and request the ‘IDW Media call' or use this link for instant telephone access to the call via your web browser.
A replay of the conference call can be accessed approximately three hours after the call concludes through Wednesday, January 26, 2023, by dialing (844) 512-2921 (domestic) or (412) 317-6671 (international) and providing the replay pin: 13735183. A recording of the conference call will also be available via streaming audio through the IDW investor relations website.
About IDW Media Holdings:
IDW (NYSE American:IDW) is an integrated media company providing compelling stories and characters for global audiences. Our IDW Publishing and IDW Entertainment businesses acquire IP for holistic franchise development across comics and graphic novels, television and other entertainment platforms and leverage established stories from our creative partners.
Forward-Looking Statements:
In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which we use the words 'believe,' 'anticipate,' 'expect,' 'plan,' 'intend,' 'estimate, 'target' and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors, including, but not limited to, those described in our Annual Report on Form 10-K for the fiscal year ended October 30, 2021 (under the headings 'Risk Factors' and 'Management's Discussion and Analysis of Financial Condition and Results of Operations'), and subsequent quarterly reports on Form 10-Q. We are under no obligation, and expressly disclaim any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise.
Contact:
John Nesbett/Jennifer Belodeau
IMS Investor Relations
idw@imsinvestorrelations.com
IDW MEDIA HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
IDW MEDIA HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
IDW MEDIA HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
SOURCE: IDW Media Holdings Inc.
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