IDW Media Holdings, Inc. (OTCQX: IDWM), a fully integrated media company announced today its results for the fourth quarter and year ended October 31, 2016.
Year End Financial Highlights:
- IDW Entertainment FY 2016 Revenue of $16 million or 24.5% of Gross Revenues compared to $187 thousand or 0.4% last year.
- On June 21, 2016, IDWM acquired the remaining 17% non-controlling interest of IDW Inc. resulting in 100% ownership and no minority interest.
- Income from operations increased by $1.1 million or 53% to $3.2 million for the three months ended October 31, 2016 compared to $2.1 million for the three months ended October 31, 2015, primarily due to IDW Entertainment.
- The increase in 2016 net income resulted from profit from the release of the first two IDW Entertainment television shows.
Commenting on the results, Ted Adams, CEO stated, "Our FY16 performance reflects multi-faceted growth at IDW, and as we look to FY17, we're expecting that growth to continue.
"IDW Entertainment had a breakout year as it grew revenue from $0.2 million in 2015 to $16.0 million in 2016 driven by the successful first seasons of Wynonna Earp and Dirk Gently. Both shows will return to the air in 2017 for their second seasons. Joe Hill has also written the pilot script and series outline for a TV show based on our flagship title, Locke & Key, and we will be presenting it to potential networks this year.
"CTM Media group further expanded our distribution network for travel brochures in the Cape Cod and Washington D.C. regions."
Forward Looking Statements:
All statements above 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. 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. Our public disclosures provide information on certain of such statements and risks, and should be consulted along with this release. To the extent permitted under applicable law, we assume no obligation to update any forward-looking statements.
About IDW Media Holdings
IDW Media Holdings, Inc. (OTCQX: IDWM, OTC:IDWM, OTCBB:IDWM) is a fully integrated media company, which includes the award-winning IDW Publishing, IDW Games, IDW Entertainment, Top Shelf Productions, the San Diego Comic Art Gallery, and CTM Media Group Inc. CTM Media Group Inc. is one of North America's largest distributors of tourism information. Distributing over 100 million brochures last year, CTM's comprehensive visitor out of home marketing network includes over 14,000 brochure information displays and over 400 award-winning touch screen kiosks.