By Business Wirevia The Motley Fool
Filed under: Investing
RLJ Entertainment Reports Financial Results for the Fourth Quarter and Twelve Months Ended December 31, 2012
BETHESDA, Md.–(BUSINESS WIRE)– RLJ Entertainment Inc., (NAS: RLJE) , today reported results for the fourth quarter1 and pro forma financial information for the twelve months ended December 31, 2012. RLJ Entertainment is a leading creator, owner and distributor of media content across digital, broadcast and physical platforms, which leverages its branding expertise, access to content and direct to consumer skills to optimize the value of its programs for distinct audiences. RLJ Entertainment was formed in October 2012 through the business combination of RLJ Acquisition, Inc., Image Entertainment, Inc. and Acorn Media Group, Inc.
RLJ Entertainment is focused on driving growth through the development of interest-based lifestyle entertainment services for targeted audiences in niche genres including British drama and mystery, stand-up comedy, fitness, faith and urban by using new technologies to deliver that content to consumers.
Robert L. Johnson, Chairman of RLJ Entertainment stated, “During the year, we made substantial progress integrating two very compelling entertainment businesses and establishing a solid platform and distribution strategy to offer exciting new entertainment content to loyal and passionate audiences. We remain focused on optimizing the exploitation of content across all platforms with specific focus on subscription models tailored to distinct consumer interests.”
Miguel Penella, Chief Executive Officer of RLJ Entertainment, commented, “While our results in 2012 did not meet our expectations, they are not representative of what we believe is the future potential of the company. We are pleased with the progress we have made to capitalize on the financial and operational synergies associated with combining Acorn and Image. To date, we have realized $6.2 million in pro forma costs synergies and expect to achieve additional synergies in 2013.
“We have also worked diligently to maximize the value of our content across a variety of distribution platforms. We believe we have a very strong pipeline of releases scheduled for 2013, and our direct to consumer digital channel, Acorn TV saw a significant increase in subscribers over the course of the year. Acorn TV is a terrific blueprint for how we will develop and monetize additional niche channels, which we believe will be a strong growth engine for our business going forward.”
Fourth Quarter and Fiscal 2012 Results
Source: FULL ARTICLE at DailyFinance
