Shares of Cinedigm Corp CIDM are surging higher Thursday after the company issued preliminary Q4 revenue results and announced a $3.5 million debt reduction.
Cinedigm announced that it expects quarterly revenue of $8.3 million, which came in above the estimate of $7.71 million. The streaming entertainment company said that streaming channel revenues were up 197% year over year.
Total streaming minutes in the quarter were approximately 1.16 billion, which represents a 285% increase year over year.
The company also announced that it paid off the remainder of its Prospect Digital Cinema loan, which was approximately $3.5 million.
'With this final payoff of our non-recourse loan from Prospect, we are now completely debt free,' said Gary Loffredo, president and CEO of Cinedigm.
Price Action: Cinedigm has traded as high as $2.33 and as low as 45 cents over a 52-week period.
At the time of publication, the stock was up 35.2% at $1.46.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
