IDW Publishing Reports Break-Even Quarter").
Sales of the March trilogy (author John Lewis passed away August 4) and George Takei’s They Called Us Enemy were big contributors to the sales increase.
The increased sales produced a positive earnings outcome; the division generated roughly $500K in income from operations for the period.
Other divisions were still working through losses. IDW Entertainment lost $2 million as it worked through Wynonna Earp expenses and the write-down of a Dirk Gently-related asset. While losses are still substantial, they improving as the company works through legacy production financing deals, CEO Ezra Rosensaft explained in a statement accompanying the earnings announcement. Looking ahead, Netflix has renewed Locke & Key for a third season after only one season has aired, Rosensaft announced. The first season was dropped less than a year ago, and Netflix quickly renewed for a second season shortly thereafter (see "Netflix Renews IDW Series").
And brochure distribution company CTM generated $300,000 in losses (from discontinued operations). The planned sale of the division has not closed due to issues related to its PPP loan.
The total loss for IDW Media Holdings for its fiscal Q4 was $2.2 million, down from a $17.1 million loss in Q4 2019. For the full fiscal year ended October 31, the company lost $13.8 million, an improvement from the $26.4 million loss in the previous fiscal year.
Book Market, Digital, Royalties
Posted by Milton Griepp on January 26, 2021 @ 5:02 am CT