RHI Entertainment, Inc. (NASDAQ: RHIE), a leading developer,
producer, and distributor of made-for-television (MFT) movies,
miniseries, and other television programming, today reported its
financial results for the third quarter and nine months ended
September 30, 2009.
“The third quarter was a difficult one for our business as our
financial results were once again impacted by a challenging
advertising environment,” said Robert Halmi, Jr., President and
Chief Executive Officer of RHI Entertainment, Inc. “Last quarter we
noted that we were seeing incremental improvement of market
conditions and this continues to be the case. However, despite the
signs of stabilization, we continue to experience weakness in
market prices and sales volume. While customers remain cautious and
are opting to defer some of their programming decisions, we do
expect to deliver approximately 27 original films for the full
year, the majority of which will be delivered in November and
December.”
Mr. Halmi continued, “Against this backdrop of soft market
conditions, we are focused on tight management of our operations
and cost structure. We are continuing to look at ways to improve
the profitability of our production business, monetize our film
library and reduce our SG&A. We remain committed to generating
free cash flow which we intend to use to de-lever our business,
albeit at a significantly slower rate than we had originally
forecast. Looking ahead, we remain confident in RHI’s business
model and believe our efforts to improve performance will pay
dividends for our business in the quarters ahead.”
Three Months Ended September 30, 2009
Total revenue for the three months ended September 30, 2009 was
$9.5 million, a reduction of 82 percent from $53.5 million in the
third quarter of 2008. Library revenue decreased 78 percent to $6.9
million in the three months ended September 30, 2009, versus $31.7
million in the third quarter of 2008. The decline in library
revenue reflects the continued slow-down in sales activity
experienced in the fourth quarter of 2008 and much of 2009. While
demand for library product has begun to improve, there is continued
pressure on pricing and volume, which was confirmed during the
Company’s participation at the MIPCOM industry conference in
October. In addition, due to market conditions, the Company has
experienced unanticipated delays in completing some transactions
for library product. As a result, when compared to the prior year,
a higher percentage of the Company’s 2009 library sales activity is
expected to fall into the fourth quarter of 2009.
During the third quarter of 2008, one library sale to a
customer, to whom the Company continues to license product,
accounted for $20.4 million of library revenue. There were no
comparable licensing deals of this magnitude during the third
quarter of 2009. Also contributing to the decrease in library
revenue was a $3.1 million decrease in revenue from the
distribution of programming on ION during the three months ended
September 30, 2009 compared to the prior year period as a result of
the termination of the arrangement with ION as of June 30,
2009.
Production revenue decreased to $2.6 million during the third
quarter of 2009, compared to $21.8 million in the prior year
period. The decline in production revenue is primarily attributable
to the delivery of fewer films in the three months ended September
30, 2009 as compared to the same period last year. During the third
quarter of 2009, RHI delivered one original MFT movie, compared to
five original MFT movies and two original mini-series during the
three months ended September 30, 2008. The delay and reduction in
the number of films delivered is due primarily to the continued
softness in the broader economy and on-going weakness in the global
advertising market. As a result, for the full year 2009, RHI now
expects to deliver approximately 27 films, the majority of which
will be delivered in November and December. The Company delivered
35 films in 2008.
Cost of sales for the three months ended September 30, 2009 was
$17.7 million, compared to $38.2 million during the comparable
period of 2008. Cost of sales is generally comprised of film cost
amortization, film production cost impairment charges, certain
distribution expenses and, through June 30, 2009, the amortization
of minimum guarantee payments to ION. While film cost amortization
as a percentage of revenue was slightly higher in 2009 versus 2008,
the decrease in gross profit percentage during the third quarter of
2009 was primarily the result of the reduction in revenue in the
third quarter and the fact that distribution expenses do not
directly correlate to the recognized revenue. Also contributing to
the decrease was the reduction in ultimate revenues and resulting
film production cost impairment charges.
As a result of its quarterly ultimate revenue analysis and in
light of continued weakness in market prices and sales volume, the
Company reduced the ultimate revenues for certain films in its
library. This reduction in ultimate revenues resulted in an
increase to film cost amortization for the three months ended
September 30, 2009 of $0.4 million associated with year-to-date
revenue recognized. This reduction in ultimate revenues also
resulted in a decrease in the fair value of certain films to an
amount below their net book value. As a result, $7.0 million of
film production cost impairment charges were recorded during the
three months ended September 30, 2009 to reduce the net book value
of 30 films to an amount approximating their fair value.
Selling, general and administrative (“SG&A”) expenses
decreased $1.2 million to $8.6 million in the three months ended
September 30, 2009, from $9.8 million in the same period in 2008.
The reduction is primarily attributable to a decline in expenses
associated with the marketing and promotion of the Company’s
programming on ION. During the three months ended September 30,
2008, the Company incurred approximately $0.8 million of costs
associated with the marketing and promotion of programming on ION,
compared to credits of $0.6 million during the three months ended
September 30, 2009 due to the reversal of certain accrued
liabilities associated with the termination of the ION arrangement.
Also contributing to the decrease in SG&A were reductions to
corporate overhead begun in the fourth quarter of 2008.
Other income for the third quarter of 2009 totaled $0.9 million,
compared to an expense of $1.0 million in the same period of 2008.
Other income for the three months ended September 30, 2009 includes
a gain of $0.5 million for the change in fair market value of the
Company’s interest rate swaps and $0.4 million of realized foreign
currency gains resulting from the settlement of customer accounts
denominated in foreign currencies. Other expense for the third
quarter of 2008 was primarily related to foreign exchange
losses.
Interest expense, net increased $2.6 million to $12.4 million
for the third quarter from $9.9 million during the comparable
period in 2008. The increase in interest expense is primarily due
to amortization of the fair market value of the interest rate swaps
de-designated as hedges. In April 2009, the Company amended its
existing interest rate swap agreements and de-designated them as
cash flow hedges requiring that the fair market value of the swaps
immediately preceding the amendments be amortized as interest
expense for the period of April 21, 2009 through April 27, 2010,
which is the maturity date of the original swaps.
The Company reported an Adjusted EBITDA loss of $24.2 million
for the three months ended September 30, 2009, compared to a gain
of $8.9 million in the third quarter of 2008.
Loss before non-controlling interest in loss of consolidated
entity for the third quarter of 2009 totaled $29.0 million,
compared to a loss of $6.1 million in the same period of 2008. Loss
per share for the three months ended September 30, 2009 was $1.24
as compared to $0.26 for the same period of 2008.
Nine Months Ended September 30, 2009
Total revenue for the nine months ended September 30, 2009 was
$45.2 million, a reduction of 65 percent from $129.2 million in the
first nine months of 2008. Library revenue decreased 69 percent to
$30.8 million in the nine months ended September 30, 2009, versus
$99.8 million in the prior year period. The decline in library
revenue reflects the continued impact of the slow-down in sales
activity experienced in the fourth quarter of 2008 and much of
2009. Further, during the first nine months of 2008, sales to a
customer, to whom the Company continues to license product,
accounted for $54.0 million of library revenue. There were no
comparable license deals of this size during the first nine months
of 2009.
Also contributing to the decrease in library revenue was a $6.2
million decrease in revenue from the distribution of programming on
ION during the nine months ended September 30, 2009 compared to the
prior year period as a result of the termination of RHI’s agreement
with ION as of June 30, 2009 and a weaker advertising sales
market.
Production revenue decreased 51 percent to $14.4 million during
the nine months ended September 30, 2009, compared to $29.4 million
in the prior year period. RHI delivered five original MFT movies
and two original mini-series in the nine-months ended September 30,
2009, compared with 14 original MFT movies and two original
mini-series in the prior year period. The decline in production
revenue is primarily attributable to lower license fees recognized
on the two- original mini-series delivered in the first nine months
of 2009 compared to the two original mini-series delivered in the
same period last year. Partially offsetting this decline was the
fact that several of the films delivered in the first half of 2008
premiered on video-on-demand prior to the initial broadcast term,
resulting in a delay in recognizing initial license fee revenue.
The delay in delivery of films and the reduction in the total
number of films delivered in the first nine months of 2009 is a
reflection of the persistent weakness in the broader market and
on-going softness in the global advertising markets.
Cost of sales for the nine months ended September 30, 2009 was
$49.6 million, compared to $88.9 million during the comparable
period of 2008. Cost of sales is comprised of film cost
amortization, film production cost impairment charges, certain
distribution expenses and, through June 30, 2009, the amortization
of minimum guarantee payments to ION. While film cost amortization
as a percentage of revenue was slightly higher in 2009 versus 2008,
the decrease in gross profit during the third quarter of 2009 was
primarily the result of the reduction in overall revenue and the
fact that distribution expenses and the ION minimum guarantee
expense do not directly correlate to the recognized revenue. Also
contributing to the decrease was the aforementioned $7.0 million of
film production cost impairment charges recorded during the third
quarter of 2009.
Selling, general and administrative expenses decreased $9.9
million to $26.5 million in the nine months ended September 30,
2009, from $36.3 million in the same period in 2008. The decrease
is primarily due to the collection of approximately $2.8 million of
accounts receivable from one customer which had been reserved for
in the nine months ended September 30, 2008. In addition, a portion
of the difference relates to marketing and promotion expenses for
programming on ION and severance costs incurred in the prior year
period.
Other expense for the first nine months of 2009 totaled $0.7
million, compared to expense of $0.2 million in the same period of
2008. The 2009 expense includes the $0.8 million decrease in fair
value of the Company’s interest rate swaps offset by realized
foreign currency gains. Other expense for the nine months ended
September 30, 2008 primarily represented foreign exchange
losses.
The Company reported an Adjusted EBITDA loss of $79.0 million
for the nine months ended September 30, 2009, compared with a loss
of $2.9 million in the first nine months of 2008.
Loss before non-controlling interest in loss of consolidated
entity for the nine months ended September 30, 2009 totaled $66.0
million, compared to $34.8 million in the same period of 2008. Loss
per share for the nine months ended September 30, 2009 was $2.82.
The net loss for the nine months ended September 30, 2009 is not
directly comparable to the net loss for nine months ended June 30,
2008, as the Company’s results for the period from January 1, 2008
to June 22, 2008 (the period prior to the Company’s initial public
offering) does not include any adjustment for non-controlling
interest in loss of consolidated entity.
Liquidity and Capital Resources
As previously noted and described in more detail in the Form
10-Q filed with the SEC today, based upon market conditions,
reductions to ultimate revenue resulted in increased amortization
on and impairment charges related to certain films during the third
quarter. The Company will continue to assess market conditions,
benefiting from additional data points, including current market
conditions, library sales activity during the fourth quarter, to
determine if additional reductions in the ultimate revenue are
required. Additional losses stemming from incremental film
impairments and/or the Company’s inability to meet its fourth
quarter income projections could cause the Company to be in default
of its Net Worth Covenant. Also, as described in more detail in the
Form 10-Q, the annual independent valuation of the non-contracted
portion of the Company’s film library is expected to be completed
during the fourth quarter of 2009 in accordance with the Company’s
First Lien Credit Facility. A reduction in the valuation of the
non-contracted portion of the film library and/or the failure to
resolve certain other borrowing base issues discussed in the Form
10-Q would result in a reduced borrowing base, which could restrict
access to, and could require repayment of a portion of borrowings
under and could cause a default under, the Company’s First Lien
Credit Facility. The Company has engaged its lenders in pre-emptive
discussions to address these potential issues. Although no
assurances can be provided that an accommodation can be obtained on
satisfactory terms or at all, any such accommodation, if reached,
would likely result in alterations to the terms of the Company’s
First Lien Credit Facility, including additional fees and a higher
interest rate. Please refer to the Company’s Form 10-Q for a more
complete discussion.
As of September 30, 2009, the Company’s credit facilities
currently include: (i) two first lien facilities, a
$175.0 million term loan and a $350.0 million revolving
credit facility; and (ii) a $75.0 million senior second
lien term loan. As of September 30, 2009, all of the Company’s debt
was variable rate and totaled $589.6 million outstanding. To
manage the related interest rate risk, the Company has entered into
interest rate swap agreements. As of September 30, 2009, the
Company had floating to fixed interest rate swaps outstanding in
the notional amount of $435.0 million, effectively converting
that amount of debt from variable rate to fixed rate. The interest
rate swaps were amended in April 2009 which will result in
cash interest savings through April 2010.
As of September 30, 2009, the Company had $3.2 million of
cash compared to $22.4 million of cash at December 31,
2008. As of September 30, 2009, the Company had $7.0 million
available under its revolving credit facility, net of an
outstanding letter of credit, subject to the terms and conditions
of that facility. The decrease in cash and availability reflects
the Company’s production spending during the nine months ended
September 30, 2009.
As noted above and described in more detail in the Form 10-Q,
the Company has had and is continuing to have discussions with its
lenders about its First Lien Credit Facility. Although there can be
no assurance as to the outcome of these discussions, pending
favorable resolution of these matters, management believes that the
cash on hand, available borrowings under the Company credit
facility and projected cash flows from operations will be
sufficient to satisfy the Company’s financial obligations through
at least the next twelve months.
Conference Call & Webcast
RHI Entertainment, Inc. management will hold a conference call
to discuss the company’s results and outlook at 10:00 a.m. EST on
Tuesday, November 10, 2009.
To access the call, interested parties in the United States and
Canada may dial (888) 802-8577. Those participants outside of the
U.S. and Canada may dial (973) 935-8754. The conference call I.D.
number is 36158752.
A replay of the earnings call will be available beginning two
hours after the completion of the call on Tuesday, November 10,
2009 through November 24, 2009. To hear the replay, callers in the
U.S. and Canada may dial (800) 642-1687 and international callers
may dial (706) 645-9291. The conference call I.D. number is
36158752.
This call will also be available as a live webcast which can be
accessed at RHI Entertainment's Investor Relations Website at
http://ir.rhitv.com.
About RHI Entertainment
RHI Entertainment, Inc. (NASDAQ: RHIE) develops, produces and
distributes made-for-television movies, miniseries and other
television programming worldwide, and is the leading provider of
new long-form television content in the United States. Under the
leadership of Robert Halmi, Sr. and Robert Halmi, Jr., RHI has
produced and distributed thousands of hours of quality television
programming, and RHI’s productions have received more than 100 Emmy
Awards. In addition to the development, production and distribution
of new content, RHI owns rights to over 1,000 titles comprising
more than 3,500 broadcast hours of long-form television
programming, which are licensed to broadcast and cable networks and
new media outlets globally.
Certain statements in this press release are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. The words "believe," "estimate," "expect,"
"intend," "anticipate," "goals," variations of such words, and
similar expressions identify forward-looking statements, but their
absence does not mean that the statement is not forward-looking.
The forward-looking statements in this release include statements
regarding RHI Entertainment, Inc.’s anticipated growth, future
operating results and ability to secure additional capital and
liquidity. Forward-looking statements are not guarantees of future
performance and actual results may vary materially from the results
expressed or implied in such statements. Differences may result
from actions taken by RHI Entertainment, Inc., as well as from
risks and uncertainties beyond RHI Entertainment, Inc.'s control.
Such risks and uncertainties include, but are not limited to, the
termination, non-renewal or renegotiation on materially adverse
terms of our contracts with our significant customers and
distributors, receipt of payment for license fees from our
customers and distributors, the ability to attract new customers,
penetrate new markets and distribution channels and react to
changing consumer demands, the ability to achieve the strategic and
financial objectives for our entry into or expansion of new
distribution platforms, the ability to adequately protect our
intellectual property, and general economic conditions. The
foregoing list of risks and uncertainties is illustrative, but by
no means exhaustive. For more information on factors that may
affect future performance, please review "Risk Factors" described
in RHI’s Annual Report on Form 10-K for the year ended December 31,
2008, which was filed with the Securities and Exchange Commission
(“SEC”) on March 5, 2009 and the Company’s other public filings
with the Securities and Exchange Commission. These forward-looking
statements reflect RHI Entertainment, Inc.'s expectations as of the
date of this release. RHI Entertainment, Inc. undertakes no
obligation to update the information provided herein.
RHI ENTERTAINMENT, INC.
Financial Highlights
(In millions)
Three Months endedSeptember 30,
2009
Three Months endedSeptember 30,
2008
% Change
Production
Revenue $ 2.6 $ 21.8 (88 )%
Library Revenue 6.9 31.7
(78 )% Total Revenue 9.5
53.5 (82 )% Gross (Loss) Profit % (86
)% 29 % (115 )% Net Loss (16.7 )
(3.5 ) N/A Adjusted EBITDA $
(24.2 ) $ 8.9 N/A
Nine Months endedSeptember 30,
2009
Nine Months endedSeptember 30,
2008
% Change
Production
Revenue $ 14.4 $ 29.4 (51 )%
Library Revenue 30.8 99.8
(69 )% Total Revenue 45.2
129.2 (65 )% Gross (Loss) Profit % (10
)% 31 % (41 )% Net Loss (38.1 )
(29.5 ) (29 )% Adjusted EBITDA $ (79.0
) $ (2.9 ) N/A
RHI ENTERTAINMENT, INC.
Unaudited Condensed
Consolidated Statements of Operations
(In thousands, except per share
data)
(in thousands)
Three Months
EndedSeptember 30,
2009
Three
MonthsEndedSeptember 30, 2008
Revenue Production revenue $ 2,576 $ 21,833 Library
revenue
6,932 31,693
Total revenue 9,508 53,526 Cost of sales (including film
production cost impairment charges of $6,957 for three months ended
September 30, 2009)
17,680
38,247 Gross (loss) profit (8,172 ) 15,279
Other costs and expenses: Selling, general and administrative 8,565
9,814 Amortization of intangible assets
270
314 (Loss) income from operations
(17,007 ) 5,151 Other (expense) income: Interest expense, net
(12,446 ) (9,855 ) Interest income 1 17 Other income (expense), net
934 (1,001
) Loss before income taxes and non-controlling
interest in loss of consolidated entity (28,518 ) (5,688 ) Income
tax provision
(503 )
(389
) Loss before non-controlling interest in loss of
consolidated entity (29,021 ) (6,077 ) Non-controlling interest in
loss of consolidated entity
12,275
2,570 Net loss
$
(16,746 )
$ (3,507 )
Basic and diluted loss per share.
$ (1.24
)
$ (0.26 )
RHI ENTERTAINMENT, INC.
Unaudited Condensed
Consolidated Statements of Operations
(In thousands, except per share
data)
(in thousands)
Period from June 23,
2008 toSeptember 30, 2008
Period from January 1,
2008to June 22,
2008
Nine Months EndedSeptember 30,
2008 Nine Months EndedSeptember
30, 2009 (a)
Successor
(b)
Predecessor
(a) + (b)
Combined (1)
Successor Revenue Production revenue $ 22,765 $ 6,602
$ 29,367 $ 14,408 Library revenue
33,182
66,643 99,825
30,786 Total revenue 55,947 73,245
129,192 45,194 Cost of sales (including film production cost
impairment charges of $6,957 for nine months ended September 30,
2009)
39,550 49,396
88,946 49,605
Gross profit (loss) 16,397 23,849 40,246 (4,411 ) Other
costs and expenses: Selling, general and administrative 10,546
25,802 36,348 26,453 Amortization of intangible assets 350 671
1,021 869 Fees paid to related parties: Management fees - 287 287 -
Termination fee
6,000
- 6,000
- Loss from operations (499 ) (2,911 ) (3,410 )
(31,733 ) Other (expense) income: Interest expense, net (10,674 )
(21,559 ) (32,233 ) (32,513 ) Interest income 20 34 54 5 Other
expense, net
(934 )
706 (228 )
(713 ) Loss before income taxes
and non-controlling interest in loss of consolidated entity (12,087
) (23,730 ) (35,817 ) (64,954 ) Income tax (provision) benefit
(472 )
1,518
1,046 (1,021 ) Loss before
non-controlling interest in loss of consolidated entity (12,559 )
(22,212 ) (34,771 ) (65,975 ) Non-controlling interest in loss of
consolidated entity
5,312
- 5,312
27,907 Net loss
$
(7,247 )
$ (22,212 )
$ (29,459 )
$
(38,068 ) Basic and diluted loss per share
$ (0.54 ) N/A N/A
$ (2.82 )
(1) Represents the combined results for the Predecessor and
Successor period presented. The combined results are non-GAAP
financial measures and should not be used in isolation or
substitution of Predecessor and Successor results. We believe the
combined results help to provide a presentation of our results for
comparability purposes.
RHI ENTERTAINMENT, INC.
Unaudited Adjusted
EBITDA
(In thousands)
Three Months EndedSeptember
30, 2009 Three Months
EndedSeptember 30, 2008 Nine
Months EndedSeptember 30, 2009
Nine Months EndedSeptember 30, 2008
Successor Successor
Successor Combined (1) Net loss $ (16,746 ) $
(3,507 ) $ (38,068 ) $ (29,459 ) Non-controlling interest in loss
of consolidated entity (12,275 ) (2,570 ) (27,907 ) (5,312 )
Interest expense, net 12,446 9,855 32,513 32,233 Realized (gain)
loss on interest rate swaps (419 ) — 848 — Depreciation of fixed
assets 58 52 164 149 Income tax provision (benefit) 503 389 1,021
(1,046 ) Amortization of film production costs 9,912 33,274 31,920
77,887 Film production cost impairment charges 6,957 — 6,957 —
Amortization of intangible assets 270 314 869 1,021 Capitalized
film production costs (25,941 ) (29,352 ) (87,523 ) (91,854 )
Share-based compensation 510 486 1,.431 1,454 Severance-related
expenses 1,147 (15 ) 1,814 2,832 Bad debt expense (reversal) (658 )
— (2,992 ) 3,167 Financing-related expenses —
— — 6,000 Adjusted EBITDA (2)
$ (24,236 ) $ 8,926 $ (78,953 )
$ (2,928 )
(1) Represents the combined results for the Predecessor and
Successor period presented. The combined results are non-GAAP
financial measures and should not be used in isolation or
substitution of Predecessor and Successor results. We believe the
combined results help to provide a presentation of our results for
comparability purposes.
(2) Adjusted EBITDA represents net loss before non-controlling
interest in loss of consolidated entity, interest expense, net,
income tax (benefit) expense, depreciation of fixed assets,
amortization of film production costs, amortization of intangible
assets, share-based compensation, bad debt expense,
severance-related expenses, realized gain (loss) on interest rate
swaps, film production cost impairment charges and
financing-related expenses reduced by our capitalized film
production costs net of changes in accrued film production costs
during the applicable period. We deduct our capitalized film
production costs net of changes in accrued film production costs
because we consider our film production spending to be a material
aspect of our ongoing operating performance. We add back any bad
debt expense (reversal), severance-related expense, impairment
charges, realized gain (loss) on interest rate swaps and
financing-related expenses because we do not consider it to be a
material aspect of our ongoing operating performance.
We present Adjusted EBITDA because we consider it an important
supplemental measure of our performance and believe a comparable
measure is frequently used by securities analysts, investors and
other interested parties in the evaluation of companies in our
industry, many of which present Adjusted EBITDA or a comparable
measure when reporting their results. We also use Adjusted EBITDA
for the following purposes: our management uses Adjusted EBITDA to
assess our operating performance; our compensation committee judges
the performance of our executives and calculates their
compensation, at least in part, based on our Adjusted EBITDA
performance; and Adjusted EBITDA is also widely used by us and
others in our industry to evaluate and price potential acquisition
candidates.
Adjusted EBITDA is a measure of our performance that is not
required by, or presented in accordance with, GAAP. Adjusted EBITDA
has limitations as an analytical tool, is not a measurement of our
financial performance under GAAP and should not be considered as an
alternative to net income, operating income or any other
performance measures derived in accordance with GAAP or as an
alternative to cash flow from operating activities as a measure of
our liquidity.
You are encouraged to evaluate such adjustments and the reasons
we consider them appropriate for supplemental analysis. As an
analytical tool, Adjusted EBITDA is subject to, among others, the
following limitations:
• Adjusted EBITDA does not reflect our
cash expenditures, or future requirements, for capital expenditures
or contractual commitments;
• Adjusted EBITDA does not reflect changes
in, or cash requirements for, our working capital needs;
• Adjusted EBITDA does not reflect the
significant interest expense, or the cash requirements necessary to
service interest or principal payments, on our debts;
• although depreciation and certain
amortization expenses are non-cash charges, the assets being
depreciated and amortized will often have to be replaced in the
future; and
• other companies in our industry may
calculate Adjusted EBITDA differently than we do, limiting their
usefulness as comparative measures.
Because of these limitations, Adjusted EBITDA should not be
considered as a measure of discretionary cash available to us to
invest in the growth of our business. We compensate for these
limitations by relying primarily on our GAAP results and using
Adjusted EBITDA only supplementally. See the statements of cash
flows included in our consolidated financial statements.
RHI ENTERTAINMENT, INC.
Unaudited Condensed
Consolidated Balance Sheets
(In thousands, except per share
data)
September 30,
2009
December 31,
2008
(Successor) (Successor)
ASSETS
Cash
$
3,248
$
22,373
Accounts receivable, net of allowance for doubtful accounts and
discount to present value of
$6,190 and $11,933, respectively
107,822
180,125
Film production costs, net 789,404 780,122 Property and equipment,
net 418 370 Prepaid and other assets, net 21,688 28,928 Intangible
assets, net
1,395
2,264 Total assets
$
923,975 $ 1,014,182
LIABILITIES AND STOCKHOLDERS’
EQUITY
Accounts payable and accrued liabilities $ 41,967 $ 51,477 Accrued
film production costs 152,064 195,328 Debt 589,589 576,789 Deferred
revenue
17,168
13,530 Total liabilities
800,788 837,124
Stockholders’ equity
Common stock, par value $0.01 per
share;125,000 shares authorized and 13,505 shares issued and
outstanding
135
135
Additional paid-in capital 150,435 149,609 Accumulated deficit
(74,262 ) (36,195 ) Accumulated other comprehensive loss
(5,228 ) (11,387
) Total RHI Entertainment, Inc. stockholders’ equity
71,080 102,162 Non-controlling interest in consolidated entity
52,107 74,896
Total stockholders’ equity
123,187
177,058 Total liabilities and
stockholders’ equity
$ 923,975
$ 1,014,182
RHI ENTERTAINMENT, INC.
Unaudited Selected Cash Flow
Information
(In thousands)
(a)
Successor
(b)
Predecessor
(a) + (b)
Combined
Successor
Period from June 23,
2008 to September 30, 2008
Period from January 1,
2008 to June 22,
2008
Nine
MonthsEndedSeptember 30, 2008
Nine
MonthsEndedSeptember 30, 2009
Net cash used in operating activities $
(30,574 ) $ (32,331 ) $ (62,905 ) $ (31,713 ) Net cash used in
investing activities (77 ) (81 ) (158 ) (212 ) Net cash provided by
financing activities 3,837 64,520 68,357 12,800 Cash (end of
period) 6,701 33,515 6,701 3,248
Rhi Entertainment (MM) (NASDAQ:RHIE)
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From Jun 2024 to Jul 2024
Rhi Entertainment (MM) (NASDAQ:RHIE)
Historical Stock Chart
From Jul 2023 to Jul 2024
