Chicken Soup for the Soul Entertainment, Inc. (“CSS Entertainment”) (Nasdaq:CSSE), a fast-growing provider of positive and entertaining video content, today announced that it has filed its Quarterly Report on Form 10-Q for the period ended June 30, 2017with the Securities and Exchange Commission (“SEC”). The company also reiterated in this filing that it is targeting 2017 revenue of $20 million and adjusted EBITDA of $10 million and 2018 revenue of $36 million and adjusted EBITDA of $18 million.
“This filing does not give effect to the company’s August IPO and its positive impact on the company’s financial strength,” stated William J. Rouhana, Jr., chairman and chief executive officer. “Our third quarter 10-Q, due November 14, 2017, will reflect our strong balance sheet with no debt and substantial liquidity, including cash on hand, positive operating cash flow and an unused line of credit.”
Mr. Rouhana continued, “Our second quarter results are in line with our expectations. The vast majority of our revenue and adjusted EBITDA for 2017 will be recognized in our upcoming fourth quarter. This is consistent with our 2016 results where over 70 percent of our revenue and adjusted EBITDA was recognized in the fourth quarter. As indicated in our filing, we are reiterating our 2017 full year targets.”
In connection with its IPO and its listing on Nasdaq, the company was required to file its Form 10-Q for the second quarter of 2017 by October 2, 2017. The Form 10-Q was filed in a timely manner and is available on the company’s Investor Relations website at http://ir.cssentertainment.com under SEC Filings.