Cosmo DeNicola Companies News


Sunday, May 17, 2020

Chicken Soup for the Soul Entertainment Reports Q1 2020 Results

Robust Crackle Plus viewership coupled with Distribution and Production momentum drives strong Q1

COS COB, CT – Chicken Soup for the Soul Entertainment, Inc. (Nasdaq: CSSE), one of the largest operators of streaming advertising-supported video-on-demand (AVOD) networks, today announced its financial results for the first quarter ended March 31, 2020.

 First Quarter 2020 Financial Highlights

Gross revenue of $14.1 million, compared to $2.5 million in the year-ago period
Net loss of $11.4 million compared to net loss of $3.4 million in the year-ago period; $10.5 million net loss before preferred dividends, compared to $2.8 million net loss before preferred dividends in the year-ago period
Adjusted EBITDA was $2.0 million, compared to $(0.8) million in the year-ago period
Online networks, which include Crackle and Popcornflix generated $9.0 million in revenue compared to $0.7 million in the year-ago period
Distribution & Production revenue increased 184% to $5.1 million compared to $1.8 million in the year-ago period

Recent Business Highlights

Viewership and registered user strength in the first quarter drove Crackle Plus networks
Original and exclusive content rose to more than 14% of total viewing on Crackle Plus
Distribution & Production growth driven by revenue share from Crackle Plus and an increased pace of new releases

“We delivered solid year-over-year growth across our Online Networks and Distribution & Production businesses in the first quarter, continuing the momentum we began building late last year. While early second quarter trends reflect the initial impacts of the COVID-19 pandemic on advertisers, we believe our performance over the past six months demonstrates the potential of our differentiated business model,” said William J. Rouhana Jr., chairman and chief executive officer of Chicken Soup for the Soul Entertainment. “We’ve seen strong growth in viewership on our Crackle Plus networks, with accelerating interest in our original and exclusive content. Our revamped Distribution & Production strategy is driving rapid growth as well, benefitting from our strong pipeline of new content and the value of our library, and this business is expected to help buffer our performance in a weaker advertising environment. While our long-term outlook is promising, we are managing through a period of significant uncertainty. We remained focused on managing our costs and maintaining a healthy balance sheet and liquidity position. These efforts combined with continued solid execution of our strategy should put us in a position to emerge with a stronger business well-positioned for the long term.”

Gross profit for the quarter ended March 31, 2020 was $3.3 million, or 25% of net revenue, compared to $0.6 million, or 26% of net revenue for the year-ago period. The change in the percentage of gross profit resulted in part from $2.4 million of non-cash amortization of the film library in the company’s traditional distribution business. Without this non-cash film library amortization expense, the gross profit would have been $5.7 million or 43% of total net revenue.

Operating loss for the quarter ended March 31, 2020 was $10.0 million compared to an operating loss of $2.7 million for the year-ago period. Without the film library amortization expense included in cost of revenue and the amortization expense of acquired intangible assets resulting from the Crackle transaction, the operating loss for the quarter ended March 31, 2020 would have been $2.3 million compared to $1.9 million in the year ago period.

Net loss was $11.4 million, or $0.95 per share, compared to a net loss of $3.4 million, or $0.28 per share in the prior-year first quarter. Excluding preferred dividends, the net loss in the first quarter of 2020 would have been $10.5 million, or approximately $0.87 per share, compared to net loss of $2.8 million, or $0.23 per share last year.

Adjusted EBITDA for the quarter ended March 31, 2020 was $2.0 million, compared to $(0.8) million in the same period last year.

As of March 31, 2020, the company had $7.1 million of cash and cash equivalents compared to $6.4 million as of December 31, 2019, and outstanding debt of $19.4 million as of March 31, 2020 compared to $20.2 million as of December 31, 2019.

For a discussion of the financial measures presented herein which are not calculated or presented in accordance with U.S. generally accepted accounting principles (“GAAP”), see “Note Regarding Use of Non-GAAP Financial Measures” below and the schedules to this press release for additional information and reconciliations of non-GAAP financial measures.

The company presents non-GAAP measures such as Adjusted EBITDA to assist in an analysis of its business. These non-GAAP measures should not be considered an alternative to GAAP measures as an indicator of the company’s operating performance.

ABOUT CHICKEN SOUP FOR THE SOUL ENTERTAINMENT

Chicken Soup for the Soul Entertainment, Inc. (Nasdaq: CSSE) operates streaming video-on-demand networks (VOD). The company owns a majority stake in Crackle Plus, a company formed with Sony Pictures Television, which owns and operates a variety of ad-supported and subscription-based VOD networks including Crackle, Popcornflix, Popcornflix Kids, Truli, Pivotshare, Españolflix and FrightPix. The company also acquires and distributes video content through its Screen Media subsidiary and produces original long and short-form content through Landmark Studio Group, its Chicken Soup for the Soul Originals division and APlus.com. Chicken Soup for the Soul Entertainment is a subsidiary of Chicken Soup for the Soul, LLC, which publishes the famous book series and produces super-premium pet food under the Chicken Soup for the Soul brand name.

Note Regarding Use of Non-GAAP Financial Measures

The company’s consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). It uses a non-GAAP financial measure to evaluate its results of operations and as a supplemental indicator of operating performance. The non-GAAP financial measure that is used is Adjusted EBITDA. Adjusted EBITDA (as defined below) is considered a non-GAAP financial measure as defined by Regulation G promulgated by the SEC under the Securities Act of 1933, as amended. Management believes this non-GAAP financial measure enhances the understanding of the company’s historical and current financial results and enables the board of directors and management to analyze and evaluate financial and strategic planning decisions that will directly affect operating decisions and investments. The presentation of Adjusted EBITDA should not be construed as an inference that future results will be unaffected by unusual or non-recurring items or by non-cash items. This non-GAAP financial measure should be considered in addition to, rather than as a substitute for, the company’s actual operating results included in its condensed consolidated financial statements.

“Adjusted EBITDA” means earnings before interest, taxes, depreciation, amortization and non-cash share-based compensation expense, and also includes the gain on bargain purchase of subsidiary and adjustments for other identified charges such as costs incurred to form the company and to prepare for the offering of its Class A common stock to the public, prior to its IPO. Identified charges also include the cost of maintaining a board of directors prior to being a publicly traded company. As the IPO has been completed, director fees will be deducted from Adjusted EBITDA going forward. Adjusted EBITDA is not an earnings measure recognized by GAAP and does not have a standardized meaning prescribed by GAAP; accordingly, Adjusted EBITDA may not be comparable to similar measures presented by other companies. Management believes Adjusted EBITDA to be a meaningful indicator of the company’s performance that provides useful information to investors regarding its financial condition and results of operations. The most comparable GAAP measure is operating income.

A reconciliation of net loss to Adjusted EBITDA is provided in the company’s Annual Report on Form 10-K for the year ended December 31, 2019 under “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Reconciliation of Unaudited Historical Results to Adjusted EBITDA.”

FORWARD-LOOKING STATEMENTS

This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks (including those set forth in the Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 30, 2020) and uncertainties which could cause actual results to differ from the forward-looking statements. The company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Investors should realize that if our underlying assumptions for the projections contained herein prove inaccurate or that known or unknown risks or uncertainties materialize, actual results could vary materially from our expectations and projections.

 

###

MEDIA CONTACT
Kate Barrette
RooneyPartners LLC

 

 

  •  
  •  
Thursday, April 9, 2020

On Point Exceeds 12 Million Views on Crackle

 

 

On Point Exceeds 12 Million Views on Crackle

 

Chicken Soup for the Soul Entertainment Inc. (Nasdaq: CSSE), one of the largest operators of streaming advertising-supported video-on-demand (AVOD) networks, today announced that the Crackle Original basketball docuseries On Point has driven over 12 million views since its February 13th launch.

 

The 10-part docuseries offers a behind-the-scenes look at the high-stakes world of prep and Amateur Athletic Union (“AAU”) basketball, a proving ground for top NBA players for the last several decades. On Point spotlights Romeo Langford, who is now a member of the NBA’s Boston Celtics and Scottie Lewis, now at the University of Florida, among other talented young players. Notable appearances in the series include NBA stars Kevin Durant, Steph Curry, and Zion Williamson.

 

“We are delighted with the tremendous viewer response to this series,” said William J. Rouhana Jr., chairman and chief executive officer of Chicken Soup for the Soul Entertainment. “With sports seasons being cut short and cancelled altogether, On Point has been a great option for fans to learn more about the stories behind the stars they follow on the court.”

 

“The success of this series is a great indicator of the captivating stories told in On Point,” said Philippe Guelton, president of Crackle Plus. “The series is expertly crafted and continues to perform well on Crackle.”

 

Crackle is free to watch and available on all top streaming platforms, connected TVs, game consoles, Crackle mobile apps (iOS, Android) and at Crackle.com. The series was produced by Peter Berg and Film 45 as well as by Complex Networks and is distributed by Screen Media Ventures.

 

ABOUT CHICKEN SOUP FOR THE SOUL ENTERTAINMENT

Chicken Soup for the Soul Entertainment, Inc. (Nasdaq: CSSE) operates streaming video-on-demand networks (VOD). The company owns a majority stake in Crackle Plus, a company formed with Sony Pictures Television, which owns and operates a variety of ad-supported and subscription-based VOD networks including Crackle, Popcornflix, Popcornflix Kids, Truli, Pivotshare, Españolflix and FrightPix. The company also acquires and distributes video content through its Screen Media subsidiary and produces original long and short-form content through Landmark Studio Group, its Chicken Soup for the Soul Originals division and APlus.com. Chicken Soup for the Soul Entertainment is a subsidiary of Chicken Soup for the Soul, LLC, which publishes the famous book series and produces super-premium pet food under the Chicken Soup for the Soul brand name.   

 

ABOUT CRACKLE PLUS

Crackle Plus is a video-on-demand (VOD) joint venture formed by Sony Pictures Television and Chicken Soup for the Soul Entertainment, Inc. (Nasdaq: CSSE). The company’s consumer facing ad-supported VOD (AVOD) channels include Crackle (US and Canada), Popcornflix, Popcornflix Kids, Truli, Popcornflix Comedy, Frightpix, and Espanolflix. It also owns subscription video-on-demand (SVOD) platform Pivotshare. Crackle Plus reaches over 30 million monthly visitors making it one of the largest AVOD streaming platforms in the U.S. Its content library includes over 70,000 hours of programming.

 

ABOUT SCREEN MEDIA VENTURES, LLC                                                           

Screen Media Ventures, LLC, a Chicken Soup for the Soul Entertainment (Nasdaq: CSSE) company, acquires the rights to high quality, independent television series and feature films for the US and Canada. Screen Media Ventures acquires worldwide rights for distribution through theatrical, home video, pay-per-view, free, cable and pay television, video-on-demand, and new digital media platforms. The company acquires AVOD rights for third party networks and is the main supplier of content for Crackle Plus and other Chicken Soup for the Soul Entertainment properties. With a library of over 1,500 television series and motion pictures, Screen Media Ventures is one of the largest independent suppliers of high-quality TV series and motion pictures to U.S. and international broadcast markets, cable networks, home video outlets and new media venues. For more information, visit: www.screenmedia.net

 

FORWARD-LOOKING STATEMENTS

This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks (including those set forth in the Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 30, 2020) and uncertainties which could cause actual results to differ from the forward-looking statements. The company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Investors should realize that if our underlying assumptions for the projections contained herein prove inaccurate or that known or unknown risks or uncertainties materialize, actual results could vary materially from our expectations and projections.

 

###

 

 

INVESTOR RELATIONS

Taylor Krafchik

Ellipsis

csse@ellipsisir.com

(646) 776-0886

 

MEDIA CONTACT
Kate Barrette
RooneyPartners LLC
kbarrette@rooneyco.com
(212) 223-0561
 

 

 
Tuesday, January 14, 2020

Going From Broke-Exceeds 11 Million Views on Crackle

 

‘Going From Broke’ Exceeds 11 Million Views on Crackle

Cos Cob, CT – January 8, 2020 – Chicken Soup for the Soul Entertainment Inc. (Nasdaq: CSSE), a growing media company building online video-on-demand (“VOD”) networks that provide video content for all screens, today announced that Going From Broke, the Crackle original from executive producer Ashton Kutcher, Chicken Soup for the Soul Entertainment and Matador Content, has driven over 11 million views since its October 17th launch.

The original series launched on Crackle, the free, ad-supported service, and spotlights a financial epidemic of huge proportions. As a nation, over 44 million Americans collectively owe a whopping $1.5 trillion in federal student loan debt, a number that grows each year and is second only to mortgage debt in America. Upon graduation, those entering the professional world face mounds of bills, a shrinking pool of employment opportunities, a lack of financial skills and the constant, crippling weight of debt.

“We are delighted with the tremendous viewer response to this series, which validates the resonance of the student debt crisis nationwide,” said William J. Rouhana Jr., chairman and chief executive officer of Chicken Soup for the Soul Entertainment. “Going From Broke is exactly the type of content that we believe will continue to make Crackle stand out as a leading provider of free, premium content. We are excited to be working actively with sponsors on a potential second season.”

In the original series, Chegg chief executive officer Dan Rosensweig and financial expert Danetha Doe go one-to-one with young people living in pricey Los Angeles, to change their habits, gain financial confidence and become the CEO of their own lives. Although they all come from different backgrounds and circumstances, each of the participants has one thing in common - extreme debt.

Going From Broke is executive produced by Ashton Kutcher, William J. Rouhana Jr., and Michael Winter for Chicken Soup for the Soul Entertainment. Matador Content’s Todd Lubin, Jay Peterson, Joel Relampagos and Jerry Carita also serve as executive producers.

Crackle is available on all top streaming platforms, connected TVs, game consoles, Crackle mobile apps (iOs, Android) and at Crackle.com. Follow #GoingFromBroke on Crackle'sFacebook and Twitter pages. Visit goingfrombroke.com for more information about the series.

ABOUT CHICKEN SOUP FOR THE SOUL ENTERTAINMENT

Chicken Soup for the Soul Entertainment, Inc. (Nadsaq:CSSE) (the “Company”) is a growing media company building and acquiring streaming video-on-demand networks (VOD) that provide content for all screens. The Company owns a majority stake in Crackle Plus, a joint venture with Sony Pictures Television, which owns and operates a variety of ad-supported and subscription-based VOD networks including Crackle, Popcornflix, Popcornflix Kids, Truli, Pivotshare, Españolflix and FrightPix. The Company also acquires and distributes video content through its Screen Media subsidiary and produces long and short-form original content through Landmark Studio Group, its Chicken Soup for the Soul Originals division and through APlus.com. Chicken Soup for the Soul Entertainment is a subsidiary of Chicken Soup for the Soul, LLC, which publishes the famous book series and produces super-premium pet food under the Chicken Soup for the Soul brand name.www.cssentertainment.com,@CSSEntertain,www.facebook.com/chickensoupforthesoul

ABOUT CRACKLE

Crackle is a leading free to use video entertainment network featuring full length movies, TV series and original programming. It is available on a wide variety of platforms including connected TVs, mobile devices, set top boxes, video game consoles and online atwww.crackle.com. Crackle is one of seven AVOD networks in Crackle Plus, a Chicken Soup for the Soul Entertainment company. Crackle Plus owned and operated networks boast approximately 10 million monthly active users, 47,000 combined hours of programming, 1 billion minutes streamed monthly and 90+ content partnerships.

ABOUT MATADOR CONTENT

Matador is a full-service content studio based in New York and Los Angeles. Since its founding in 2013, the company has produced over thirty-five series for television, as well as sports and feature documentaries, live event specials, virtual reality content, and digital programs across multiple networks. In addition to the Emmy-nominated Lip Sync Battle, Matador’s output spans across many platforms and genres with series and documentaries debuting on networks including HBO, Netflix, Apple, ABC, Discovery Channel, History Channel, Nickelodeon, A&E, PBS and Facebook. In late 2018 Matador was acquired by Boat Rocker Media, the global entertainment studio.

FORWARD-LOOKING STATEMENTS

This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks (including those set forth in Chicken Soup for the Soul Entertainment’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on April 1, 2019, as amended April 30, 2019 and June 4, 2019) and uncertainties which could cause actual results to differ from the forward-looking statements. Chicken Soup for the Soul Entertainment expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

###

INVESTOR RELATIONS

Taylor Krafchik

Ellipsis

csse@ellipsisir.com

(646) 776-0886

 

MEDIA CONTACT
Kate Barrette
RooneyPartners LLC
kbarrette@rooneyco.com
(212) 223-0561
 

 

Friday, November 15, 2019

Chicken Soup for the Soul Entertainment Reports Record Q3 2019 Revenue of $17.0 Million

Chicken Soup for the Soul Entertainment, Inc. (Nasdaq: CSSE), a growing media company building advertising-supported video-on-demand (AVOD) networks and a provider of video content for all screens, today announced its financial results for the third quarter ended September 30, 2019.

 

Third Quarter 2019 Financial Highlights

 

  • Total revenue of $17.0 million, compared to $6.6 million in the year-ago period
  • Net loss of $13.3 million; with a net loss of $12.4 million before preferred dividends, compared to a net loss of $0.2 million in the year-ago period and a net income of $0.2 million before preferred dividends
  • Adjusted EBITDA was a loss of $0.4 million, compared to positive adjusted EBITDA of $3.4 million in the year-ago period
  • Online networks, which includes Crackle, Popcornflix and Pivotshare, generated $14.4 million in revenue compared to $1.8 million in the year-ago period

Recent Business Highlights

  • Crackle Plus delivers solid results in first full quarter
  • New Crackle original series, ‘Going From Broke’ drives unprecedented engagement
  • Launched Landmark Studio Group in partnership with entertainment industry veteran David Ozer
  • Foresight film library acquisition expands Screen Media library and enhances distribution capabilities

“Our record third quarter results show the early promise of our transformation of our company into a leading AVOD network operator,” said William J. Rouhana Jr., chairman and chief executive officer of Chicken Soup for the Soul Entertainment. “Crackle Plus is performing as expected, and our new original series ‘Going From Broke’ provides initial evidence of our growing network reach and engagement potential. We are also reinventing our distribution and production business to support our networks under a capital-light model focused on innovative studio launches, library content acquisitions and sponsor-funded original productions. We already see significant positive business momentum in the fourth quarter, where we expect to see a combination of all our primary strategic pieces in place for the first time, setting the stage for potentially significant growth in 2020.”

Gross profit for the quarter ended September 30, 2019 was $3.2 million, or 19% of net revenue, compared to $4.0 million, or 62% of net revenue for the year-ago period. The reduction in the percentage of gross profit was a result of an increase in online networks revenue which has a lower gross profit percentage. 

Operating loss for the quarter ended September 30, 2019 was $9.6 million compared to an operating income of $0.9 million for the year-ago period. The quarterly operating loss reflects certain non-cash or one-time expenses including $4.7 million in non-cash amortization, $1.6 million of transitional expenses related to the Crackle Plus joint venture, and $1.2 million in film library amortization. If such expenses were excluded from SG&A or cost of revenue, the company would have reported a quarterly operating loss of $2.1 million. 

Net loss was $13.3 million, or $1.11 per share, compared to a net loss of $0.2 million, or $0.02 per share in the prior-year third quarter. Excluding preferred dividends, the net loss in the third quarter of 2019 would have been $12.4 million, or approximately $1.03 per share, compared to net income of $0.2 million, or $0.02 per share last year.

Adjusted EBITDA for the quarter ended September 30, 2019 was a loss of $0.4 million, compared to $3.4 million in the same period last year.

As of September 30, 2019, the company had $6.2 million of cash and cash equivalents compared to $7.2 million as of December 31, 2018, and outstanding debt of $16.0 million as of September 30, 2019 compared to $7.9 million as of December 31, 2018.

 

For a discussion of the financial measures presented herein which are not calculated or presented in accordance with U.S. generally accepted accounting principles (“GAAP”), see “Note Regarding Use of Non-GAAP Financial Measures” below and the schedules to this press release for additional information and reconciliations of non-GAAP financial measures.

The company presents non-GAAP measures such as Adjusted EBITDA and Pro Forma Adjusted EBITDA to assist in an analysis of its business. These non-GAAP measures should not be considered an alternative to GAAP measures as an indicator of the company's operating performance.

Conference Call Information

  • Date, Time: Thursday, November 14, 2019, 4:30 p.m. ET.
  • Toll-free: (833) 832-5128
  • International: (484) 747-6583
  • Conference ID: 4392318
  • A live webcast is available at http://ir.cssentertainment.com/ under the “News & Events” tab

Conference Call Replay Information

  • Toll-free: (855) 859-2056
  • International: (404) 537-3406
  • Reference ID: 4392318
Wednesday, October 16, 2019

Chicken Soup for the Soul Entertainment Launches Landmark Studio Group with Industry Veteran David Ozer

Chicken Soup for the Soul Entertainment, Inc. (Nasdaq: CSSE), a growing media company building online video-on-demand ("VOD") networks that provide video content for all screens, today announced the launch of Landmark Studio Group ("Landmark") in partnership with 30-year entertainment industry veteran, David Ozer.

Landmark, which will be headquartered in New York with offices in Los Angeles, is a fully integrated entertainment company focused on ownership, development, and production of quality entertainment franchises. Ozer will serve as Landmark's chief executive officer. In addition to Chicken Soup for the Soul Entertainment, Cole Strategic Partners has committed funding to Landmark.

Landmark will develop, produce, distribute and own all of the intellectual property (IP) it creates, building a valuable library. The studio will be independent, having the ability to sell its content to any network or platform, while also developing and producing original content for Chicken Soup for the Soul Entertainment's recently acquired Crackle, a leading ad-supported VOD ("AVOD") network. Landmark will control all worldwide rights and will distribute through Chicken Soup for the Soul Entertainment's Screen Media division.

Landmark has several television and film projects in development, including:
THE FIX - A scripted drama series that explores the most explosive story of sports corruption in a generation based on the book by Declan Hill. The Fix is written by David Dilley and produced by Calamity Jane's Ellen Pompeo and Laura Holstein.

THE HISTORY OF GANGSTER RAP - A documentary series based on the bestselling book by Soren Baker, who serves as producer along with Jorge Hinojosa and Ice-T, and features Dr. Dre, Snoop Dogg, Ice Cube and many others.

SAFEHAVEN - Directed by Brad Turner (Homeland, 24), Safehaven, a supernatural horror series based on the graphic novel about a female comic book artist whose drawings come alive to haunt her. Safehaven is produced by Turner, Thomas Vitale (Pandora), Jessica Petelle (V-Wars, Hawaii Five-0), James Seale (30 Below), Kevin Duncan and Michael Bay's 451 Media.
Landmark will also be producing various stand-up comedy specials and animated series.

"All of us at Chicken Soup for the Soul Entertainment are thrilled to be in business with David Ozer. He has the ability and talent to turn Landmark into a high-volume content production operation that we anticipate will provide an additional revenue stream for our company while mitigating production risk," said William J. Rouhana Jr., chairman and chief executive officer of Chicken Soup for the Soul Entertainment. "We expect Landmark to provide valuable original content to Crackle and the other six AVOD networks that are part of our Crackle Plus subsidiary, as well as our other Chicken Soup for the Soul Entertainment divisions."

"It's incredible what Chicken Soup for the Soul Entertainment is creating in the AVOD space, and I'm excited to launch Landmark as an important studio operation for tomorrow's media consumers," said Ozer. "With the support of Chicken Soup for the Soul Entertainment, we are poised to become a significant player in the global content marketplace."

"We are thrilled to join forces with Bill and David to launch Landmark, which we anticipate will become a major force in the entertainment industry," said Simon Misselbrook, president of Cole Strategic Partners.

As chief executive officer of the newly formed studio, Ozer will spearhead its content development and production operations. During his time at IDW Entertainment as founding president from 2013-2018, he oversaw the independent mini-studio's overall operations and focused on developing, producing, and distributing content that appeals to a broad global audience. Ozer is credited with the independent mini-studio's expansion, and the success of its two most prominent series, overseeing the development and production of three seasons of Wynonna Earp for Syfy, and two seasons of Dirk Gently for BBC America. He also oversaw the development of Locke & Key and V-Wars for Netflix. Ozer has also held executive level positions at multinational media corporations, including executive vice president of television at Starz Media; senior vice president of domestic television at RHI Entertainment; head of worldwide distribution at Sonar; senior vice president of sales at DIC Entertainment and vice president of sales at Sony Pictures Television.

Monday, September 23, 2019

AT $1.5 TRILLION AND GROWING, AMERICA'S MOUNTING STUDENT DEBT CRISIS TAKES CENTERSTAGE IN NEW CRACKLE ORIGINAL ‘GOING FROM BROKE' LAUNCHING THURSDAY, OCTOBER 17

 

It’s an epidemic of huge proportions. As a nation, over 44 million Americans collectively owe a whopping $1.5 trillion in federal student loan debt, a number that grows each year and is second only to mortgage debt in America. Upon graduation, those entering the professional world face mounds of bills, a shrinking pool of employment opportunities, a lack of financial skills and a constant, crippling weight of oppression keeping them from reaching for their dreams.

Tackling this issue head on is a new Crackle Original, Going From Broke, a new series from executive producer Ashton Kutcher, Matador Content and Chicken Soup for the Soul Entertainment, launching Thursday, October 17th exclusively on the free streaming service. Leading the charge to support millennials in overcoming their crippling financial struggles is host Dan Rosensweig, Chegg CEO, and financial expert Danetha Doe who go one on one with young people living in pricey Los Angeles, what they thought would be The City of Dreams, to change their habits, gain financial confidence and become CEO of their own lives. Although they all come from different backgrounds and circumstances, each of the participants have one thing in common-- extreme debt.

Rosensweig and Doe challenge millennials to address everything from savings and spending to taxes, bills, co-loans and more. Ultimately, each of the subjects are given “homework,” tailored next steps meant to be tackled within a specific and timely window. It’s not comfortable, it’s not easy, but it’s necessary if they want financial stability. Throughout each of the 10 half-hours, viewers also get valuable insights and advice from several leading and trusted experts including award-winning personal finance journalist Jean Chatzky and Farnoosh Tarobi, bestselling author and podcast reporter.

Each installment is both relevant and relatable. For example:

  • ● Obi Nwankwo, a former college track star who has a degree in finance and runs his own company. Between his student loans and extravagant living expenses, he’s continued to fall farther behind on his bills, even as his business grows.
  • ● Max & Megan Foster, a married couple with two young children and debt that is putting a strain on both their pocketbook and their marriage. Both currently unemployed, they’re having trouble keeping from going under.
  • ● Miracle McKinney, who chose to pursue her dreams of playing the violin professionally. Without a high-paying job, she’s confronted with massive college debt and no way to get ahead.

William J. Rouhana Jr., Chairman and CEO, Chicken Soup for the Soul Entertainment, comments: “We couldn’t be more pleased to be partnering with Ashton on a project that addresses such a serious issue in our country. This Crackle original series, ‘Going From Broke’, isn’t just entertainment; it also provides real tools and takeaway for viewers. We’re excited to premiere the series on Crackle since it’s a completely free, ad-supported platform available to stream on any device. It’s the perfect place to reach viewers who may also be saddled with debt and watching every dime they have. It’s the right message on the right platform at the right time.”

“The student debt crisis in America is devasting to young people and their families,” adds Rosensweig. “We need real solutions, in real time, to end the vicious cycle of debt and get hardworking young people on the road to financial freedom. My hope is that the stories in this show shine a light on the crippling impact debt and financial instability has on our kids, our future workforce, and our economy.”

“Going From Broke” is executive produced by Ashton Kutcher, William J. Rouhana Jr. and Michael Winter for Chicken Soup for the Soul Entertainment. For Matador Content Todd Lubin, Jay Peterson, Joel Relampagos and Jerry Carita also serve as executive producers.

Crackle is available on all top streaming platforms, connected TVs, game consoles, Crackle mobile apps (IOs, Android) and at Crackle.com. Follow #GoingFromBroke on Crackle's Facebook and Twitter pages. Visit goingfrombroke.com for more information about the show.

Monday, May 13, 2019

Chicken Soup for the Soul Entertainment Announces Second Season of Chicken Soup for the Soul's Animal Tales

Chicken Soup for the Soul Entertainment, Inc., a growing media company building online video-on-demand ("VOD") networks that provide video content for all screens, today announced a second season of its pet-themed TV series, Chicken Soup for the Soul's Animal Tales.

"Chicken Soup for the Soul has a long history of creating pet-related content and products," said William J. Rouhana, chairman and chief executive officer. "Chicken Soup for the Soul consistently encourages the well-being of animals and created this series to highlight incredible animals and the inspiring people who go above and beyond to care for them."

The second season of Chicken Soup for the Soul's Animal Tales will consist of 15 half-hour episodes and will be sponsored by Chicken Soup for the Soul Pet Food.

"Chicken Soup for the Soul Pet Food is thrilled to sponsor another season of this series," said Chris Mitchell, chief executive officer of Chicken Soup for the Soul Pet Food. "This series is in line with our mission to help all pets eat well, whether by making super premium pet food that is affordable or donating millions of meals to shelter pets every year. The series tells the stories of amazing and inspiring people who go above and beyond to care for, love, help, and defend animals everywhere as well as how animals can change our lives."
Wednesday, January 30, 2019

HomeAway, A+E Networks and Chicken Soup for the Soul Entertainment Announce Season 2 Premiere of "Vacation Rental Potential"

HomeAway®, the world leader in vacation rentals, A+E Networks and Chicken Soup for the Soul Entertainment, Inc. ("CSS Entertainment") (Nasdaq: CSSE), a growing media company today announced the second season of Vacation Rental Potential will premiere January 31st on FYI as part of the network's Home.Made enthusiast programming block. Ten new, half-hour episodes will also encore on A&E Saturday mornings beginning February 2nd.

The first season of Vacation Rental Potential premiered in December of 2017. The series is hosted by home renovation and interior design expert Holly Baker who offers insight to potential homebuyers on how to become the owner of a vacation home of their dreams through vacation rental. Each episode showcases tips and best practices for choosing the perfect vacation home, managing it effectively and creating unforgettable guest experiences for travelers. The series also features advice for impressing guests and earning more rental revenue given by HomeAway Premier Partners, experienced vacation home owners and property managers with a proven track record of success on HomeAway. The series helps homebuyers make their dream of owning a vacation home a reality.

"Vacation Rental Potential has been an amazing way to illustrate the rewarding benefits of owning a vacation rental and making it a unique and welcoming accommodation option for travelers and their families," said Judy Kay, senior vice president of strategy at HomeAway. "This season, we visit 10 new locations to highlight the popularity and investment potential of owning vacation homes in these beautiful destinations."

The second season of the show will explore popular travel destinations across the U.S., including Atlanta, Seattle, Maui, Hawaii, Palm Springs, CA and Galveston, TX.

"The renewal of Vacation Rental Potential demonstrates our success in creating entertaining content with brand partners like HomeAway," said William J. Rouhana, Jr., chairman and chief executive officer. "The series showcases our ability to seamlessly integrate exceptional storytelling with HomeAway's commitment to connecting travelers with the people and places they love."

The first season of the series was nominated for a Realscreen award in the Digital and Branded Content: Brand-Funded Content category as well as a Cynopsis award in the Reality Series [Real Estate] category.

"Vacation Rental Potential strikes the perfect balance of relatable storytelling and actionable insights towards a growing trend in real estate," said Christian Murphy, Head of Enthusiast Brands, A+E Networks. "We are incredibly proud of this original series and are thrilled to launch season two on our Home.Made enthusiast programming block."

View episodes of Vacation Rental Potential season one on www.homeaway.com/vrp.
Friday, April 20, 2018

Chicken Soup for the Soul Pet Food Donates 1747 Pounds of Premium Nutrition to the Whatcom Humane Society Food Bank

Chicken Soup for the Soul Pet Food, a leading super premium pet food company, donated 1747 pounds of their nutritious pet food this week to the Whatcom Humane Society (WHS) Food Bank in Bellingham, WA. The donation is part of the pet food company’s Fill A Bowl… Feed A Soul™ (FABFAS) program, a national campaign aiming to provide one million meals for pets in need annually.

“We are pleased to help the Whatcom Humane Society with this donation,” said Chris Mitchell, Chicken Soup for the Soul Pet Food CEO. “Our mission is to help all pets eat well, no matter what their circumstances. Families facing economic challenges should not have to worry about feeding their beloved pets during tough times. Food banks like the one offered through WHS are a lifeline to those families fighting to keep their pets healthy, safe and at home.”

“We are very grateful to Chicken Soup for the Soul Pet Food for their generous donation. Our food bank program provides temporary assistance to families and their pets during difficult times. Donations like this are what keep the shelves full. We couldn’t do it without the help of our amazing supporters!” said Carly Brewer, Whatcom Humane Society Volunteer & Outreach Services Manager.

“It is very exciting to be a part of this generous gesture from Chicken Soup for the Soul Pet Food to the Whatcom Humane Society,” said Devin Dietzen, owner of Pet Stop in Bellingham. “We are thrilled to work with a company that shares our standards of animal care and health, as well as our passion for helping local organizations assist in providing access to great nutrition for pets in need.”

“Chicken Soup for the Soul’s FABFAS program was created to help feed pets in need nationwide,” said Chris Mitchell. “We work closely with our independent pet specialty retailers to identify rescue organizations in their area where our food can have a real impact. We believe that every pet should enjoy the benefits of premium nutrition. Healthy pets are happy pets and more readily adoptable,” said Mr. Mitchell.

Wednesday, March 28, 2018

Chicken Soup for the Soul Entertainment Announces FY 2017 Results

Chicken Soup for the Soul Entertainment, Inc. (“CSS Entertainment”) (Nasdaq:CSSE), a fast-growing provider of positive and entertaining video content, today announced its financial results for the three and 12-month periods ended December 31, 2017.

Full Year 2017 and Subsequent Business Highlights

  • Completed $30.0 million IPO in August 2017
  • Completed acquisition of Screen Media Ventures, LLC (“Screen Media”), substantially transforming the company from primarily production to a top-tier player in the exploding direct-to-consumer entertainment market
  • Obtained sponsors for four series: Chicken Soup for the Soul’s Hidden Heroes, Being Dad, Vacation Rental Potential and The New Americans
  • Board approved a $5.0 million Share Repurchase Program 
  • Secured an independent, third-party valuation opinion that the newly acquired assets from Screen Media are valued at approximately $31.4 million, with the Popcornflix® direct-to-consumer online video service and associated content rights and the Screen Media TV and film library assets
  • As a result of this valuation, the Company recognized a non-recurring gain on bargain purchase of $24.1 million, recorded in the fourth quarter of 2017
  • Expanded management team by promoting Elana Sofko to the new position of chief operating officer, naming Susan Kravitz as executive vice president of sales and strategic sponsorships, and appointing Lou Occhicone as its senior vice president of business affairs and distribution
  • Agreed to a commercial credit proposal from a bank for $7.5 million consisting of a 5-year $5.0 million term loan and a 3-year $2.5 million revolving credit facility which is expected to close shortly  
  • Reiterated 2018 outlook of approximately $36.0 million in revenue and $18.0 million in Adjusted EBITDA

William J. Rouhana, Jr., chairman and chief executive officer, stated “The milestone acquisition of Screen Media in November has meaningfully enhanced our trajectory and mitigated the risk to our business. This single transaction provides us with a significant asset base independently appraised at more than $31.0 million in the form of a library of more than 1,200 television series and feature films and Popcornflix: five additional ad-supported video-on-demand, or VOD, networks with more than 15 million active users and rights to an additional 1,800 movies and 1,500 TV episodes. With a purchase price of only 1X EBITDA, we effectively created more than twice as much shareholder value based on Adjusted EBITDA as we expected to create from operations for 2017. Our goal has always been to develop, launch and grow online VOD networks that are both advertising-supported and subscription-based. Our historical production activity has always been designed to subsidize this effort by producing original content and generating revenue and profits. Now, we have two of our lines of business, Production and Distribution, that generate revenue and profits, both of which subsidize our third line of business, the VOD business.”

Rouhana continued, “We have already increased the value of the Screen Media assets and continue to see opportunities for additional growth. In the first two months of 2018, Screen Media’s revenue is up 67% on a stand-alone basis compared to its revenue in the first two months last year, and Screen Media’s Adjusted EBITDA increased 96% during the same period year-over-year. In addition, the advertising rates we charge for Popcornflix are up over 10% compared to this time last year, before the addition of analytics and the impact of direct sales efforts. Additionally, app downloads since January 1, 2018 have exceeded 3.8 million, which is more app installs than in all of 2017.”   

“We are reiterating our full-year 2018 outlook of $36.0 million in revenue and $18.0 million in Adjusted EBITDA,” said Scott W. Seaton, Vice Chairman. “In addition, we expect to generate between $5.5 million and $6.2 million in revenue, and $1.5 million to $2.0 million in Adjusted EBITDA, in the first quarter of 2018 compared to $1.4 million of revenue and $670,000 of Adjusted EBITDA in the same quarter last year. While the Screen Media acquisition has significantly reduced the percentage of overall annual revenue generated in the fourth quarter, we still expect the fourth quarter to represent our highest revenue quarter in 2018. A portion of our anticipated first quarter results are related to revenue that was expected to be recognized in the fourth quarter of 2017 but shifted into early 2018 as we focused on Screen Media’s integration and laying the groundwork for 2018. The balance is due to strong performance by each of our three revenue areas: online networks, distribution and production. We expect to generate approximately $1 million in revenue from our online networks in the first quarter, up from just over $150,000 in the first quarter last year. Production revenue will increase by more than 50% year-over-year, and we have added distribution as a new revenue area.”

Q4 2017 Financial Summary

Net income for the three months ended December 31, 2017 was $24.1 million compared to $1.6 million for the year-ago period.

Total revenue for the three months ended December 31, 2017 was $8.7 million, up 53% compared to $5.7 million for the year-ago period. The increase was primarily driven by the acquisition of Screen Media in November 2017. Revenue was generated as follows:

  • Online networks, which include A Plus and Popcornflix, generated $570,000 in revenue in the fourth quarter of 2017 compared to $398,000 in the fourth quarter last year.
  • Television and film distribution generated $2.9 million in the fourth quarter.
  • Television and short-form video production generated $5.2 million in the fourth quarter, compared to $5.3 million in the fourth quarter last year.

Gross profit for the three months ended December 31, 2017 was $5.8 million, or 66% of total revenue, compared to $3.6 million, or 64% of total revenue, for the year-ago period.

Operating income for the three months ended December 31, 2017 was $3.3 million compared to $2.9 million for the year-ago period.

Full Year 2017 Financial Summary

Net income for the 12 months ended December 31, 2017 was $22.8 million, which includes the one-time pretax gain on the purchase of Screen Media, compared to $781,000 for the year-ago period.

Total revenue for the 12 months ended December 31, 2017 was $11.0 million, up 35% compared to $8.1 million for the year-ago period. The increase was primarily driven by the acquisition of Screen Media in November 2017.

Gross profit for the 12 months ended December 31, 2017 was $7.2 million (excluding film library amortization), or 66% of total revenue compared to $5.0 million, or 61% of total revenue for the year-ago period.

Operating income for the 12 months ended December 31, 2017 was $3.0 million (excluding film library amortization) compared to $1.8 million for the year-ago period.

Adjusted EBITDA for the 12 months ended December 31, 2017 was $28.3 million compared to $3.8 million for the year-ago period.

As of December 31, 2017 the company had $2.2 million of cash and cash equivalents, up $1.7 million, compared to $500,000 as of December 31, 2016.

The company had outstanding debt of $1.5 million as of December 31, 2017 compared to $5.9 million outstanding as of December 31, 2016.

The company will be filing an annual report on Form 10-K with the SEC with respect to its financial results.

Q1 and Full Year 2018 Outlook

For Q1 2018, the company expects to report:

  • Revenue between $5.5 million and $6.2 million compared to $1.4 million for the prior year
  • Adjusted EBITDA, a non-GAAP measure, between $1.5 million and $2.0 million compared to $670,000 for the prior year

On a pro forma basis in 2017, the company (including Screen Media as if it had been owned for the full year) had revenue of $19.8 million and Adjusted EBITDA of $7.3 million.

Building on this base, for the full-year 2018, the company expects to report:

  • Revenue of approximately $36.0 million
  • Adjusted EBITDA of approximately $18.0 million

On March 27, 2018, the company’s Board of Directors approved a $5 million share repurchase program, authorizing the company to repurchase its own outstanding common shares from time to time in open market transactions in compliance with SEC Rule 10b-18 or privately-negotiated transactions. The share repurchase program may be suspended or terminated by the Board of Directors at any time. The company anticipates repurchases, if any, will be funded by cash on hand. 

The company agreed to a commercial credit proposal from a bank on March 10, 2018 for $7.5 million consisting of a 5-year $5.0 million term loan and a 3-year $2.5 million revolving credit facility that may be used for working capital and general corporate purposes, including acquisitions. This financing is expected to close shortly.

For a discussion of the financial measures presented herein which are not calculated or presented in accordance with U.S. generally accepted accounting principles ("GAAP"), see "Note Regarding Use of Non-GAAP Financial Measures" below and the schedules to this press release for additional information and reconciliations of non-GAAP financial measures.

The company presents non-GAAP measures such as Adjusted EBITDA and Pro Forma Adjusted EBITDA to assist in an analysis of its business. These non-GAAP measures should not be considered an alternative to GAAP measures as an indicator of the Company's operating performance.

Contact Us

Bryn Mawr, PA 19010

Email: info@cosmodenicola.com

Copyright 2018 by Cosmo DeNicola Companies