Fourth Quarter Revenue Surges on Deliveries of 'V Wars' and 'October Faction' to Netflix
NEWARK, NJ and LOS ANGELES, CA / ACCESSWIRE / January 23, 2020 / IDW Media Holdings, Inc. (OTC PINK:IDWM), an integrated media company, today reported a fourth quarter net loss per share of $2.29 on revenue of $33.9 million and a full fiscal year net loss per share of $3.90 on revenue of $62.6 million for the three months and twelve months ended October 31, 2019, respectively.
IDW Entertainment's (IDWE) 'V Wars,' a vampire science fiction horror series starring Ian Somerhalder and Adrian Holmes based on the IDW Publishing (IDWP) graphic novels by five-time Bram Stoker award-winning author Jonathan Maberry, debuted December 5, 2019 on Netflix.
IDWE's 'October Faction,' a science fiction drama starring Tamara Taylor and J.C. MacKenzie based on the IDWP comic series by Steve Niles - author of '30 Days of Night' - and digital artist Damien Worm, premieres this evening, January 23rd on Netflix. The 'October Faction' season one trailers can be seen here.
'V Wars' and 'October Faction' were both produced by High Park Entertainment in Toronto, Canada, maximizing local credits and incentives that minimized the series' net production budgets and out-of-pocket expenses.
IDWE's 'Locke & Key,' a supernatural horror drama based on the IDWP comic series by best-selling author and Eisner award winner Joe Hill, is scheduled to premiere on Netflix on February 7th. The 'Locke & Key' season one trailer can be seen here.
Season four of IDWE's 'Wynonna Earp,' a live action Western horror drama and winner of the People's Choice Awards in 2018, starring E! Awards winner Melanie Scrofano and based on the IDWP comic series by Beau Smith, is now in production. Season four is expected to debut on SyFy during the second half of CY 2020.
IDWP announced a multi-year agreement with the Smithsonian Institution to jointly develop and publish graphic novels leveraging the Smithsonian's unique cultural and scientific history and expertise. The Smithsonian is the world's largest museum, educational and research complex.
IDWP announced a Spanish language initiative to bring graphic novels to Spanish speakers throughout North America. To launch the initiative, IDWP is planning to release a Spanish translation of George Takei's best-selling memoir, 'They Called Us Enemy' in June 2020.
Comments of IDW's Chairman and CEO, Howard Jonas
'The unprecedented demand from streaming networks for fresh, innovative shows provides IDW with a tremendous market opportunity. Our IP portfolio, strong relationships with renowned creators and holistic approach to franchise development strategically positions IDW for near and long-term growth.
'With three new shows premiering on Netflix in a sixty-day span - and a fourth season of 'Wynonna Earp' debuting later this year on SyFy, IDW has come a very long way since entering the entertainment space just a few years ago. It has taken a lot of hard work and effort to build out these capabilities, and our team deserves tremendous credit for getting us here so quickly. With this foundation now in place, I am extremely excited about our ability to capitalize on this huge market opportunity. Our outlook has never been brighter.
'In the fourth quarter of fiscal 2019, revenue was boosted by delivery of 'V Wars' and the majority of the 'October Faction' episodes to Netflix, while the legacy production finance agreements utilized for these shows and production cost overages resulted in significant losses. The remaining impact of these legacy deals will be recognized in the first quarter fiscal 2020 results reflecting the delivery of the balance of 'October Faction' episodes to Netflix.
'Looking ahead, IDW Entertainment is delivering season one of 'Locke & Key' to Netflix and we expect that it will contribute to our bottom line in the first half of fiscal 2020.
'IDW is on track to attain steadily profitable operations in 2021 and beyond with prospective upside from potential renewals of IDW Entertainment's current line-up, from our previously announced deal with Cineflix and SyFy for distribution of 'Wynonna Earp', from new deals that the IDW Entertainment team is developing from its IP pipeline and from our focus on complete franchise monetization through merchandising, games, video on demand, and other fandom-driven channels. We are working to ensure that all divisions of IDW operate profitably by fiscal 2021.
'With our improving financial and operational outlook, we are exploring listing IDW on a national stock exchange to enhance our visibility, increase liquidity in the market for our stock, and broaden our shareholder base. In conjunction with the up-list, we intend to raise additional growth capital to further strengthen our balance sheet and to pursue the abundant growth opportunities afforded by the intensifying competition among streaming services for original content.
'Buckle your seat belt and stay tuned for exciting news during fiscal 2020, and don't forget to check out the 'October Faction' premiere tonight on Netflix.'