Cinedigm revenue up 23%

Company inks new contract

Cinedigm Digital Cinema’s net losses widened last quarter on various one-time charges as revenue surged 23% to $19.8 million.

A loss of $10.7 million compared with $4.2 million in red ink the year before, but included $8.1 million in non-cash charges from the sale of assets to Technicolor and other restructuring.

The company, which converts theaters in the U.S. and overseas to digital and provides software and support, said it has signed 10,201 screen conversion contracts, including 8,977 installations, with 191 different exhibitors. Thursday it also announced an agreement with Zyacorp Entertainment’s Cinemagic Stadium Theatres to convert 79 screens by this summer.

Under chairman-CEO Chris McGurk it’s been refocusing its business and branching into content distribution as well.

“In just one year’s time, we have transformed Cinedigm to more aggressively monetize the worldwide digital cinema explosion…In the last six months, we have sold non-core businesses in order to focus more keenly on our three core businesses of digital deployment servicing, software and content distribution — all businesses in which we are a market leader,” McGurk said.