IDW Announces Results of 2021 Annual Meeting and Recaps Management's Comments
LOS ANGELES, CA and NEWARK, NJ / ACCESSWIRE / April 12, 2022 / IDW Media Holdings, Inc., ("IDW") (NYSE:IDW), an integrated media company, hosted their annual meeting on April 5, 2022.
At the meeting, the shareholders re-elected Howard S. Jonas as Chairman of the Board, as well as Sanford S. Climan, Perry Davis, Allan I. Grafman, Amy Jonas, Irwin Katsof and Christopher McGurk as directors; approved an amendment to the IDW Media Holdings 2019 Stock Option and Incentive Plan; and ratified the appointment of Zwick CPA, PLLC as the Company's independent registered public accounting firm for the fiscal year ended October 31, 2022.
Additionally, Chief Executive Officer Ezra Y. Rosensaft and Chief Financial Officer Brooke Feinstein provided an update on the progress the Company made during 2021 and an overview of the go-forward strategy. Below is an abbreviated summary of their comments:
Mr. Rosensaft stated, "2021 was a pivotal turnaround year that set the groundwork to drive sustained, long-term value for our shareholders. We accomplished an incredible amount of heavy lifting in 2021, revitalizing our strategy with an aggressive focus on producing new original content, strengthening the management team, transforming our balance sheet with an equity capital raise and paying our debt down to zero, and listing our stock on the NYSE American.
"The core of IDW's business is creating and developing stories that captivate audiences by leveraging our powerful content development platform. Over the past few years, we have achieved notable milestones including:
- Publishing over 280 comics and 125 graphic novels annually
- 5 shows currently streaming on various streaming services including Netflix
- Carefully building a team of 80 of the best professionals in the sector
- Worked with 450 authors and illustrators
- Scooped up approximately 40 Eisner Awards
"Today, IDW Publishing is the fourth largest direct market publisher of comics and graphic novels. Publishing currently has about 40 original titles in various stages of development and a library of over 100 titles. In 2021, we grew the pipeline of this part of our business substantially. In addition, we continue to publish for iconic brands including Disney, Marvel and DC Comics. This important business generates stable cash flows that we leverage to grow our base of original titles.
"In our entertainment division, we develop, produce and distribute the amazing stories that are created in our publishing division. We have already had a number of our projects streamed on Netflix, BBC and AMC, and our goal is to have 3 to 5 per year.
"Across our business, a key transformation in 2021 was the significant de-risking of our model. Previously, we made big bets on shows and financed them by adding leverage to the balance sheet. Having learned some valuable lessons, we've changed our approach to minimize risk and generate more predictable cash flows.
The refined model creates value as we:
- Profitably build a valuable library of content -- approximately 75% of our original titles at least break even in our publishing division
- Leverage our content library on the entertainment side of our business to generate pure incremental profit of $1 to $3 million per season per show
- Create a virtuous cycle where successful entertainment vehicles drive additional publishing sales with merchandising opportunities and reciprocal use of IP across divisions
"Moreover, as the media industry further consolidates and Disney, Valiant, DC Comics and other large players gobble up the remaining smaller independent players, we have become one of the few integrated, independent original content focused media companies remaining in the market. Strategically, this further highlights the value of our rapidly growing original content library and our outstanding reputation as an independent shop for creators. enabling us to continue to attract excellent creative partners.
Ms. Feinstein added, "We've started 2022 with an exceptionally strong first quarter financial performance, and our balance sheet remains solid and debt free with ample liquidity to pursue growth initiatives and continue to build our original IP library."
About IDW Media Holdings:
IDW (NYSE:IDW) is an integrated media company providing compelling stories and characters for global audiences. Our IDW Publishing and IDW Entertainment businesses acquire IP for holistic franchise development across comics and graphic novels, television and other entertainment platforms and leverage established stories from our creative partners.
Forward-Looking Statements:
In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which we use the words "believe," "anticipate," "expect," "plan," "intend," "estimate, "target" and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors, including, but not limited to, those described in our Annual Report on Form 10-K (under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations"), which may be revised or supplemented in subsequent reports on SEC Forms 10-K, 10-Q and 8-K. We are under no obligation, and expressly disclaim any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise.
Contact:
John Nesbett/Jennifer Belodeau
IMS Investor Relations
[email protected]
SOURCE: IDW Media Holdings Inc.
View source version on accesswire.com:
https://www.accesswire.com/696998/IDW-Announces-Results-of-2021-Annual-Meeting-and-Recaps-Managements-Comments