Cinedigm (CIDM) Stock Soars By 27% Amid Paying Off $49 Million Debt

On July 14, after almost three weeks of decline, Cinedigm’s stock reached the $1.08 mark. Nevertheless, today’s pre-market company is looking good as stock is currently at $1.37, resulting in a 27% boost. Last Thursday, the company announced that it has paid off the last part of its Prospect Digital Cinema loan of approximately $3.5 Million. Money from the sale of digital cinema equipment enabled debt decrease and balance sheet improvement. The Cinedigm is now completely debt-free.
The company recently reported that preliminary revenue rose 6.9% to $8.3 million in the latest quarter from $7.7 million a previous year. That growth stemmed from a 25% boost in content and entertainment revenue to $7.2 million, accordingly.

Cinedigm, together with its subsidiaries, operates as distributor and aggregator of independent movie, television, and other short-form content in the United States, Canada, and New Zealand. The company operates through two segments, Cinema Equipment Business and Content, and Entertainment Business.

Richard McEntire

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