Chicken Soup for the Soul Entertainment (Csse) has hit something of a wall. The company reported its second quarter 2023 earnings this week, and while total revenue was up year-over-year, it fell well short of Wall Street expectations. The company’s stock price has taken a beating, falling to $0.88 per share in after-hours trading on Monday amidst news that it had absorbed a net loss of $43.7 million during the quarter.
The numbers suggest that Csse is having a tougher time digesting last year's purchase of Redbox than anticipated. Both CEO Bill Rouhana and CFO Jason Meier said during their conference call to discuss the report with analysts and investors that the company planned to “streamline” aspects of its businesses to help boost revenue flows, which means cuts could be coming to its streaming platforms Redbox and Crackle.
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The numbers suggest that Csse is having a tougher time digesting last year's purchase of Redbox than anticipated. Both CEO Bill Rouhana and CFO Jason Meier said during their conference call to discuss the report with analysts and investors that the company planned to “streamline” aspects of its businesses to help boost revenue flows, which means cuts could be coming to its streaming platforms Redbox and Crackle.
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Redbox and Crackle are both free, ad-supported streaming platforms,...
- 8/15/2023
- by David Satin
- The Streamable
Chicken Soup for the Soul Entertainment, whose $375 million acquisition of Redbox closed about a year ago, delivered second-quarter financial results reflecting the company’s struggle to fully digest the deal.
Citing a host of industry headwinds that have intensified since the transaction was completed, the company reported total revenue of $79.9 million in the quarter ending June 30. While that was more than twice the year-earlier figure of $37.6 million thanks to the addition of Redbox and its thousands of movie-rental kiosks, it fell well short of Wall Street analysts’ consensus expectation for $120.1 million.
Net losses came in a little ahead of the Street’s outlook, widening to $1.50 per share from $1.39 in the year-ago quarter but topping analysts’ -$1.72 outlook.
In a conference call with analysts to discuss the quarterly numbers, CEO Bill Rouhana and CFO Jason Meier said the company has ramped up efforts to cut costs and generate more near-term free cash flow.
Citing a host of industry headwinds that have intensified since the transaction was completed, the company reported total revenue of $79.9 million in the quarter ending June 30. While that was more than twice the year-earlier figure of $37.6 million thanks to the addition of Redbox and its thousands of movie-rental kiosks, it fell well short of Wall Street analysts’ consensus expectation for $120.1 million.
Net losses came in a little ahead of the Street’s outlook, widening to $1.50 per share from $1.39 in the year-ago quarter but topping analysts’ -$1.72 outlook.
In a conference call with analysts to discuss the quarterly numbers, CEO Bill Rouhana and CFO Jason Meier said the company has ramped up efforts to cut costs and generate more near-term free cash flow.
- 8/14/2023
- by Dade Hayes
- Deadline Film + TV
Click here to read the full article.
Chicken Soup for the Soul Entertainment said it had its best financial quarter in history after taking over RedBox.
The company completed its 375 million acquisition of RedBox in August 2022, allowing Chicken Soup to move further into the free ad-supported streaming video space and retain the use of its kiosks as well as its pay-per-view service. Executives say the company, which also owns Crackle and other free ad-supported streaming services, also benefited from having lower-cost offerings in a tough economic environment.
“This has been the best financial quarter in our history, and our position in the free and low-cost streaming ecosystem is stronger than ever after completing the acquisition of Redbox during the quarter,” said William J. Rouhana, Jr., chairman and chief executive officer of Chicken Soup for the Soul Entertainment. “We saw tremendous growth, with revenue increasing 149 and Adjusted Ebitda 97 year over year.
Chicken Soup for the Soul Entertainment said it had its best financial quarter in history after taking over RedBox.
The company completed its 375 million acquisition of RedBox in August 2022, allowing Chicken Soup to move further into the free ad-supported streaming video space and retain the use of its kiosks as well as its pay-per-view service. Executives say the company, which also owns Crackle and other free ad-supported streaming services, also benefited from having lower-cost offerings in a tough economic environment.
“This has been the best financial quarter in our history, and our position in the free and low-cost streaming ecosystem is stronger than ever after completing the acquisition of Redbox during the quarter,” said William J. Rouhana, Jr., chairman and chief executive officer of Chicken Soup for the Soul Entertainment. “We saw tremendous growth, with revenue increasing 149 and Adjusted Ebitda 97 year over year.
- 11/14/2022
- by Caitlin Huston
- The Hollywood Reporter - Movie News
The sports community is mourning the loss of a beloved athlete. Columbus Blue Jackets goaltender Matiss Kivlenieks died after suffering a fatal head injury during a tragic Fourth of July incident at a home in Novi, Michigan. He was 24. "Novi Fire and Paramedics were dispatched at 10:13 p.m. to a private residence in the city of Novi. They found a subject unresponsive and immediately transferred him to Ascension Hospital in Novi where he was pronounced dead," lieutenant Jason Meier tells E! News. "The Novi Police Department is investigating and an autopsy is scheduled for today but all signs are that this was a tragic accident. Initial investigation is that there was a fireworks...
- 7/5/2021
- E! Online
Comic-Con 2011 Movie Panels: Thursday Schedule
11:15-12:15 The Twilight Saga: Breaking Dawn Part 1 — Summit Entertainment presents a sneak peek at the highly anticipated next chapter of The Twilight Saga. This is a must see for fans interested in the story’s final chapters. You’ll see exclusive footage fromThe Twilight Saga Breaking Dawn Part 1 and be treated to a filmmaker and cast Q&A session providing details on the first half of the epic two-part finale. Hall H
12:45-1:45 Animation Showcase — Sony Pictures Animation plunges Hall H into a 3D animation universe with previews of upcoming films with Aardman, the home studio of Wallace and Gromit, as they make their first trip across the pond to Comic-Con to present a first look at two of their upcoming animated feature films:
Arthur Christmas — The 3D, CG-animated family comedy Arthur Christmas, an Aardman production for Sony Pictures Animation, at last reveals the incredible,...
11:15-12:15 The Twilight Saga: Breaking Dawn Part 1 — Summit Entertainment presents a sneak peek at the highly anticipated next chapter of The Twilight Saga. This is a must see for fans interested in the story’s final chapters. You’ll see exclusive footage fromThe Twilight Saga Breaking Dawn Part 1 and be treated to a filmmaker and cast Q&A session providing details on the first half of the epic two-part finale. Hall H
12:45-1:45 Animation Showcase — Sony Pictures Animation plunges Hall H into a 3D animation universe with previews of upcoming films with Aardman, the home studio of Wallace and Gromit, as they make their first trip across the pond to Comic-Con to present a first look at two of their upcoming animated feature films:
Arthur Christmas — The 3D, CG-animated family comedy Arthur Christmas, an Aardman production for Sony Pictures Animation, at last reveals the incredible,...
- 7/8/2011
- by Kevin Coll
- FusedFilm
Comic-Con International has unleashed the full schedule for Wednesday and Thursday for the San Diego Comic-Con 2011, and there is going to be a ton of stuff to keep you incredibly busy and entertained.
Like I've been saying it's never to early to start planning, and there is a ton of stuff here that we are looking forward to checking out. I've gone through the list and put exclamation points next to all of the events that we are looking forward to attending. What panels and events are you looking forward to?
We will be at Comic-Con in full force this year, bringing you everything you need and want to know about. We will also be having a GeekTyrant meet-up this year, which we announce soon.
See you at the con!
Wednesday July 20th
!!! 6:00-9:00 Special Sneak Peek Pilot Screenings: Alcatraz, Person of Interest, The Secret Circle, and Supernatural...
Like I've been saying it's never to early to start planning, and there is a ton of stuff here that we are looking forward to checking out. I've gone through the list and put exclamation points next to all of the events that we are looking forward to attending. What panels and events are you looking forward to?
We will be at Comic-Con in full force this year, bringing you everything you need and want to know about. We will also be having a GeekTyrant meet-up this year, which we announce soon.
See you at the con!
Wednesday July 20th
!!! 6:00-9:00 Special Sneak Peek Pilot Screenings: Alcatraz, Person of Interest, The Secret Circle, and Supernatural...
- 7/7/2011
- by Venkman
- GeekTyrant
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