Dade Hayes Finance EditorCinedigm, which has pivoted its former cinema equipment business to streaming, reported a few bright spots in its fiscal fourth quarter despite continued red ink.The company, which has built a portfolio of streaming services such as CONtv and Docurama, reported total revenue of $39.3 million in the quarter ending March 31, a 27% drop from the year-ago period.
The company blamed the slide on the decline of its legacy cinema equipment business. Net losses per share narrowed to 34 cents from 44 cents in the year-ago period.The news was better in the streaming unit, where adjusted EBITDA was $700,000 in the period, a $3.5 million swing into positive territory.
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