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Chicken Soup For The Soul Entertainment, Inc. (CSSE) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

Chicken Soup For The Soul Entertainment,

CIK: 1679063 Ticker: CSSE

 

Exhibit 99.1

 

 

 

Chicken Soup for the Soul Entertainment Reports Q1 2021 Results

 

75% Q1 net revenue growth year-over-year reinforces outlook for 2021

 

Fully integrated business model driving revenue growth and profitability

 

COS COB, CT – May 13, 2021

– Chicken Soup for the Soul Entertainment, Inc. (Nasdaq: CSSE), one of the largest operators of streaming advertising-supported video-on-demand (AVOD) networks, today announced its financial results for the first quarter ended March 31, 2021.

 

“Our first quarter results are a good start on our growth plans for the year, and we’ve made outstanding progress on our strategy so far in 2021,” said William J. Rouhana Jr., chairman and chief executive officer of Chicken Soup for the Soul Entertainment. “Our performance is starting to show the power of our now fully integrated business model focused on delivering original and exclusive content to our growing AVOD networks, reflected in strong growth in net revenue and EBITDA.

 

“In just over five months’ time, we will have significantly expanded our content library while greatly expanding our capabilities to create and deliver new content,” Rouhana continued. “We’ve also announced a new company-branded AVOD network and our new television production unit, Halcyon, and continued to aggressively implement our viewership growth strategy, which will include the launch of an enhanced user experience and platform over the summer. At the same time, we continue to grow our fully-owned library through our strong pipeline of original and exclusive content. With these developments in place, 2021 is shaping up to be a game-changing year for Chicken Soup for the Soul Entertainment.”

 

First Quarter 2021 Financial Summary

 

·Net revenue of $23.2 million, compared to $20.2 million in the seasonally high fourth quarter of 2020, and $13.2 million in the year-ago period. The 75% year-over-year growth was driven by strong performances of original content releases and international and advertising sales.
·Net loss of $9.2 million compared to a net loss of $10.1 million in the fourth quarter of 2020, and a net loss of $11.4 million in the year-ago period; $6.9 million net loss before preferred dividends, compared to $8.9 million net loss in the fourth quarter 2020, and $10.5 million net loss in the year-ago period.
·Adjusted EBITDA of $4.6 million, compared to $2.8 million in the fourth quarter 2020, and $2.0 million in the year-ago period. The 124% year-over-year growth was enhanced by efficiencies and cost savings associated with the fully integrated business model.

 

Recent Business Highlights

 

·First company produced film, Willy’s Wonderland, was ranked as the #1 horror movie on Amazon for a period in the first quarter.
·Crackle Plus viewership in March 2021 reached its highest level since the shelter-in-place peak of April 2020.
·Announced the largest content deal in company history with the pending acquisition of the Sonar Entertainment assets, which, when consummated, will add IP rights to 372 television series with 1,825 episodes and over 700 films, to an already-robust library.

 

 

 

 

 


The following information was filed by Chicken Soup For The Soul Entertainment, Inc. (CSSE) on Thursday, May 13, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Chicken Soup For The Soul Entertainment, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Operations
Condensed Consolidated Statements Of Stockholders' Equity
Basis Of Presentation And Summary Of Significant Accounting Policies
Business Combination
Business Combination (Details)
Business Combination (Tables)
Business Combination - Purchase Price Consideration Allocation (Details)
Business Combination - Purchase Price To Fair Value Of Net Assets Acquired (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Commitments And Contingencies (Tables)
Commitments And Contingencies - Narrative (Details)
Debt
Debt (Tables)
Debt - Future Principal Payments (Details)
Debt - Narrative (Details)
Debt - Schedule (Details)
Description Of The Business
Description Of The Business (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Film Library
Film Library (Details)
Film Library (Tables)
Film Library- Amortization (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Deferred Taxes (Details)
Income Taxes - Provision (Details)
Intangible Assets And Goodwill
Intangible Assets And Goodwill (Tables)
Intangible Assets And Goodwill - Amortization Expense (Details)
Intangible Assets And Goodwill - Finite-Lived (Details)
Intangible Assets And Goodwill - Goodwill (Details)
Intangible Assets And Goodwill - Indefinite Lived Intangible Assets (Details)
Intangible Assets And Goodwill - Narrative (Details)
Programming Costs
Programming Costs (Details)
Programming Costs (Tables)
Programming Costs - Amortization - (Details)
Put Option Obligation
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Put Option Obligation (Tables)
Recent Accounting Pronouncements
Recent Accounting Pronouncements (Details)
Related Party Transactions
Related Party Transactions (Details)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Additional Information (Details)
Revenue Recognition - Contract Assets (Details)
Revenue Recognition - Disaggregates Our Revenue By Major Operations (Details)
Segment Reporting And Geographic Information
Segment Reporting And Geographic Information (Details)
Share-Based Compensation
Share-Based Compensation (Details)
Share-Based Compensation (Tables)
Share-Based Compensation - Narrative (Details)
Share-Based Compensation - Weighted Average Assumptions (Details)
Shareholders' Equity (Tables)
Stockholders' Equity
Stockholders' Equity - Narrative (Details)
Stockholders' Equity - Warrants (Details)
Subsequent Events
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Material Contracts, Statements, Certifications & more

Chicken Soup For The Soul Entertainment, Inc. provided additional information to their SEC Filing as exhibits

Ticker: CSSE
CIK: 1679063
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-21-011277
Submitted to the SEC: Wed Aug 11 2021 4:01:57 PM EST
Accepted by the SEC: Wed Aug 11 2021
Period: Wednesday, June 30, 2021
Industry: Allied To Motion Picture Production

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