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Imedia Brands, Inc. (IMBI) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, January 29, 2022

Imedia Brands, Inc.

CIK: 870826 Ticker: IMBI

 

Exhibit 99.1

 

 

 

iMedia Reports Fourth Quarter and Full-Year 2021 Results

 

Q4 Net Sales were $194 Million, a 55% Increase Over Same Prior Year Period

 

2021 Full Year Net Sales were $551 million, a 21% Increase Over 2020.

 

MINNEAPOLIS, MN – March 22, 2022 –

iMedia Brands, Inc. (the “Company”) (NASDAQ: IMBI, IMBIL) today announced results for the fourth quarter and full-year ended January 29, 2022.

 

“Q4 was another exceptional quarter and 2021 was a transformational year,” said Tim Peterman, CEO of the Company. “Our demonstrated abilities to capitalize on the convergence of entertainment, advertising and ecommerce continue to accelerate our growth opportunities.”

 

Fourth Quarter 2021 Consolidated Highlights:

 

·Net sales were $193.8 million, a 55% increase, or $69.0 million, over the same prior year period.
·Gross margin was 38.3%, a 270 basis-point improvement over the same prior year period.
·Net loss was $5.0 million or $(0.23) per common share, compared to the same prior-year period net loss of $2.7 million or $(0.21) per common share. The Q4 2021 net loss included $1.5 million of transaction, settlement, and integration costs, compared to $0.3 million in same prior year period.
·Adjusted EBITDA was $15.1 million, a 79.9% increase, or $6.7 million, over the same prior-year period.
·Our total 12-month rolling active customer count, as of January 29, 2022, grew by 55.3% compared to same prior-year period, driven by the continued strong customer growth from ShopHQ, Christopher & Banks and from the addition of the 123tv customer file.
·As previously announced, the Company closed its acquisition of 123tv in November 2021 for an enterprise value of $93.0 million.
·As previously announced, beginning with Q4 2021, the Company is reporting three operating segments, Entertainment, Consumer Brands and Media Commerce Services.

 

Consolidated Fourth Quarter and Full-Year 2021 Financial Highlights:

 

 

   For the Three-Month Period Ended   For the Twelve-Month Period Ended 
   January 29,   January 30,       January 29,   January 30,     
   2022   2021   Change   2022   2021   Change 
Net Sales  $193.8   $124.8    55%  $551.1   $454.2    21%
Gross Margin %   38.3%   35.6%   270bps    40.4%   36.8%   360bps 
Net loss attributable to non-controlling interest  $(0.7)  $-    N/A   $(1.0)  $-    N/A 
Net loss attributable to shareholders  $(5.0)  $(2.7)   86%  $(22.0)  $(13.2)   (66)%
EPS  $(0.23)  $(0.21)   (12)%  $(1.14)  $(1.23)   8%
Adjusted EBITDA  $15.1   $8.4    80%  $41.6   $23.9    74%

 


The following information was filed by Imedia Brands, Inc. (IMBI) on Tuesday, March 22, 2022 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Imedia Brands, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive (Loss) Income
Consolidated Statements Of Operations
Consolidated Statements Of Shareholders' Equity
Accrued Liabilities
Accrued Liabilities (Details)
Accrued Liabilities (Tables)
Business Acquisitions
Business Acquisitions (Tables)
Business Acquisitions - 1-2-3.Tv Group (Details)
Business Acquisitions - Christopher &Amp; Banks Transaction (Details)
Business Acquisitions - Float Left Interactive, Inc. (Details)
Business Acquisitions - Synacor's Portal And Advertising Segment (Details)
Business Acquisitions - The Closeout.Com (Details)
Business Segments And Sales By Product Group
Business Segments And Sales By Product Group (Tables)
Business Segments And Sales By Product Group - Net Sales By Segment And Significant Product Groups (Details)
Business Segments And Sales By Product Group - Performance Measures By Segment (Details)
Business Segments And Sales By Product Group - Revenues And Long-Lived Assets Information By Geographic Area (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Commitments And Contingencies (Tables)
Commitments And Contingencies - Retirement Savings Plan (Details)
Credit Agreements
Credit Agreements (Details)
Credit Agreements (Tables)
Credit Agreements - Maturities Of Long-Term Credit Facilities (Details)
Executive And Management Transition Costs
Executive And Management Transition Costs (Details)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
Fair Value Measurements - Financial Instruments Classification (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Goodwill (Details)
Goodwill And Intangible Assets - Intangible Assets (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Deferred Tax Benefit (Details)
Income Taxes - Effective Tax Rate Reconciliation (Details)
Income Taxes - Income Tax (Provision) Benefit (Details)
Income Taxes - Narrative (Details)
Inventory Impairment Write-Down
Inventory Impairment Write-Down (Details)
Leases
Leases (Tables)
Leases - Components Of Lease Expense (Details)
Leases - Future Maturities Of Lease Liabilities (Details)
Leases - Schedule Of Changes In Accounting Policy (Details)
Leases - Supplemental Balance Sheet Information (Details)
Leases - Supplemental Cash Flow Information (Details)
Leases - Weighted Average Remaining Lease Term And Weighted Average Discount Rate (Details)
Litigation
Private Label Consumer Credit Card Program
Private Label Consumer Credit Card Program (Details)
Property And Equipment
Property And Equipment (Details)
Property And Equipment (Tables)
Related Party Transactions
Related Party Transactions (Details)
Restructuring Costs
Restructuring Costs (Details)
Restructuring Costs (Tables)
Restructuring Costs - Schedule Of Activity Under The Restructuring Program (Details)
Shareholders' Equity
Shareholders' Equity (Tables)
Shareholders' Equity - Market Based Restricted Stock Units (Details)
Shareholders' Equity - Narrative (Details)
Shareholders' Equity - Non-Vested Restricted Stock Units Activity (Details)
Shareholders' Equity - Performance Based Stock Units Activity (Details)
Shareholders' Equity - Private Placement Securities Purchase Agreement And Registered Direct Offering (Details)
Shareholders' Equity - Restricted Stock Award (Details)
Shareholders' Equity - Restricted Stock Units (Details)
Shareholders' Equity - Stock Compensation Plans (Details)
Shareholders' Equity - Stock Option Awards - Activity (Details)
Shareholders' Equity - Stock Option Awards - Grant Volatility (Details)
Shareholders' Equity - Stock Option Awards - Narrative (Details)
Shareholders' Equity - Stock Option Awards - Outstanding Stock Options (Details)
Shareholders' Equity - Warrants (Details)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Details)
Summary Of Significant Accounting Policies - Net Income (Loss) Per Common Share (Details)
Summary Of Significant Accounting Policies - Reconciliation Of Cash And Restricted Cash Equivalents (Details)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Details)
Supplemental Cash Flow Information (Tables)
Television Distribution Rights
Television Distribution Rights (Details)
Television Distribution Rights (Tables)
The Company
The Company (Details)
Ticker: IMBI
CIK: 870826
Form Type: 10-K Annual Report
Accession Number: 0001558370-22-006372
Submitted to the SEC: Fri Apr 29 2022 7:50:24 AM EST
Accepted by the SEC: Fri Apr 29 2022
Period: Saturday, January 29, 2022
Industry: Retail Catalog And Mail Order Houses

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