Digital Cinema Destinations Corp.

CIK:0001510326|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
REVENUES
Admissions	$ 6,662	$ 5,985	$ 22,009	$ 13,728
Concessions	2,951	2,461	9,455	5,586
Other	441	319	1,255	668
Total revenues	10,054	8,765	32,719	19,982
Cost of operations:
Film rent expense	3,205	2,824	10,920	6,637
Cost of concessions	451	413	1,634	895
Salaries and wages	1,239	1,155	3,986	2,378
Facility lease expense	1,523	1,514	4,653	2,847
Utilities and other	2,227	1,868	6,501	3,794
General and administrative	1,509	1,365	4,175	3,311
Change in fair value of earnout		(79)	54	(79)
Gain on sale of theater	(950)		(950)
Depreciation and amortization	1,565	1,439	4,279	3,385
Total costs and expenses	10,769	10,499	35,252	23,168
OPERATING LOSS	(715)	(1,734)	(2,533)	(3,186)
OTHER EXPENSE
Interest expense	(345)	(326)	(1,044)	(620)
Non-cash interest expense	(71)	(75)	(223)	(153)
Other expense	(41)	(38)	(88)	(46)
LOSS BEFORE INCOME TAXES	(1,172)	(2,173)	(3,888)	(4,005)
Income tax expense (benefit)	22	(22)	40	42
NET LOSS	(1,194)	(2,151)	(3,928)	(4,047)
Net loss attributable to non-controlling interest	419	620	1,078	713
Net loss attributable to Digital Cinema Destinations Corp.	(775)	(1,531)	(2,850)	(3,334)
Preferred stock dividends	(5)	(5)	(15)	(11)
Net loss attributable to common stockholders	$ (780)	$ (1,536)	$ (2,865)	$ (3,345)
Net loss per Class A and Class B common share- basic and diluted attributable to common stockholders	$ (0.10)	$ (0.25)	$ (0.39)	$ (0.59)
Weighted average common shares outstanding:	7,931,270	6,065,265	7,313,618	5,663,016

16. SUPPLEMENTAL CASH FLOW DISCLOSURE

9 Months Ended

Mar. 31, 2014

Notes to Financial Statements

16. SUPPLEMENTAL CASH FLOW DISCLOSURE

	Nine Months Ended
	March 31,
	2014		2013
Cash paid for interest	$	726	$	504
Fair value of earnout recorded at acquisition		-		550
Equipment acquired with capital leases		599		-
Amount offset on note repayment		-		168
Common stock issued for Ultrastar theaters		-		4,714
Issuance of warrants to Start Media		-		954
Common stock issued for acquisition of Torrington theater		391		-
Common stock issued for acquisition of Flagship theaters		2,032		-
Common stock received for sale of Mission Valley theater		1,804		-
Conversion of Class B common stock into Class A		1		-

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Jun. 30, 2013
ASSETS
Cash and cash equivalents	$ 4,417	$ 3,607
Accounts receivable	842	697
Inventories	150	191
Deferred financing costs, current portion	357	357
Prepaid expenses and other current assets	895	1,444
Total current assets	6,661	6,296
Property and equipment, net	29,786	29,171
Goodwill	4,314	3,156
Intangible assets, net	5,401	6,186
Security deposit	189	205
Deferred financing costs, long term portion, net	962	1,225
Other assets	103	9
TOTAL ASSETS	47,416	46,248
LIABILITIES AND EQUITY
Accounts payable	2,086	2,478
Accrued expenses and other current liabilities	2,616	3,964
Notes payable, current portion	1,718	1,373
Capital lease, current portion	245	121
Earn out from theater acquisitions		296
Deferred revenue	594	305
Total current liabilities	7,259	8,537
Notes payable, long term portion	7,693	8,615
Capital lease, net of current portion	575	239
Unfavorable leasehold liability, long term portion	132	159
Deferred rent expense	707	407
Deferred tax liability	210	199
TOTAL LIABILITIES	16,576	18,156
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred Stock, $.01 par value, 10,000,000 shares authorized as of March 31, 2014 and June 30, 2013, 6 shares of Series B Preferred Stock issued and outstanding as of March 31, 2014 and June 30, 2013 , respectively
Class A Common stock, $.01 par value: 20,000,000 shares authorized; and 7,214,073 and 5,511,938 shares issued and outstanding as of March 31, 2014 and June 30, 2013, respectively	72	55
Class B Common stock, $.01 par value, 900,000 shares authorized; 849,000 and 865,000 shares issued and outstanding as of March 31, 2014 and June 30, 2013, respectively	9	9
Additional paid-in capital	33,819	25,816
Accumulated deficit	(9,874)	(7,049)
TOTAL STOCKHOLDERS' EQUITY OF DIGITAL CINEMA DESTINATIONS CORP.	24,026	18,831
Noncontrolling interest	8,618	9,261
Treasury Stock, 361,599 Shares	(1,804)
Total equity	30,840	28,092
TOTAL LIABILITIES AND EQUITY	$ 47,416	$ 46,248