RealD Q2: Revenue up 69%, Deployments up 24%, Losses Remain

Posted by Joe Zaller
Nov 02 2010

3D technology provider RealD announced today that its net revenue for its second quarter as a public company was $65.3m, an increase of 69% versus the second quarter of last year.

The company recorded a GAAP net loss of $5.1m during the quarter, versus a GAAP loss of $5.4m during the same period a year ago.  However, the company said that its adjusted EBITDA (a non-GAAP measure) for the quarter was $16.5 million, compared to $3.9 million for the second quarter of fiscal 2010, an increase of 327%.

Revenue from product during the quarter accounted for 64% of revenue, with licensing revenue making up the additional 36%.  Product revenue increased 81.6% versus last year, while licensing revenue was up 51.8% versus the same quarter a year ago.  On the company’s conference call management pointed out that there were 8 films during the quarter that each provided at least $1m in licensing revenue, versus four such film a year ago.

The company said that at the end of the quarter it had deployed approximately 9,300 RealD enabled screens, an increase of 182% versus a year ago, and an increase of 24% versus the end of the previous quarter.  60% of the company’s deployments to date are in the United States and Canada, but international licensing revenue was greater than domestic revenue during the quarter.   The company said that it expects to deploy a further 1,800 – 2,200 screens during the third quarter of this fiscal year.

For first half of its fiscal year, the company reported net revenue of $129.8m, an increase of 102% versus the six months ended September 25, 2009.  Product and licensing revenue during the first six months of the year grew by 89% and 127% respectively, versus the same period a year ago.

GAAP net loss attributable to common stockholders for the six months ended September 24, 2010, was $169,000 compared to a GAAP net loss attributable to common stockholders of $15.3m for the six months ended September 25, 2009.

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You can read the full RealD Q2 earnings press release here.

The company’s earnings release from the previous quarter can be found here.

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