RHI Entertainment, Inc. (NASDAQ: RHIE), a leading developer,
producer, and distributor of made-for-television (MFT) movies,
miniseries, and other television programming, today reported its
financial results for the second quarter ended June 30, 2009.
“Our results this quarter show that we have effectively managed
our operations to better meet the demand from broadcast and cable
networks,” said Robert Halmi, Jr., President and Chief Executive
Officer of RHI Entertainment, Inc. “With four made-for-TV movies
and two mini-series delivered during the quarter, and nine
mini-series and 25 MFT movies in various stages of production, most
of which are expected to be delivered in the second half of 2009,
we are reaffirming our commitment to deliver a slate of 30 - 35
films in 2009. We believe the activity we are seeing in multiple
markets, including the orders we are now getting for the fourth
quarter of this year and the first quarter of next year, suggest a
level of stabilization and that the truly extenuating circumstances
of recent quarters may be coming to an end. We fully expect our
customers will keep a continued, sharp focus on the cost-value
proposition for the content they acquire, and for this reason we
believe RHI provides a very attractive solution for them.”
Mr. Halmi continued, “In terms of our longer-term initiatives
and imperatives, we continue to work toward the goal of paying down
roughly $200 million in debt over the next four years. As the
market recovers, and as we deliver more content, the free cash flow
we generate as a result will be used to de-lever the company.
Additionally, we are focused on further reducing G&A costs, the
results of which are only now materializing and the full impact of
which will be apparent in 2010. Finally, we are excited about the
prospects of licensing our content to new broadcasters and in new
markets. This includes a stronger and sustained push
internationally and through our newly established footprint in the
Hollywood community.”
Mr. Halmi concluded, “With a unique financing and distribution
model, extensive and valuable library, and growing list of
expansion opportunities, we are excited about the prospects for
this business, which continues to show resiliency in a very tough
market.”
Three Months Ended June 30, 2009
Total revenue for the three months ended June 30, 2009 was $22.7
million, a reduction of 58 percent from $53.4 million in the second
quarter of 2008. The decline in total revenue was due to a
reduction in library revenue during the second quarter of 2009.
Library revenue decreased 79 percent to $10.9 million in the
three months ended June 30, 2009, versus $50.9 million in the
second quarter of 2008. The decline in library revenue reflects the
continued impact of the slow down in sales activity experienced in
the fourth quarter of 2008 and much of the first quarter of 2009.
While demand has recently improved for library product during the
second quarter of 2009, sales made in the current period are often
not recognized as revenue until subsequent periods. Further, during
the second quarter of 2008, one sale to a customer, to whom the
Company continues to license product, accounted for $32.5 million
of library revenue. There were no comparable license deals of this
size during the second quarter of 2009.
Also contributing to the decrease in library revenue was a $1.6
million reduction related to the distribution of programming on ION
during the three months ended June 30, 2009 compared to the prior
year period as a result of a weakened advertising market and
resulting decrease in advertising sales.
Production revenue increased to $11.8 million during the second
quarter of 2009, compared to $2.6 million in the prior year period.
In response to growing demand during the second quarter of 2009,
RHI increased production activity. The Company delivered four MFT
movies and two original mini-series, compared to four MFT movies in
the three months ended June 30, 2008. The films that the Company
delivered in the second quarter of 2008 each premiered on
video-on-demand prior to the initial broadcast term, resulting in a
delay in recognizing initial license fee revenue.
Cost of sales for the three months ended June 30, 2009 was $18.5
million, compared to $33.1 million during the comparable period of
2008. Cost of sales is comprised of film cost amortization, certain
distribution expenses and the amortization of minimum guarantee
payments to ION. While film cost amortization as a percentage of
revenue was slightly higher in 2009 versus 2008, the decrease in
gross profit during the second quarter of 2009 was primarily the
result of the reduction in revenue and the fact that distribution
expenses and the ION minimum guarantee expense do not directly
correlate to the recognized revenue.
Selling, general and administrative expenses decreased $6.7
million to $6.9 million in the three months ended June 30, 2009,
from $13.6 million in the same period in 2008. The decrease is
primarily due to the collection of approximately $2.8 million of
accounts receivable from one customer which had been reserved for
in the three months ended June 30, 2008. Additionally, during the
three months ended June 30, 2008, the Company incurred
approximately $1.1 million of costs associated with an industry
tradeshow. During 2009, the same tradeshow occurred in the first
quarter. The Company has begun to see the benefits of its continued
focus on tightly managing its costs and expects more significant
results in 2010.
Other expense for the second quarter of 2009 totaled $1.0
million, compared to $0.1 million in the same period of 2008. The
2009 expense includes the $1.3 million change in fair value of the
Company’s interest rate swaps offset by $0.3 million of realized
foreign currency gains resulting from the settlement of customer
accounts denominated in foreign currencies. Other expense for the
three months ended June 30, 2008 primarily represented foreign
exchange losses. During the quarter, the Company amended how it
accounts for interest rate swaps, resulting in the non-cash changes
in value of the interest rate swaps being recorded to the income
statement as opposed to the stockholders’ equity section of the
balance sheet.
The Company reported an Adjusted EBITDA loss of $20.3 million
for the three months ended June 30, 2009, compared to a gain of
$3.4 million in the second quarter of 2008.
Loss before non-controlling interest in loss of consolidated
entity for the second quarter of 2009 totaled $14.9 million,
compared to a loss of $8.5 million in the same period of 2008. Loss
per share for the three months ended June 30, 2009 was $0.64. The
net loss for the three months ended June 30, 2009 is not directly
comparable to the net loss for three months ended June 30, 2008, as
the Company’s results for the period April 1, 2008 to June 22, 2008
(the period prior to the Company’s initial public offering) does
not include any adjustment for non-controlling interest in loss of
consolidated entity.
Six Months Ended June 30, 2009
Total revenue for the six months ended June 30, 2009 was $35.7
million, a reduction of 53 percent from $75.7 million in the first
half of 2008. The decrease in total revenue was primarily
attributable to a reduction in library revenue in the first half of
2009.
Library revenue decreased 65 percent to $23.9 million in the six
months ended June 30, 2009, versus $68.1 million in the first half
of 2008. The decline in library revenue reflects the continued
impact of the slow down in sales activity experienced in the fourth
quarter of 2008 and much of the first quarter of 2009. While demand
has improved for library product during the second quarter of 2009,
sales made in a current period are often not recognized as revenue
until subsequent periods. Further, during the first half of 2008,
sales to a customer, to whom the Company continues to license
product, accounted for $33.6 million of library revenue. There were
no comparable license deals of this size during the first six
months of 2009.
Also contributing to the decrease in library revenue was a $3.0
million reduction related to the distribution of programming on ION
during the six months ended June 30, 2009 compared to the prior
year period as a result of a weaker advertising sales market and
resulting decrease in advertising sales.
Production revenue increased 57 percent to $11.8 million during
the six months ended June 30, 2009, compared to $7.5 million in the
prior year period. The increase in production revenue is primarily
due to the delivery of two additional original mini-series in the
six months ended June, 30, 2009 as compared to the year ago period.
In addition, several of the films delivered in the first half of
2008 premiered on video-on-demand prior to the initial broadcast
term, resulting in a delay in recognizing initial license fee
revenue.
Cost of sales for the six months ended June 30, 2009 was $31.9
million, compared to $50.7 million during the comparable period of
2008. Cost of sales is comprised of film cost amortization, certain
distribution expenses and the amortization of minimum guarantee
payments to ION. While film cost amortization as a percentage of
revenue was slightly higher in 2009 versus 2008, the decrease in
gross profit during the second quarter of 2009 was primarily the
result of the reduction in revenue and the fact that distribution
expenses and the ION minimum guarantee expense do not directly
correlate to the recognized revenue.
Selling, general and administrative expenses decreased $8.6
million to $17.9 million in the six months ended June 30, 2009,
from $26.5 million in the same period in 2008. The decrease is
primarily due to the collection of approximately $2.8 million of
accounts receivable from one customer which had been reserved for
in the six months ended June 30, 2008. In addition, a portion of
the difference relates to severance costs incurred in the prior
year period. The Company has begun to see the benefits of its
continued focus on tightly managing its costs and expects more
significant results in 2010.
Other expense for the first six months of 2009 totaled $1.6
million, compared to income of $0.8 million in the same period of
2008. The 2009 income includes the $1.3 million decrease in fair
value of the Company’s interest rate swaps and realized foreign
currency losses. Other income for the six months ended June 30,
2008 primarily represented foreign exchange gains.
The Company reported an Adjusted EBITDA loss of $54.7 million
for the six months ended June 30, 2009, compared with a loss of
$11.9 million in the first half of 2008.
Loss before non-controlling interest in loss of consolidated
entity for the six months ended June 30, 2009 totaled $37.0
million, compared to $28.7 million in the same period of 2008. Loss
per share for the six months ended June 30, 2009 was $1.58. The net
loss for the six months ended June 30, 2009 is not directly
comparable to the net loss for six months ended June 30, 2008, as
the Company’s results for the period from January 1, 2008 to June
22, 2008 (the period prior to the Company’s initial public
offering) does not include any adjustment for non-controlling
interest in loss of consolidated entity.
Liquidity and Capital Resources
The Company’s credit facilities currently include: (i) two first
lien facilities, a $175.0 million term loan and a $350.0 million
revolving credit facility; and (ii) a $75.0 million senior second
lien term loan. As of June 30, 2009, all of the Company’s debt was
variable rate and totaled $583.8 million outstanding. To manage the
related interest rate risk, the Company has entered into interest
rate swap agreements. As of June 30, 2009, the Company had floating
to fixed interest rate swaps outstanding in the notional amount of
$435.0 million, effectively converting that amount of debt from
variable rate to fixed rate. The interest rate swaps were amended
in April 2009 which will result in approximately $4 -5 million cash
interest savings over the next nine months.
As of June 30, 2009, the Company had $1.9 million of cash
compared to $22.4 million of cash at December 31, 2008. As of June
30, 2009, the Company had $12.8 million available under its
revolving credit facility, net of an outstanding letter of credit,
subject to the terms and conditions of that facility. The decrease
in cash reflects the Company’s production spending during the six
months ended June 30, 2009.
Interest expense, net decreased $2.4 million to $20.0 million
for the six months ended June 30, 2009 from $22.4 million during
the comparable period in 2008.
Management is continually reviewing its operations for
opportunities to adjust the timing of expenditures to ensure that
sufficient resources are maintained. The timing surrounding the
commencement of production of movies and mini-series is the most
significant item the Company can alter in terms of managing its
resources. The Company’s production partners have financed a
substantial portion of the cost for each 2009 film through the use
of new or existing credit facilities of their own. Although a
majority of the Company’s films are in production in the summer
months so that they can be delivered late in the third quarter and
during the fourth quarter, a portion of the funding for these films
has been paid and a portion has been deferred to future periods to
better match the cash inflows related to sales of this product. As
such, the Company’s net production funding requirements for the
balance of 2009 are not significant relative to the remaining film
deliveries.
The Company is committed to tightly managing its film slate and
its overall capital commitments to ensure that it has the
appropriate resources in place to run and grow its business and
continue to strengthen the Company’s balance sheet. The Company
believes that its cash on hand, available borrowings under its
revolving credit facility and projected cash flows from operations
will be sufficient to satisfy its financial obligations through at
least the next twelve months.
ION Settlement
On July 15, 2009, RHI entered into a settlement agreement (the
Settlement Agreement) to resolve a dispute with one of its
distribution partners, ION Media Networks, Inc. (ION), which filed
for Chapter 11 bankruptcy in June 2009. If approved by the
Bankruptcy Court, the Settlement Agreement would end the existing
relationship between RHI and ION and result in the termination of
the license agreement dated December 1, 2007 between the parties.
The Settlement Agreement provides that, among other things, RHI
will make a one-time payment of $2.5 million to ION, representing
the net amounts owed to ION. Management anticipates a net gain of
approximately $1.1 million to be recorded resulting from the
settlement of any assets and liabilities recorded as of June 30,
2009 related to the License Agreement.
Refer to the Company’s June 30, 2009 quarterly report on Form
10-Q filed with SEC for a complete description of the Settlement
Agreement.
Conference Call & Webcast
RHI’s senior management will host a conference call to discuss
its second quarter financial results on Wednesday, August 5, 2009
at 5:00 pm ET. Interested parties in the United States and Canada
may dial (866) 406-5408. Those participants outside of the U.S. and
Canada may dial (973) 582-2770. The conference call I.D. number is
20854686.
A replay of the earnings call will be available beginning two
hours after the completion of the call on Wednesday, August 5, 2009
through August 19, 2009. To hear the replay, callers in the U.S.
and Canada may dial (800) 642-1687 and international callers may
dial (706) 645-9291. The conference call I.D. number is
20854686.
This call is also available as a live webcast and can be
accessed at RHI Entertainment's Investor Relations Web site at
http://ir.rhitv.com.
About RHI Entertainment
RHI Entertainment, Inc. (NASDAQ: RHIE) develops, produces and
distributes made-for-television movies, miniseries and other
television programming worldwide, and is the leading provider of
new long-form television content in the United States. Under the
leadership of Robert Halmi, Sr. and Robert Halmi, Jr., RHI has
produced and distributed thousands of hours of quality television
programming, and RHI’s productions have received more than 100 Emmy
Awards. In addition to the development, production and distribution
of new content, RHI owns rights to over 1,000 titles comprising
more than 3,500 broadcast hours of long-form television
programming, which are licensed to broadcast and cable networks and
new media outlets globally.
Certain statements in this press release are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. The words "believe," "estimate," "expect,"
"intend," "anticipate," "goals," variations of such words, and
similar expressions identify forward-looking statements, but their
absence does not mean that the statement is not forward-looking.
The forward-looking statements in this release include statements
regarding RHI Entertainment, Inc.’s anticipated growth, future
operating results and ability to secure additional capital and
liquidity. Forward-looking statements are not guarantees of future
performance and actual results may vary materially from the results
expressed or implied in such statements. Differences may result
from actions taken by RHI Entertainment, Inc., as well as from
risks and uncertainties beyond RHI Entertainment, Inc.'s control.
Such risks and uncertainties include, but are not limited to, the
termination, non-renewal or renegotiation on materially adverse
terms of our contracts with our significant customers and
distributors, receipt of payment for license fees from our
customers and distributors, the ability to attract new customers,
penetrate new markets and distribution channels and react to
changing consumer demands, the ability to achieve the strategic and
financial objectives for our entry into or expansion of new
distribution platforms, the ability to adequately protect our
intellectual property, and general economic conditions. The
foregoing list of risks and uncertainties is illustrative, but by
no means exhaustive. For more information on factors that may
affect future performance, please review "Risk Factors" described
in RHI’s Annual Report on Form 10-K for the year ended December 31,
2008, which was filed with the Securities and Exchange Commission
(“SEC”) on March 5, 2009 and the Company’s other public filings
with the Securities and Exchange Commission. These forward-looking
statements reflect RHI Entertainment, Inc.'s expectations as of the
date of this release. RHI Entertainment, Inc. undertakes no
obligation to update the information provided herein.
RHI ENTERTAINMENT, INC.
Financial Highlights
(In millions)
Three Months endedJune 30,
2009
Three Months endedJune 30,
2008
% Change
Production Revenue
$ 11.8 $ 2.6 356% Library
Revenue 10.9 50.9
(79)% Total Revenue 22.7
53.4 (58)% Gross Profit %
18% 38%
(20)%
Loss before non-controlling
interest in loss of consolidated entity
(14.9)
(8.5)
N/A
Adjusted EBITDA $(20.3)
$3.4 N/A
Six Months endedJune 30, 2009
Six Months endedJune 30, 2008
% Change
Production Revenue
$11.8 $7.5 57% Library
Revenue 23.9 68.1
(65)% Total Revenue 35.7
75.7 (53)% Gross Profit %
11% 33%
(22)% Loss before non-controlling interest in loss of consolidated
entity
(37.0)
(28.7)
N/A
Adjusted EBITDA $(54.7)
$(11.9) N/A
RHI ENTERTAINMENT, INC.
Unaudited Condensed
Consolidated Statements of Operations
(In thousands, except per share
data)
(in thousands)
Period from June 23,
2008to June 30,2008
Period from April 1,
2008to June 22,2008
Three
MonthsEndedJune 30, 2008
Three
MonthsEndedJune 30, 2009
(a)
Successor
(b)
Predecessor
(a) + (b)
Combined (1)
Successor Revenue Production revenue $ 932 $ 1,661 $ 2,593 $
11,832 Library revenue 1,489 49,363 50,852 10,851 Total revenue
2,421 51,024 53,445 22,683 Cost of sales 1,303 31,818 33,121 18,487
Gross profit 1,118 19,206 20,324 4,196 Other costs and expenses:
Selling, general and administrative 732 12,913 13,645 6,922
Amortization of intangible assets 36 314 350 285 Fees paid to
related parties: Management fees — 137 137 — Termination fee 6,000
— 6,000 — (Loss) income from operations (5,650) 5,842 192 (3,011)
Other (expense) income: Interest expense, net (819) (9,805)
(10,624) (10,435) Interest income 3 15 18 1 Other income (expense),
net 67 (181) (114) (953) Loss before income taxes and
non-controlling interest in loss of consolidated entity (6,399)
(4,129) (10,528) (14,398) Income tax (provision) benefit (83) 2,111
2,028 (543) Loss before non-controlling interest in loss of
consolidated entity (6,482) (2,018) (8,500) (14,941)
Non-controlling interest in loss of consolidated entity 2,742 —
2,742 6,320 Net loss $ (3,740) $ (2,018) $ (5,758) (8,621) Basic
and diluted loss per share
$(0.28)
N/A N/A $(0.64)
(1) Represents the combined results for the Predecessor and
Successor period presented. The combined results are non-GAAP
financial measures and should not be used in isolation or
substitution of Predecessor and Successor results. We believe the
combined results help to provide a presentation of our results for
comparability purposes.
RHI ENTERTAINMENT, INC.
Unaudited Condensed
Consolidated Statements of Operations
(In thousands, except per share
data)
(in thousands)
Period from June 23,
2008to June 30,2008
Period from January 1,
2008to June 22,2008
Six
MonthsEndedJune 30, 2008
Six
MonthsEndedJune 30, 2009
(a)
Successor
(b)
Predecessor
(a) + (b)
Combined (1)
Successor Revenue Production revenue $ 932 $ 6,602 $ 7,534 $
11,832 Library revenue 1,489 66,643 68,132 23,854 Total revenue
2,421 73,245 75,666 35,686 Cost of sales 1,303 49,396 50,699 31,925
Gross profit 1,118 23,849 24,967 3,761 Other costs and expenses:
Selling, general and administrative 732 25,802 26,534 17,888
Amortization of intangible assets 36 671 707 599 Fees paid to
related parties: Management fees — 287 287 — Termination fee 6,000
— 6,000 — Loss from operations (5,650) (2,911) (8,561) (14,726)
Other (expense) income: Interest expense, net (819) (21,559)
(22,378) (20,067) Interest income 3 34 37 4 Other income (expense),
net 67 706 773 (1,647) Loss before income taxes and non-controlling
interest in loss of consolidated entity (6,399) (23,730) (30,129)
(36,436) Income tax (provision) benefit (83) 1,518 1,435 (518) Loss
before non-controlling interest in loss of consolidated entity
(6,482) (22,212) (28,694) (36,954) Non-controlling interest in loss
of consolidated entity 2,742 — 2,742 15,632 Net loss $ (3,740)
$(22,212) $(25,952) (21,322) Basic and diluted loss per share
$(0.28)
N/A N/A $(1.58)
(1) Represents the combined results for the Predecessor and
Successor period presented. The combined results are non-GAAP
financial measures and should not be used in isolation or
substitution of Predecessor and Successor results. We believe the
combined results help to provide a presentation of our results for
comparability purposes.
RHI ENTERTAINMENT, INC.
Unaudited Adjusted
EBITDA
(In thousands)
Three
MonthsEndedJune 30,2009
Three
MonthsEndedJune 30,2008
Six
MonthsEndedJune 30,2009
Six
MonthsEndedJune 30,2008
Successor Combined (1) Successor Combined
(1) Net loss $(8,621) $(5,758) $(21,322) $(25,952)
Non-controlling interest in loss of consolidated entity (6,320)
(2,742) (15,632) (2,742) Interest expense, net 10,435 10,624 20,067
22,378 Realized loss on interest rate swaps 1,267 — 1,267 —
Depreciation of fixed assets 54 48 106 97 Income tax provision
(benefit) 543 (2,028) 518 (1,435) Amortization of film production
costs 13,786 31,607 22,008 44,613 Amortization of intangible assets
285 350 599 707 Capitalized film production costs (30,092) (38,377)
(61,582) (62,502) Share-based compensation 443 485 921 968
Severance-related expenses 740 — 667 2,847 Bad debt expense (2,866)
3,167 (2,334) 3,167 Financing-related expenses — 6,000 — 6,000
Adjusted EBITDA (2) $(20,346) $3,376
$(54,717) $(11,854)
(1) Represents the combined results for the Predecessor and
Successor period presented. The combined results are non-GAAP
financial measures and should not be used in isolation or
substitution of Predecessor and Successor results. We believe the
combined results help to provide a presentation of our results for
comparability purposes.
(2) Adjusted EBITDA represents net loss before non-controlling
interest in loss of consolidated entity, interest expense, net,
income tax (benefit) expense, depreciation of fixed assets,
amortization of film production costs, amortization of intangible
assets, share-based compensation, bad debt expense and
severance-related expenses, reduced by our capitalized film
production costs net of changes in accrued film production costs
during the applicable period. We deduct our capitalized film
production costs net of changes in accrued film production costs
because we consider our film production spending to be a material
aspect of our ongoing operating performance. We add back any bad
debt expense, severance-related expense, impairment charges, loss
on extinguishment of debt and financing-related expenses because we
do not consider it to be a material aspect of our ongoing operating
performance.
We present Adjusted EBITDA because we consider it an important
supplemental measure of our performance and believe a comparable
measure is frequently used by securities analysts, investors and
other interested parties in the evaluation of companies in our
industry, many of which present Adjusted EBITDA or a comparable
measure when reporting their results. We also use Adjusted EBITDA
for the following purposes: our management uses Adjusted EBITDA to
assess our operating performance; our compensation committee judges
the performance of our executives and calculates their
compensation, at least in part, based on our Adjusted EBITDA
performance; and Adjusted EBITDA is also widely used by us and
others in our industry to evaluate and price potential acquisition
candidates.
Adjusted EBITDA is a measure of our performance that is not
required by, or presented in accordance with, GAAP. Adjusted EBITDA
has limitations as an analytical tool, is not a measurement of our
financial performance under GAAP and should not be considered as an
alternative to net income, operating income or any other
performance measures derived in accordance with GAAP or as an
alternative to cash flow from operating activities as a measure of
our liquidity.
You are encouraged to evaluate such adjustments and the reasons
we consider them appropriate for supplemental analysis. As an
analytical tool, Adjusted EBITDA is subject to, among others, the
following limitations:
• Adjusted EBITDA does not reflect our cash expenditures, or
future requirements, for capital expenditures or contractual
commitments;
• Adjusted EBITDA does not reflect changes in, or cash
requirements for, our working capital needs;
• Adjusted EBITDA does not reflect the significant interest
expense, or the cash requirements necessary to service interest or
principal payments, on our debts;
• although depreciation and certain amortization expenses are
non-cash charges, the assets being depreciated and amortized will
often have to be replaced in the future; and
• other companies in our industry may calculate Adjusted EBITDA
differently than we do, limiting their usefulness as comparative
measures.
Because of these limitations, Adjusted EBITDA should not be
considered as a measure of discretionary cash available to us to
invest in the growth of our business. We compensate for these
limitations by relying primarily on our GAAP results and using
Adjusted EBITDA only supplementally. See the statements of cash
flows included in our consolidated financial statements.
RHI ENTERTAINMENT, INC.
Unaudited Condensed
Consolidated Balance Sheets
(In thousands, except per share
data)
June 30,2009
December 31,2008
(Successor) (Successor) ASSETS
Cash
$
1,856
$
22,373
Accounts receivable, net of allowance for doubtful accounts and
discount to present value of
$7,652 and $11,933, respectively
139,802
180,125
Film production costs, net 793,903 780,122 Property and equipment,
net 340 370 Prepaid and other assets, net 24,908 28,928 Intangible
assets, net
1,665 2,264
Total assets
$ 962,474 $
1,014,182
LIABILITIES AND STOCKHOLDERS’
EQUITY
Accounts payable and accrued liabilities $ 47,005 $ 51,477 Accrued
film production costs 169,535 195,328 Debt 583,789 576,789 Deferred
revenue
14,418 13,530 Total
liabilities
814,747 837,124
Stockholders’ equity Common stock, par value $0.01 per
share;125,000 shares authorized and 13,505 shares issued and
outstanding 135 135 Additional paid-in capital 150,140 149,609
Accumulated deficit (57,517) (36,195) Accumulated other
comprehensive loss
(7,521)
(11,387) Total RHI Inc. stockholders’ equity 85,237
102,162 Non-controlling interest in consolidated entity
62,490 74,896 Total stockholders’
equity
147,727 177,058
Total liabilities and stockholders’ equity
$
962,474 $ 1,014,182
RHI ENTERTAINMENT, INC.
Unaudited Selected Cash Flow
Information
(In thousands)
(a)
Successor
(b)
Predecessor
(a) + (b)
Combined
Successor
Period fromJune
23,2008 to June30, 2008
Period fromJanuary
1,2008 to June22, 2008
Six
MonthsEndedJune 30, 2008
Six
MonthsEndedJune 30, 2009
Net cash used in operating activities $(11,904) $(32,331)
$(44,235) $(27,440) Net cash used in investing activities — (81)
(81) (77) Net cash (used in) provided by financing activities
(16,344) 64,520 48,176 7,000 Cash (end of period) 5,267 33,515
5,267 1,856
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