Eros International Plc Announces Share Repurchase Program; Reiterates Positive Bus. Fundamentals & Strong Financial Position
June 09 2019 - 4:15PM
Business Wire
Eros International PLC Announces $20 million
Share Repurchase Program
Eros Now announces 18.8 million Paid
Subscribers as of March 31, 2019
Eros International Plc (NYSE:EROS), a Global Indian
Entertainment Company, today provided the following statement from
Group Chairman and CEO of Eros International Kishore Lulla:
“We are very excited to announce that our Eros Now platform has
risen to 18.8 million paid subscribers and 154.7 million registered
users as of March 31, 2019, far exceeding our target for the full
fiscal year 2019 of 16 million subscribers. This represents a 138%
increase in paid subscribers over the past 12 months and an 18%
increase over the prior quarter.
Our success in building our subscriber base will further
increase the visibility of our earnings and move the company
towards a more annuity-based business model which will deliver
continuing and profitable growth.
Additionally, I am pleased to inform shareholders that we now
have a strong financial and operating position and our management
team are making it a priority to work with CARE Ratings, the
regulatory agency, to have our credit rating revised upwards in due
course.
I would also note that baseless allegations have been made
against the company in the past and subsequent frivolous lawsuits
have been dismissed with prejudice by the US courts. Similar
baseless allegations continue to be made by known short sellers
without justification. We will continue to defend our interests
rigorously at all times.”
Group Financial Officer and President of North America Prem
Parameswaran added, "Eros has a strong liquidity profile and
healthy balance sheet with no meaningful near-term debt maturities.
As of March 31st, 2019, we had over $135 million of cash and cash
equivalents1 on our balance sheet and our net debt position was
$145 million (unaudited figures).
Since the company went public in 2013 Eros has invested over
$1.2 billion in content and generated over $970 million in
operating cash flow from operations. As a result of this sustained
and prudent investment, Eros has one of the largest libraries of
Indian films in the world including over 12,000 digital rights.
The Eros Board of Directors believes the equity value of Eros
International PLC is seriously undervalued in the public markets
and accordingly, the Board has approved a share buyback program of
up to $20 million of outstanding common shares.
We look forward to discussing Eros International's Fiscal Year
and 2019 results with the market on July 15, 2019.”
Share repurchases may be made at management’s discretion from
time to time on the open market or through privately negotiated
transactions. The repurchase program has no time limit and may be
suspended for periods or discontinued at any time. Eros’ share
repurchase program does not obligate it to repurchase any specific
number of shares and may be suspended or discontinued at any
time.
1) Includes restricted deposits of $46.6 million
About Eros International
Plc
Eros International Plc (NYSE: EROS) a Global Indian
Entertainment company that acquires, co-produces and distributes
Indian films across all available formats such as cinema,
television and digital new media. Eros International Plc became the
first Indian media company to list on the New York Stock Exchange.
Eros International has experience of over three decades in
establishing a global platform for Indian cinema. The Company has
an extensive and growing movie library comprising of over 3,000
films, which include Hindi, Tamil, and other regional language
films for home entertainment distribution. The Company also owns
the rapidly growing OTT platform Eros Now. For further information,
please visit: www.erosplc.com.
About Eros Now
Eros Now is Eros International Plc’s On-Demand South Asian
Entertainment Video Service accessible worldwide to viewers across
internet enabled devices including mobile, web and TV. With 12,000
Movie titles, Music Videos, Television Programming and others Eros
Now caters to more than 154.7 million registered users and 18.8
million paying subscribers worldwide with the promise of endless
entertainment Product features, such as video in HD, multi-language
subtitles, movie downloads, and high-quality original drama series
differentiate the Eros Now entertainment offering. To see, watch
now: www.erosnow.com
For further information, please visit: www.erosplc.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20190609005028/en/
Mark CarbeckChief Corporate and Strategy OfficerEros
International Plc+44 207 258 9909mark.carbeck@erosintl.com
Media:Erica BartschSloane & Company+1 212 446
1875ebartsch@sloanepr.com
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