IDW Publishing Achieves Operating Profitability in Fourth Quarter
Locke & Key Renewed for Third Season

NEWARK, NJ and LOS ANGELES, CA / ACCESSWIRE / January 25, 2021 / IDW Media Holdings, Inc. (OTC PINK:IDWM), an integrated media company, today reported a fourth quarter net loss per share of $0.20 on revenue of $10.1 million for the three months ended October 31, 2020. For the full fiscal year 2020, the net loss per share totaled $1.54 on revenue of $38.2 million.

Fourth Quarter FY 2020 (4Q20) Highlights

• IDW's publishing business (IDWP) increased revenue to $7.7 million in 4Q20 from $5.8 million in 4Q19 led by strong sales of the late Congressman John Lewis's March graphic novels.
• IDWP generated positive income from operations of $491 thousand in 4Q20 compared to a loss from operations of $843 thousand in 4Q19.
• Netflix has renewed Locke & Key for a third season. Production of S3 is scheduled to follow immediately after completion of production of S2.
• On a consolidated basis, IDW narrowed its loss from continuing operations to $1.7 million in 4Q20 from $18.0 million in 4Q19.
• The closing of the sale of CTM, IDW's tourism-focused brochure distribution and marketing company, has been delayed due to conditions pertaining to CTM's PPP loans.
• CTM's results were reported as discontinued operations for all periods presented.
• IDW's net loss per share narrowed to $0.20 in 4Q20 from a loss per share of $2.29 in 4Q19.

Comments from Ezra Rosensaft, Chief Executive Officer

'IDW generated significantly improved financial results in the fourth quarter. IDW Publishing had an outstanding quarter increasing revenue to its highest level in four years and generating positive income from operations. IDW Entertainment's results continue to improve as we work through the impacts of legacy production financing deals.

'Netflix announced that it will renew Locke & Key for a third season. The first season's compelling storyline, cast, and production values established an outstanding foundation for the continued success of the show. Congratulations to comic book creators Joe Hill and Gabe Rodríguez and Co-Showrunners Meredith Averill and (Executive Producer) Carlton Cuse.

'Looking ahead, IDW is positioned for a strong fiscal 2021. As we deepen our relationships with leading creators, further integrate our operations, and holistically develop our IP, we expect further improvements in our operational and financial results.

'We are in the process of re-registering IDW's Class B common stock with the Securities and Exchange Commission and are working to get that done in the first half of this calendar year, and then will work to get the stock listed on a national exchange.'

Consolidated P&L Highlights

Segment P&L Highlights
(Does not include corporate overhead.)

*CTM's bottom line results are reported as ‘Net (loss) income from discontinued operations' in all prior periods presented.

Financial Take-Aways

• Revenue:
  • IDWP reported robust increases in quarterly revenue year over year attributable in part to robust sales of the late Congressman John Lewis's March trilogy and George Takei's They Called Us Enemy. Book market revenue increased substantially augmented by sales of digital comic offerings and license and royalty revenues.
  • IDW Entertainment (IDWE) revenue in 4Q20 was generated primarily by the delivery of certain episodes of Wynonna Earp, Season 4. Revenue decreased significantly from the year ago quarter when IDWE delivered V Wars and certain October Faction episodes.
• Income (loss) from Operations:
  • IDWP generated positive income from operations in 4Q20 despite the challenges of the COVID-19 environment. The improvement reflected the impact of increased revenue including sales of higher margin backlist titles.
  • IDWE substantially narrowed its loss from operations in 4Q20. The loss reflected Wynonna Earp related expenses and the write down of a Dirk Gently related asset. The loss in the year ago quarter reflected the delivery of V Wars and October Faction episodes and an earlier asset write-down.
• CTM Media: CTM Media's results were reported as discontinued operations reflecting the pending sale of the business. Pandemic related market changes also drove the quarterly and full year increases in the loss from operations.
• Balance Sheet Highlights: At October 31, 2020, IDW's cash balance increased to $10.5 million from $7.5 million at October 31, 2019. Working capital (current assets less current liabilities) increased to $17.8 million from $15.4 million over the same period.

Earnings Conference Call

IDW's management will host an earnings conference call beginning at 5:00 PM Eastern today to present results, outlook and strategy followed by Q&A with investors.

To listen to the call and participate in the Q&A, dial 1-877-705-6003 (toll free - U.S.) or 1-201-493-6725 (toll - international) and request the ‘IDW Media call.'

A replay of the conference call can be accessed approximately three hours after the call concludes through February 1, 2021 by dialing 1-844-512-2921 (toll free - U.S.) or 1-412-317-6671 (toll - international) and providing this replay PIN number: 13715320. A replay will also be available via streaming audio through the IDW investor relations website.

About IDW

IDW (OTCPINK:IDWM) is an integrated media company providing compelling stories and characters for global audiences. Our IDW Publishing and IDW Entertainment businesses acquire IP for holistic franchise development across comics and graphic novels, television, games, merchandise and other entertainment platforms and leverage established stories from our creative partners.

Investor Contact

IDW Media Investor Relations
investor.relations@idwmh.com

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