Turbine
Company
Documents about Turbine
Digital Turbine Q3 FY2011 Form 10-Q
NeuMedia, Inc., operating as Digital Turbine, underwent a period of profound financial and operational restructuring during the third quarter of fiscal year 2011.
- NeuMedia, Inc. faces significant liquidity challenges, reporting a deficit in net current assets of $4.5 million as of December 31, 2010, and a history of losses and negative cash flows since the acquisition of its primary subsidiary, Twistbox Entertainment.
- The company is highly dependent on a single major customer, which accounted for 49% of gross revenues for the nine months ended December 31, 2010, and 43% of gross revenues for the three-month period ending on that date.
- Management recorded substantial impairment charges in the current quarter, totaling $1.546 million for goodwill and $4.482 million for intangible assets, following a review that determined the company's net book value exceeded its implied fair value.
Digital Turbine Form 10-Q: Q2 FY2011
NeuMedia, Inc., operating as Digital Turbine, underwent a comprehensive financial and operational restructuring during the quarter ended September 30, 2010.
- NeuMedia (now Digital Turbine) underwent a major restructuring on June 21, 2010, selling its operating subsidiaries to ValueAct and certain founders to settle $23.2 million in secured indebtedness.
- Revenue for the quarter ended September 30, 2010, fell to $2.08 million from $3.52 million in the same period of 2009, driven by declines in carrier portal managed revenues in Spain and ancillary revenues in the UK.
- Gross margin dropped significantly to 47.8% in the quarter ended September 30, 2010, compared to 77.3% in the prior-year period, due to increased QA/development costs and initiation expenses for off-deck sales initiatives.
Digital Turbine Form 10-Q: Q1 FY2011
For the quarter ended June 30, 2010, NeuMedia, Inc.—operating as the precursor to Digital Turbine—underwent a transformative financial and structural reorganization.
- NeuMedia, Inc. (now Digital Turbine) operates primarily through its wholly-owned subsidiary, Twistbox Entertainment, a global mobile content publisher with distribution agreements reaching over one billion subscribers across 100 network operators in 40 countries.
- Twistbox maintains key distribution partnerships with major global carriers including Vodafone, AT&T, Verizon, T-Mobile, Telefonica, and Orange, serving as an exclusive supplier of late-night content for Vodafone in select territories.
- The company underwent a significant capital restructuring in June 2010, issuing $2.5 million in Senior Secured Convertible Notes due 2013 and amending the ValueAct Note to a $3.5 million principal balance.
Digital Turbine Annual Report: Form 10-K FY2010
The 2010 Form 10-K for NeuMedia, Inc.—later known as Digital Turbine—details a period of intense financial and operational restructuring as the company transitioned into a global mobile entertainment publisher.
- On June 21, 2010, NeuMedia divested its AMV operating subsidiaries to settle $23.3 million in secured debt, leaving a remaining principal balance of $3.5 million owed to ValueAct.
- The restructured debt agreement with ValueAct matures on June 21, 2013, carries a 10% interest rate, and allows for interest to be added to the principal through January 1, 2012.
- The company has a history of net losses and warns that it may not achieve future profitability, citing the need for additional financing which may not be available on favorable terms.
Digital Turbine Quarterly Report: Q3 FY2010
Mandalay Media, operating as Digital Turbine during the third quarter of fiscal year 2010, faced a precarious financial landscape defined by significant liquidity constraints and substantial debt obligations.
- Mandalay Media, Inc. operates primarily through its wholly-owned subsidiary, Twistbox Entertainment, Inc., a global publisher of branded mobile entertainment content for 3G networks.
- The company faces significant liquidity risks, having sustained substantial operating losses and negative cash flows from operations since the inception of its Twistbox subsidiary.
- As of December 31, 2009, the company reported $15.2 million in intangible assets, following a $3.94 million impairment charge recorded in the 2009 fiscal year to write down the value of these assets.
Digital Turbine Quarterly Report: Q2 FY2010
Mandalay Media, operating as Digital Turbine, navigated a period of significant corporate transformation and financial instability during the first half of fiscal year 2010.
- Mandalay Media, Inc. completed the acquisition of AMV Limited, resulting in a preliminary goodwill allocation of $22.46 million.
- The company maintains a management agreement with Trinad Management through September 2011, requiring a quarterly fee of $90,000 and a $1 million termination penalty.
- As of September 30, 2009, the company held 5,308 exercisable stock options with a weighted average exercise price of $2.27.
Digital Turbine Q1 2010 Form 10-Q
Mandalay Media, Inc., operating as a global publisher and distributor of mobile entertainment content, experienced a period of significant structural and financial transition during the quarter ended June 30, 2009.
- Mandalay Media, Inc. operates primarily through its wholly owned subsidiary, Twistbox Entertainment, a global publisher of branded mobile content including games, video, and TV programming for 3G networks.
- As of June 30, 2009, the company faces significant credit risk concentration, with its two largest customers accounting for 12% and 19% of gross sales and 17% and 15% of gross accounts receivable, respectively.
- The company recognizes revenue on a net basis as an agent rather than a principal, reporting only the amount the carrier reports as payable after the sale of products.
Digital Turbine Annual Report: 10-K FY2009
During fiscal year 2009, Mandalay Media, Inc.—the entity now known as Digital Turbine—underwent a fundamental transformation from a public shell company into a global mobile entertainment publisher.
- Mandalay Media, Inc. (formerly Mediavest, Inc.) completed a merger with Twistbox Entertainment, Inc. on February 12, 2008, and acquired AMV Holding Limited on October 23, 2008.
- The company operates a direct-to-consumer mobile content business, delivering games, videos, and lifestyle content to an 18–35-year-old demographic in the UK, Australia, South Africa, and various European countries.
- Revenue is primarily generated through mobile network billing (Premium SMS and WAP-based billing) and marketing activities, including mobile internet, print, and television advertising.
Digital Turbine Quarterly Report: Q3 FY2009
Mandalay Media, Inc., operating as a mobile entertainment publisher, underwent a significant structural transformation during the third quarter of fiscal year 2009.
- Mandalay Media reported a net loss of $6.75 million for the nine months ended December 31, 2008, compared to a $7.01 million loss during the same period in 2007.
- Revenue for the three months ended December 31, 2008, reached $8.87 million, while year-to-date revenue for the nine-month period totaled $41.83 million.
- The company's liquidity is under pressure, as its primary operating subsidiary, Twistbox Entertainment, has sustained substantial operating losses and the firm relies on continued operations or additional financing to remain a going concern.
Digital Turbine Quarterly Report: Q2 FY2009
Mandalay Media, operating through its subsidiary Twistbox Entertainment, underwent a significant corporate transformation during the second quarter of fiscal year 2009, transitioning from a shell entity into an active global publisher of mobile content.
- Mandalay Media, Inc. completed a merger with Twistbox Entertainment, Inc. on February 12, 2008, establishing Twistbox as its sole active, wholly-owned subsidiary.
- As of September 30, 2008, the company carried $16.48 million in long-term debt related to a senior secured note, which is secured by substantially all assets of Twistbox and its subsidiaries.
- Twistbox operates as an agent rather than a principal in its carrier agreements, recognizing revenue based on the amounts reported as payable by carriers rather than gross sales.
Digital Turbine Quarterly Report: Q1 2009
Mandalay Media, Inc. transitioned from a shell company to an active global mobile content publisher following its $67.5 million acquisition of Twistbox Entertainment in February 2008.
- Mandalay Media, Inc. completed a merger with Twistbox Entertainment, Inc. on February 12, 2008, establishing Twistbox as its sole operating, wholly-owned subsidiary.
- The merger involved the issuance of 10,180 shares of common stock, the assumption of Twistbox’s 2006 Stock Incentive Plan, and the issuance of new warrants to lender ValueAct SmallCap Master Fund L.P.
- Mandalay Media guaranteed up to $8.25 million of Twistbox’s outstanding debt to ValueAct, which is secured by substantially all assets of Twistbox and its subsidiaries.
Digital Turbine Form 10-K: Fiscal Year 1995
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