Alliance Entertainment Holding Corporation - $AENT STOCK NEWS

Alliance Entertainment's Distribution Solutions has extended its partnership with Cineverse, a streaming technology and entertainment company. Over their four-year collaboration, Distribution Solutions has released over 200 SKUs for Cineverse, including Hallmark brand titles and popular films from Screen Media. Recent releases include the April 2024 Steelbook editions of "RoboDoc: The Creation of RoboCop" and "Terrifier 2." Upcoming releases in the next 12-18 months feature "Hallmark Countdown to Christmas Deluxe Movie Collection" and "Yu-Gi-Oh! The Movie Steelbook." Both companies aim to cater to passionate fandoms by providing physical media products to meet consumer demand.

Alliance Entertainment Holding (Nasdaq: AENT) reported strong financial results for Q3 FY 2024, with net revenues totaling $211.2 million, a gross profit increase to $28.0 million, and an improved gross margin of 13.3%. Debt was reduced by $40 million in the last 12 months, showcasing financial stability and growth.

Alliance Entertainment Holding (Nasdaq: AENT) announced their results for the latest Record Store Day event, with sales soaring by over 30% compared to the previous year. The company shipped more than 600,000 units across 400 unique titles to participating retailers, marking their largest sales month ever. With vinyl records gaining popularity, Alliance Entertainment continues to lead in distributing exclusive Record Store Day products to independent retail stores.

Alliance Entertainment Holding (Nasdaq: AENT) will host a conference call on May 9, 2024, at 4:30 p.m. Eastern Time to discuss its fiscal third quarter 2024 results. Executive Chairman Bruce Ogilvie and CEO/CFO Jeff Walker will lead the call, followed by a Q&A session. The call will be accompanied by a presentation accessible via the Company's website.

Alliance Entertainment Holding (Nasdaq: AENT) to attend Music Biz 2024 in Nashville to highlight the success of physical media, with K-Pop sales up 56.2% YoY to $49.8 million. Company executives to discuss business development opportunities and initiatives with key suppliers and retailers.

Alliance Entertainment Holding (Nasdaq: AENT) plans to showcase its 873,000 sq ft warehouse with advanced storage and retrieval technology. The company aims to update investors on its shift towards larger scale automation and profitable sales strategies.

Alliance Entertainment Holding (Nasdaq: AENT) is implementing Sure Sort X technology at its Kentucky facility, expecting annual labor savings of $400,000 and immediate savings of $460,000. The technology is set to streamline processes, provide new capabilities, and offer continuous improvement. With nearly eight billion items sorted to date, Sure Sort X is a state-of-the-art product handling system. Alliance Entertainment's Kentucky warehouse covers 873,000 sq feet, warehousing 31 million units of entertainment products, and ships 52 million units annually. The company also introduced an AutoStore system in 2023 to maximize space and improve efficiency. The introduction of Sure Sort X aims to enhance operational efficiency, save time and money, and exceed customer expectations. The ROI from redirecting current processes into Sure Sort X is three years, with expectations of further reduction through continuous improvement.

Alliance Entertainment Holding Corporation (Nasdaq: AENT) will attend the 36th Annual ROTH Conference to discuss strategic and financial improvements that led to reduced inventory and debt. The fiscal second quarter showed a decrease in inventory from $175 million to $114 million and debt from $177 million to $107 million. The company reported quarterly Revenue of $425.6 million, Adjusted EBITDA of $17.9 million, Gross Profit up 128% to $47.7 million, and Net Income of $8.9 million driven by these improvements.

Alliance Entertainment Holding Corporation (AENT) reported Q2 FY 2024 net revenues of $425.6 million, a gross profit increase of 128% to $47.7 million, and a net income of $8.9 million. The company also achieved a 3-year $120 million senior secured asset-based credit facility with White Oak Commercial Finance, LLC, and significantly reduced inventory and debt. AMPED achieved a record-breaking 24 Grammy nominations for 19 artists, and the company also announced a 100% vestment of equity grants to 597 employees. Despite a decrease in net revenues for the fiscal second quarter, the company showed positive financial and operational improvements.