Eros International PLC Announces $20 million Share Repurchase
Program
Eros Now announces 18.8 million Paid Subscribers as of March 31,
2019
ISLE OF MAN–(BUSINESS WIRE)–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.
Contacts
Mark Carbeck
Chief Corporate and Strategy Officer
Eros
International Plc
+44 207 258 9909
[email protected]
Media:
Erica Bartsch
Sloane & Company
+1 212 446 1875
[email protected]
