Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 33 n° 335

Eros International Plc Announces Share Repurchase Program

Posted by fidest press agency su martedì, 11 giugno 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.
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.

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