VANCOUVER, BC, Oct. 26,
2023 /CNW/ - Network Media Group
Inc. (TSXV: NTE) (OTC: NETWF) ("Network" or "the Company")
today reported financial results for the third quarter ended
August 31, 2023 ("Q3 2023"),
including three-month revenues of $2,638,225 (2022 - $9,507,901), a net income of $805,701 (2022 – a net income of $2,389,383) and Adjusted EBITDA of $1,100,301 (2022 – Adj. EBITDA of $3,000,963), and a backlog of $11M. On a per-share basis, the Company reports a
net income of $0.05 per share (2022 –
net income of $0.13) and an Adjusted
EBITDA income per share of $0.06
(2022 – Adj. EBITDA income of $0.17).
The income per share figures are reported on a post-consolidation
basis. The financial statements and related Management's Discussion
and Analysis ("MD&A") can be viewed on SEDAR
at www.sedar.com.
Network President Curtis White
stated: "Profitability this quarter was driven by the re-licensing
of a slate of library titles in the U.S. and the production and
pre-production of six feature documentaries. This re-licensing
drove record distribution revenues for the quarter and triggered an
additional slate order of three new feature documentaries, to be
produced in 2024. Most importantly, this sale validates our
business model and the increasing value of our evergreen IP
library."
Key metrics for Network's nine months ended Q3 2023 include the
following highlights:
- Contracted future revenues of $11M with $3.1M to
be recorded in the next six months and $7.9M beyond seven months;
- Revenues of $5,732,555 (2022 -
$10,470,930);
- Net loss of $601,537 -
$0.03 per share (2022 Net income of
$576,403 - $0.03 per share);
- Adjusted EBITDA of $274,210 -
$0.02 per share (2022 Adjusted EBITDA
of $1,786,068 - $0.10 per share).
A summary of the significant events and operational highlights
for Network's quarter that ended August 31,
2023, include:
- Successfully re-licensed a slate of library films;
- Winner of the 2023 Leo Award for Best Documentary Series for
Women Who Rock;
- Announced 5 to 1 Share Consolidation, effective on September 21, 2023.
Network also continued pre-production and production on:
- Continued work on two feature length documentaries.
- Commenced pre-production on another four feature length
documentaries.
About Network Media Group / Network Entertainment
Network Media Group is the parent company of Network
Entertainment Inc.
Network Entertainment is a creatively
driven, boutique film, television, and digital content production
company that creates, finances and produces award-winning
programming for television, digital platforms, and movie audiences
around the world.
The Network premium brand of content delivers world-class casts
and features visually cinematic, richly crafted storytelling. The
Company's productions are consistently embraced by both audiences
and critics alike, garnering awards, record ratings, and
unparalleled media coverage for Network and its partners. Network
NFT Studios collaborates with IP owners, artists, and top talent to
create, distribute, and monetize digital collectibles campaigns and
related initiatives in the web3 universe.
For additional information on Network Entertainment Inc., visit
www.networkentertainment.ca
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Statement on Forward-looking
Information
Except for historical information contained herein, this news
release contains forward-looking statements that involve risks and
uncertainties. These statements are necessarily based upon
management's perceptions, beliefs, assumptions and expectations, as
well as a number of specific factors and assumptions that, while
considered reasonable by management of the Company as of the date
of such statements are inherently subject to significant
uncertainties and contingencies that could result in the
forward-looking information ultimately, perhaps materially, being
incorrect. All forward-looking information in this news release
involve known and unknown risks, uncertainties and other factors
that are beyond the control of the Company and may cause the actual
results, performance or achievements of the Company to be
materially different from those expressed or implied by such
forward-looking information. Except as required pursuant to
applicable securities laws, the Company will not update these
forward-looking statements to reflect events or circumstances after
the date hereof.
SOURCE Network Media Group Inc.
