VANCOUVER, BC, July 30,
2024 /CNW/ - Network Media Group
Inc. (TSXV: NTE) (OTC: NETWF) ("Network" or "the Company")
today reported financial results for the second quarter ended
May 31, 2024 ("Q2 2024"), including
three-month revenues of $3,006,969 (2023 - $1,266,215), a net loss of $762,552 (2023 – a net loss of $665,865) and Adjusted EBITDA loss of
$338,118 (2023 – Adjusted EBITDA loss
of $389,193), and a backlog of
$14.3M. On a per-share basis, the
Company reports a loss of $0.04 per
share (2023 – loss of $0.04) and an
Adjusted EBITDA loss per share of $0.02 (2023 – loss of $0.02). 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, "Our second-quarter revenues reflect an increased volume of
service production for one of our partner studios. Much of our
$14.7 million backlog consists of
projects in which Network owns the intellectual property. Our sales
team is aggressively presenting new projects to the market, while
our production teams remain actively focused on our slate of
deliveries throughout the second half of the year. We are inspired
by the global premiere of BRATS at Tribeca, which received
enthusiastic critical acclaim and generated significant buzz within
the industry. As we continue to grow our production slate,
including the recently unveiled Bernie
Taupin feature documentary, we are excited about the
opportunities for growth in the second half of the year. Stay tuned
for further announcements in the weeks ahead."
Key metrics for Network's six months ended Q2 2024 include the
following highlights:
- Contracted future revenues of $14.3M with $10.5M
to be recorded in the next six months and $3.8M beyond seven months;
- Revenues of $5,135,785 (2023 -
$3,094,330);
- Net loss of $1,360,744 -
$0.08 per share (2023 Net loss of
$1,407,238 - $0.08 per share);
- Adjusted EBITDA loss of $693,086
- $0.04 per share (2023 Adjusted
EBITDA loss of $826,091 -
$0.05 per share).
Network also continued pre-production and production on:
- Six feature-length documentaries;
- A new four-part documentary series.
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.
