VANCOUVER, BC, Oct. 30,
2024 /CNW/ - Network Media Group Inc. (TSXV:
NTE) (OTC: NETWF) ("Network" or "the Company") today reported
financial results for the third quarter ended August 31, 2024 ("Q3 2024"), including
three-month revenues of $2,836,100
(2023 - $2,638,225), a net loss of
$769,399 (2023 – a net income of
$805,701) and Adjusted EBITDA loss of
$579,161 (2023 – Adjusted EBITDA
income of $1,100,301), and a backlog
of $10.7M. On a per-share basis, the
Company reports a loss of $0.04 per
share (2023 – earnings of $0.05) and
an Adjusted EBITDA loss per share of $0.03 (2023 – Adj. EBITDA earnings of
$0.06). 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 sedarplus.ca.
Network President Curtis White
stated, "Q3 was an active quarter for the studio with a number of
projects in various stages of production. Operationally, the studio
faced extended delivery timelines on multiple films. The financial
results for the quarter reflect an increase in service production
work, with several proprietary productions now scheduled to deliver
during Q4 and into early 2025. Our sales team continues to advance
discussions with potential financiers and commissioners on a robust
slate of IP. We will have further updates to share as we focus on
establishing strategic partnerships, expanding our production
backlog, and positioning the Company for sustained growth and
profitability."
Key metrics for Network's nine months ended Q3 2024 include the
following:
- Contracted future revenues of $10.7 with $5.9M to
be recorded in the next six months and $4.8M beyond seven months;
- Revenues of $7,971,885 (2023 -
$5,732,555);
- Net loss of $2,130,143 -
$0.12 per share (2023 net loss of
$601,537 - $0.03 per share);
- Adjusted EBITDA loss of $1,272,247 - $0.07
per share (2023 Adjusted EBITDA income of $274,210 - $0.02
per share).
Network also continued pre-production and production on:
- Seven 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.
