TORONTO, Aug. 29, 2019 /CNW/ - Asian Television Network
International Limited (ATN) Toronto Stock Exchange
Venture (TSXV-SAT) Canada's Pioneer South Asian Broadcaster
announce its second quarter 2019 consolidated financial and
operating results for the three and six months ended June 30, 2019, in accordance with International
Financial Reporting Standards ("IFRS").
Summarized Consolidated Financial Results
Three and six months ended June 30,
2019 and June 30, 2018
|
|
Three months ended
June 30,
|
|
Six months ended
June 30,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
Operating
revenue
|
$
|
2,884,419
|
$
|
3,959,427
|
$
|
6,099,362
|
$
|
8,168,493
|
|
Total operating
expenses
|
|
3,988,184
|
|
4,515,183
|
|
7,792,668
|
|
9,068,802
|
|
Loss before
taxes
|
|
(1,103,765)
|
|
(555,756)
|
|
(1,693,306)
|
|
(900,309)
|
|
Income tax
recovery
|
|
(161,804)
|
|
(129,486)
|
|
(328,234)
|
|
(218,016)
|
|
Net (loss) income
for the period
|
$
|
(941,961)
|
$
|
(426,270)
|
$
|
(1,365,072)
|
$
|
(682,293)
|
|
Basic and Diluted
Loss per share
|
$
|
(0.04)
|
$
|
(0.02)
|
$
|
(0.06)
|
$
|
(0.03)
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
$
|
(567,696)
|
$
|
(56,153)
|
$
|
(1,129,350)
|
$
|
(153,673)
|
|
One-time settlement
recorded in Q2
|
|
552,000
|
|
-
|
|
552,000
|
|
-
|
|
Adjusted
EBITDA
|
$
|
(15,696)
|
$
|
(56,153)
|
$
|
(577,350)
|
$
|
(153,673)
|
Declining revenues are predominantly as a result of increased
internet piracy and consumers shifting towards illegal digital IPTV
set-top boxes. The Company is actively involved in fighting this
negative trend. FAIR PLAY CANADA,
a coalition with more than 25 organizations combating the impact
illegal piracy is having on our subscription and advertising
revenue, has been lobbying the Canadian Radio-television and
Telecommunications Commission (CRTC) to establish an independent
anti-piracy, website-blocking agency, which would curtail digital
media theft. As the matter was out of CRTC's jurisdiction the
Government of Canada has appointed
an external Broadcasting and Telecommunications Legislative Review
(BTLR) panel ("Panel") to review Canada's communication legislative framework.
The Panel has set the date to conclude on the matter by
January 30, 2020 and also planning on
making public the Company's submission in the meanwhile as
well.
In addition, as part of the industry's continuing efforts to
battle the pervasive problem that piracy and illegal IPTV has posed
to the industry, Bell and Rogers will be requesting a site blocking
order against alleged 'pirate' IPTV provider GoldTV. The order,
which is planned to formally be requested in September, will
request various ISPs including Bell Media, Eastlink, Cogeco Inc.,
Rogers, Fido, Shaw Communications Inc., TekSavvy Solutions Inc.,
Telus Corp., and Videotron to block the GoldTV sites.
For details please refer to the MD&A and the Complete
Financial Statements filed with Sedar.
We are a Canadian media company. ATN serves Canada's diverse cultural communities with
more than 50 premium specialty television channels. We are publicly
traded on the Toronto Stock Exchange Venture (TSXV-SAT). For more
information please visit www.asiantelevision.com
We seek safe harbor.
SOURCE Asian Television Network International Limited
