Network knocks it out of park in Q2. Giant order book going forward.
Network Media Group Announces Record Quarterly Revenues and Profits for Q2 2019
Canada NewsWire
VANCOUVER, July 23, 2019
VANCOUVER, July 23, 2019 /CNW/ - Network Media Group Inc. (TSX: NTE.V) (OTCMKTS: NMGGF) ("Network" or "the Company") today reported record financial results for the quarter ended May 31, 2019 ("Q2 2019"), including revenues of $4.64M, net income of $1.70M and Adjusted EBITDA of $1.95M. The financial statements and related Management's Discussion and Analysis ("MD&A") can be viewed on SEDAR at www.sedar.com.
CFO Darren Battersby stated: "From the outset, Network's management team's long-term strategy has been to focus on building a global content company focused on producing premium content in both documentaries and documentary series for the ever-expanding global content marketplace. Our results from this quarter are reflective of this strategy as demonstrated by increased production volumes over the past 12 months."
The operational highlights for Network's three months ended Q2 2019 include the following:
Record Revenue. Network recorded revenues of $4.64M in Q2 2019 compared to $776,619 in Q2 2018, up 597%;
Record Net Income. Network recorded net income of $1.70M in Q2 2019 compared to $205,000 in Q2 2018, up 830%;
Strong Backlog. Contracted future revenues of $15M to be recorded in the next six months;
Royalty Revenues. Network recorded royalty revenues of $89,643 in Q2 2019;
Work in Progress/Investments. $4.44M of additional film and television productions;
Winner of Three Leo Awards. I Am MLK Jr. named Best Documentary, Best Picture Editing and Best Musical Score;
Nominated for U.S. Critics' Choice Real TV Awards for our Punk series that premiered on Epix;
Named to the 2019 Realscreen Global 100 List, an annual compilation of the best global productions companies working in the non-fiction and unscripted visual content industry.
The financial results for Network's three months ended Q2 2019 include the following highlights:
Revenues of $4.64M (2018 - $776,619)
Net income of $1.70M - $0.02 per share (2018 – $205,000 - $0.00 per share)
Adjusted EBITDA of $1.95M - $0.03 per share (2018 –$389,111 - $0.01 per share)
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