DMEC- Gonna bust a huge move on this news just out today. Over .032 is blue skies. Watch it.Press Release Source: Diamond Entertainment Corporation
Diamond Entertainment Corporation Reports Higher 1st Quarter Fiscal 2005 Results
Wednesday September 8, 6:30 am ET
Increase in First Quarter Net Income Continues Trend Established at Fiscal Year End 2004.
WALNUT, Calif.--(BUSINESS WIRE)--Sept. 8, 2004-- Diamond Entertainment Corporation (the "Company"), dba e-DMEC, (OTCBB:DMEC - News), a leading dealer of videocassette and DVD (Digital Video Disc) titles to the budget home video & DVD markets, today announced net income of $114,000 for the first quarter ended June 30, 2004 from a net loss of $264,000 in the same period last year. For the first quarter of fiscal 2005, net sales were $1,413,000, an increase of 142% from $584,000 in the same period last year.
For the first quarter of 2005, DVD and videocassette sales represented 94% and 6% of our total revenues, respectively. For the same period last fiscal year, DVD and videocassette sales were 65% and 32% of total sales, respectively.
As announced earlier, the Company reported total sales of $4,998,000 for the year ended March 31, 2004, an increase of 52% from $3,253,000 in the same period last year. For the fiscal year of 2004, net income was approximately $85,000 compared to a net loss of approximately $540,000 in fiscal year 2003.
"During the first quarter ended June 30, 2004, we saw a major industry shift from videocassettes sales to DVD programs sales when compared to the same period in fiscal 2004," commented James Lu, Diamond's Co-Chairman and Co-CEO. "We are pleased by our performance this past quarter by maintaining our focus on obtaining attractive DVD and videocassette programs for our library and the continued pursuit of quality customers who can place large orders for our product on a consistent basis. We feel good about the prospects for the 2nd quarter and are optimistic with respect to the second half of the year," concluded Mr. Lu.
-0-
Diamond Entertainment Corporation
Comparative Summary of Selected Financial Data
Three Months Three Months
Ended Ended Year Ended Year Ended
June 30, June 30, March 31, March 31,
2004 2003 2004 2003
----------------------------------------------------------------------
Net Sales $1,413,000 $584,000 $4,998,000 $3,253,000
----------------------------------------------------------------------
Operating Profit (Loss) $174,000 $(195,000) $345,000 $(252,000)
----------------------------------------------------------------------
Other Income (Expenses)
- Net $(59,000) $(69,000) $(237,000) $(288,271)
----------------------------------------------------------------------
Net Income (Loss) $114,000 $(264,000) $85,000 $(540,000)
----------------------------------------------------------------------
Net Income (Loss) Per
share $0.00 $(0.00) $0.00 $(0.00)
----------------------------------------------------------------------
Diamond Entertainment Corporation
Selected Balance Sheet Information
Three Months Three Months
Ended Ended Year Ended Year Ended
June 30, June 30, March 31, March 31,
2004 2003 2004 2003
----------------------------------------------------------------------
Total Current Assets $2,213,000 $1,280,000 $2,161,852 $1,174,468
----------------------------------------------------------------------
Total Assets $2,870,000 $1,790,000 $2,690,000 $1,720,004
----------------------------------------------------------------------
Total Current
Liabilities $3,364,000 $2,962,000 $3,463,000 $2,648,000
----------------------------------------------------------------------
Total Stockholders'
Equity (Deficit) $(495,000) $(1,191,000) $(772,000) $(928,000)
----------------------------------------------------------------------
Total Liabilities and
Stockholders' Equity $2,870,000 $1,720,000 $2,690,000 $1,720,000
----------------------------------------------------------------------
About Diamond Entertainment Corporation
Diamond Entertainment Corporation develops, markets, and distributes multiple lines of high-quality products. Diamond markets & sells videocassette and DVD (Digital Video Disc) titles to the budget home video & DVD markets through national & regional mass merchandisers, department stores, drug stores, supermarkets, and other similar retail outlets.
SAFE HARBOR STATEMENT This news announcement contains certain forward-looking statements and information relating to the Company that are based on the beliefs of the Company or management as well as assumptions made by and information currently available to the Company or management. When used in this news announcement, the words "anticipate," "believe," "expect," "estimate" and "intend" and similar expressions, as they relate to the Company or its management, are intended to identify forward-looking statements. Such statements reflect the current view of the Company regarding future events and are subject to certain risks, uncertainties and assumptions, including the risks and uncertainties in this announcement and in the Company's Forms 10-KSB for the year ended March 31, 2004, filed June 29, 2004, Form 10-QSB for the quarter ended June 30, 2004 filed on August 20, 2004 and other filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or intended. In each instance, forward-looking information should be considered in light of the accompanying meaningful cautionary statements herein noted or in its SEC filings.
Contact:
Diamond Entertainment Corporation
Fred Odaka, 626-839-8253
Fax: 626-839-0219
AI
