dmec had geat result last quarter!
Friday February 18, 6:30 am ET
Diamond's Third Quarter Year to Date Sales Increase by 57%
WALNUT, Calif.--(BUSINESS WIRE)--Feb. 18, 2005--Diamond Entertainment Corporation (the "Company"), dba e-DMEC, (OTCBB:DMEC), a leading dealer of videocassette and DVD (Digital Video Disc) titles to the budget home video & DVD markets, today announced net income of $368,000 and $341,000 for the three months period ended December 31, 2004 and 2003, respectively. For the three months ended December 31, 2004 and 2003, net sales were $2,648,000 and $1,880,000, respectively or an increase of 41%. For the nine month period ended December 31, 2004 and 2003, net income was $699,000 and $10,000, respectively. Net sales for the nine month period ended December 31, 2004 and 2003, were $5,813,000 and $3,699,000, respectively, an increase of 57%.
"Our major customers increased their orders during the quarter, and DVD sales continued its upward trend which accounted for the major increase in sales. This increase in sales confirms our selection of new DVD and videocassette programs to our library was on target," said James Lu, Diamond's Co-Chairman and Co-CEO. "We remain confident that the remaining quarter of this fiscal year will enable us to realize a record year," concluded Mr. Lu.
Diamond Entertainment Corporation
Comparative Summary of Selected Financial Data
Three Months Three Months Nine Months Nine Months
Ended Ended Ended Ended
December December December December
31, 2004 31, 2003 31, 2004 31, 2003
--------------------- ----------- ----------- ----------- -----------
Net Sales $2,648,000 $1,880,000 $5,813,000 $3,699,000
--------------------- ----------- ----------- ----------- -----------
Operating Profit $400,000 $417,000 $815,000 $179,000
--------------------- ----------- ----------- ----------- -----------
Other Income
(Expenses) - Net $(32,000) $(76,000) $(115,000) $(169,000)
--------------------- ----------- ----------- ----------- -----------
Net Income (Loss) $368,000 $341,000 $699,000 $10,000
--------------------- ----------- ----------- ----------- -----------
Net Income (Loss) Per
share $0.00 $(0.00) $0.00 $(0.00)
--------------------- ----------- ----------- ----------- -----------
Diamond Entertainment Corporation
Selected Balance Sheet Information
December 31, March 31,
2004 2004
---------------------------------------------- ----------- -----------
Total Current Assets $2,049,000 $2,162,000
---------------------------------------------- ----------- -----------
Total Assets $2,825,000 $2,690,000
---------------------------------------------- ----------- -----------
Total Current Liabilities $2,780,000 $3,463,000
---------------------------------------------- ----------- -----------
Total Stockholders' Equity (Deficit) $45,000 $(772,000)
---------------------------------------------- ----------- -----------
Total Liabilities and Stockholders' Equity $2,825,000 $2,690,000
---------------------------------------------- ----------- -----------
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.
AI
