News:
BusinessWire, GlobeNewswire and PR Newswire News
Target Development Group Inc TDGI:OTC
Target Development Group, Inc. Posts Solid Q1 Results From Hannover House Division
PR Newswire
11:33 AM ET
Target Development Group, Inc. (Pinksheets: TDGI), posted pre-tax profits yesterday of $353,516 for the quarter ending March 31, 2011, against gross revenues of $1,412,832 from its entertainment division, Hannover House. The majority of revenues in the first quarter were generated from the sale of rental video units of the film "Twelve" sold under a distribution venture between Hannover House and 20th Century Fox Home Entertainment. The gross revenue results do not include uncollected, accrued video sales for "Twelve," or the majority of revenues from Video-On-Demand placements of that title, both of which are expected to be recognized during the second and third quarters.
The company also received $459,408 during the quarter from a corporate financing venture with Graham Financial Services, and utilized proceeds from collections, debt forgiveness and the financing venture to reduce the company's overall debt and payables balances by $1,575,834. An updated review, analysis and opinion on the value of the company's film and video library resulted in an adjustment in the balance sheet value of this asset by $1,961,372, reducing the value of the library estimated at $22,315,317 according to Szwak Consulting Group. The library valuation was previously released, and was reduced to reflect the changing marketplace for the sale of video units (both DVD and Blu-Ray) under the emerging market of Video-On-Demand platforms.
The overall results for the quarter, as compared to the same quarter of 2010, show a substantial increase in gross revenues of 590% an d an increase in pre-tax profits of 930%.
The company's complete filing for the Q1 quarter ending March 31, 2011 can be viewed on-line at: www.OTCMarkets.com
"We think that 20th Century Fox did a fantastic job with the release of 'Twelve' to the USA home video market," said Eric Parkinson, C.E.O. of Target Development Group, Inc. and Hannover House. "Their initial push was into the rental market in December, and we're seeing the benefits of those revenues now. Fox also achieved great placement success onto the various Video-On-Demand platforms, and have now repriced the DVD's and Blu-Rays for the s ell-thru video market. We see a lot of life remaining in that title, which will benefit the company for the next few quarters," he concluded.
"Turtle: The Incredible Journey," now in theaters in eight major markets, is the primary title for the company during the second, calendar quarter under a distribution and promotional pact with SeaWorld Pictures. For more information on that release, go to: www.Turtle-Film.com
For more information contact: LAUREN STERLING, 479-751-4500 / Lauren@HannoverHouse.com
< br xmlns:ms="urn:schemas-microsoft-com:xslt" xmlns:dt="urn:schemas-microsoft-com:datatypes" />SOURCE Target Development Group, Inc.
