VANCOUVER, BC , Oct. 30, 2020 /CNW/ - Network Media Group Inc. ( TSXV: NTE) (OTCMKTS: NMGGF) ("Network" or "the Company") today reported financial results for the quarter ended August 31, 2020 ("Q3 2020"), including three-month revenues of $1,014,522 , net income of $106,322 and Adjusted EBITDA of $406,623 , and a backlog of $13.2M . The financial statements and related Management's Discussion and Analysis ("MD&A") can be viewed on SEDAR at www.sedar.com .
Network CFO Darren Battersby stated: "With the completion of two feature documentaries in the quarter, the Company continues to expand its library of intellectual property. In the face of global economic uncertainties, we are proud of our dedicated and committed team in producing award-winning content while building a strong development pipeline. As interest in our work is expanding, bringing together new industry partners and global talents, Network's brand is positioned for strong growth in Fiscal 2021."
The operational highlights for Network's three months ended Q3 2020 include the following:
- Strong Backlog. Contracted future revenues of $13.2M ;
- Delivery of Two Feature I Am Documentaries. Network delivered I Am Jackie O and I Am Burt Reynolds in the quarter;
- Received 12 Nominations for 2020 Leo Awards. The most in the Company's history, shared between two of its documentary series, PUNK , and The Age of A.I. , and two of its feature-length documentaries, I Am Patrick Swayze and I Am Richard Pryor;
- Won Five Leo Awards Including Best Documentary. Winner of the 2020 Leo Award for Best Documentary Series for PUNK , a four-part series, along with three other awards for the series, and the award for Best Cinematography for the eight-part series, The Age of A.I.
The financial results for Network's three months ended Q3 2020 include the following highlights:
- Revenues of $1,014,522 (2019 - $787,694 );
- Net Income of $106,322 - $0.00 per share (2019: net loss of $324,353 - $0.00 per share);
- Adjusted EBITDA of $406,623 - $0.01 per share (2019: Adjusted EBITDA loss of $134,448 - $0.00 per share).
The financial results for Network's nine months ended Q3 2020 include the following highlights:
- Revenues of $7,958,655 (2019 - $6,411,133 );
- Net Income of $1,069,585 - $0.01 per share (2019: $1,543,971 - $0.02 per share);
- Adjusted EBITDA of $2,019,072 - $0.03 per share (2019: $2,088,296 - $0.03 per share).
Network also continued preproduction and production on:
- Four feature-length documentaries;
- Two television series.
About Network Entertainment
Network Media Group is the parent company of Network Entertainment Inc.
Network Entertainment is a creatively driven, boutique film and television production company that creates, finances, produces and delivers award-winning programming to television, digital platforms, and movie audiences around the world. The Network premium brand of content delivers world-class casts and features visually cinematic, richly crafted storytelling. The Company's productions are consistently embraced by both audiences and critics alike, garnering awards, record ratings and unparalleled media coverage for Network and its partners.
Network has a full slate of films and series in current production, including a feature documentary on Alfred Hitchcock , and a multi-part series on BEAUTY , executive produced by Tyra Banks . The Company's most recent productions include PUNK, a four-part series for Epix with executive producers John Varvatos and Iggy Pop , the feature documentaries I Am Richard Pryor , which premiered at last year's SXSW Film Festival, and I Am Patrick Swayze, which premiered at the 2019 San Antonio Film Festival, winning the Festival Grand Prize, and The Age of A.I., a YouTube Originals series hosted and executive produced by Robert Downey Jr.
Among the Company's many accolades, Network was named to the Realscreen Global 100 List, an annual compilation of the best global production companies working in the non-fiction and unscripted visual content industry. Network's work has also been recognized by the Academy Awards, the Emmys, Realscreen Awards, Gemini Awards, Leo Awards, the Los Angeles Film Festival, AFI Docs Film Festival (Silverdocs), San Antonio Film Festival, Seattle International Film Festival, Tribeca Film Festival, SXSW Film Festival, Hawaii International Film Festival, Houston International Film Festival, Vancouver International Film Festival, Banff Television Festival, and the International Film and Television Festival of New York.
Network's broadcast and distribution partners include A&E, AHC, AMC, Discovery Channel, CBC, CMT, CTV, Entertainment One, EPIX, Fremantle, HBO Canada, History Channel, iTunes, Lionsgate, National Geographic, Paramount Network (Spike), Sundance TV, Thunderbird, TMN, Virgil Entertainment, and YouTube Originals.
For additional information on Network Entertainment Inc., visit www.networkentertainment.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement on Forward-looking Information
Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. These statements are necessarily based upon management's perceptions, beliefs, assumptions and expectations, as well as a number of specific factors and assumptions that, while considered reasonable by management of the Company as of the date of such statements are inherently subject to significant uncertainties and contingencies that could result in the forward-looking information ultimately, perhaps materially, being incorrect. All forward-looking information in this news release involve known and unknown risks, uncertainties and other factors that are beyond the control of the Company and may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Except as required pursuant to applicable securities laws, the Company will not update these forward-looking statements to reflect events or circumstances after the date hereof.
SOURCE Network Entertainment Inc.