VANCOUVER, BC, Oct. 29, 2021 /CNW/ - Network Media Group Inc. (TSXV: NTE) (OTC: NETWF) ("Network" or the "Company") today reported financial results for the third quarter ended August 31, 2021 ("Q3 2021"), including three month revenues of $1,093,191 (2020 - $1,014,522), net loss of $578,995 (2020 – net income of $106,322) and Adjusted EBITDA of negative $510,933 (2020 – positive $407,356), and a backlog of $14.8M. On a per share basis, the Company reports a loss of $0.01 per share (2020 – income of $0.01) and Adjusted EBITDA per share of negative $0.01 (2020 – positive $0.01). 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: "Overall, I am encouraged about where the Company sits right now. We have successfully weathered the storm for the last 18 months and are coming out of the pandemic hiatus on our projects that were in production prior to March 2020, cameras are now rolling, and the studio is fully operational. With our recent oversubscribed private placement, our cash balances are strong and we are excited about the future."
Key metrics for Network's nine months ended Q3 2021 include the following highlights:
- Steady Backlog. Contracted future revenues of $14.8M with $12.6M to be recorded in the next 12 months and $2.2M beyond 12 months;
- Revenues of $2,677,830 (2020 - $7,958,655);
- Net loss of $1,752,733 - $0.02 per share (2020 Net income: $1,069,585 - $0.01 per share);
- Adjusted EBITDA of negative $1,597,886 - $0.02 per share (2020: $2,019,072 - $0.03 per share).
Network also continued pre-production and production on:
- Three feature length documentaries;
- Three television series.
Paul Gertz, Network's COO stated: "Network has a record slate of projects that we continue to grow with both new and existing partners seeking to greenlight further projects with the Company, thereby expanding Network's backlog of work. Subsequent to the quarter ended, we were thrilled and highly motivated by the announcement of an oversubscribed private placement which included a strategic investment by HIVE Blockchain Technologies, U.S. Global Funds, and Frank Holmes, and the support from our Chairman Ali Pejman and Tim Gamble, which is a bold endorsement for our new NFT initiatives. The addition of both Tim Gamble and Tom Lombardi to the Network team showcases the level of talent Network continues to attract and is a testament to Network's brand, reputation, and industry excellence. We look forward to sharing many new and exciting updates on the evolving NFT initiatives, and the growing core business over the coming months."
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, and produces award-winning programming for 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.
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 the SXSW Film Festival, and I Am Patrick Swayze, which premiered at the 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, AppleTV+, Discovery Channel, CBC, CMT, Crave, CTV, Entertainment One, EPIX, Fremantle, HBO Canada, History Channel, iTunes, Lionsgate, National Geographic, NBC Peacock, Paramount Network, Sky, Sundance TV, Thunderbird, TMN, Virgil Entertainment, and YouTube Originals.
Network's offices, production and post production facilities are located in Vancouver and Los Angeles, and the company is represented by ICM Partners.
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 Media Group Inc.
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