ATN Reports its Third Quarter for the Three and Nine Months Ended September 30, 2019

News provided by

Asian Television Network International Limited

Nov 28, 2019, 10:45 ET

TORONTO, Nov. 28, 2019 /CNW/ - Asian Television Network International Limited (ATN) Toronto Stock Exchange Venture (TSXV-SAT) Canada's Pioneer South Asian Broadcaster announce its third quarter 2019 consolidated financial and operating results for the three and nine months ended September 30, 2019, in accordance with International Financial Reporting Standards ("IFRS").

Summarized Consolidated Financial Results

Three and nine months ended September 30, 2019 and September 30, 2018

Three months ended September 30,

Nine months ended September 30,

2019

2018

2019

2018

Operating revenue

$             2,994,964

$              3,765,733

$              9,094,326

$           11,934,226

Total operating expenses

3,628,992

4,134,702

11,421,659

13,203,504

Loss before taxes

(634,028)

(368,969)

(2,327,333)

(1,269,278)

Income tax recovery

-

(126,312)

(328,234)

(344,328)

Net (loss) income for the period

$               (634,028)

$               (242,657)

$            (1,999,099)

$               (924,950)

Basic and Diluted Loss per share

$                      (0.03)

$                      (0.01)

$                      (0.08)

$                      (0.04)

Declining revenues are predominantly as a result of increased internet piracy and consumers shifting towards illegal digital IPTV set-top boxes. While the Company is actively involved in fighting this negative trend, as part of a recent Federal Court decision, the court issued the first Canadian site blocking order against sites that predominantly facilitate copyright infringement. This marks a significant step in the right direction towards Canada's fight against piracy.

For details please refer to the MD&A and the Complete Financial Statements filed with SEDAR.

We are a Canadian media company. ATN serves Canada's diverse cultural communities with more than 50 premium specialty television channels. We are publicly traded on the Toronto Stock Exchange Venture (TSXV-SAT). For more information please visit www.asiantelevision.com

We seek safe harbor.

SOURCE Asian Television Network International Limited

A Bhandari, CPA, CA, CFO, Asian Television Network International Limited, Markham, Ontario L3R 8E4, 905-948-8199

Related Links

http://www.asiantelevision.com

Organization Profile

Asian Television Network International Limited