Network Entertainment Announces 2017 Year-End Results
VANCOUVER, April 3, 2018 /CNW/ - Network Media Group Inc. (TSX: NTE.V) (OTCMKTS: NMGGF) and Network Entertainment Inc. ("Network" or "the Company") today reported record financial results from the operations of its subsidiary, Network Entertainment Inc., for the fiscal year ended November 30, 2017 ("Fiscal 2017"), including revenues of over $5.3 million and EBITDA of $549,616. The Company also reported its results from the fourth quarter ended November 30, 2017.
"2017 proved to be a successful year overall for the Company. Although it posted a net loss of $323,163 that was the result of a number of non-cash items such as stock-based compensation, amortization and interest on debt. Adjusting for those items, we posted a positive EBITDA of over a half million dollars, the second best result in the Company's history," said Derik Murray, Chief Executive Officer.
The financial results for Network's Fiscal 2017 include the following highlights:
- Revenues of $5.3 million
- Net loss of $323,163 ($0.01 per share)
- EBITDA of $549,616 ($0.01 per share)
- Release of two I Am projects and completion of Discovery Channel contract
- $2.3 million investment into new projects in production and development
- Repayment of long-term debt of $1.1 million
- Capital injections of $1.7 million through share issuances that completed subsequent to year-end.
The Company's audited consolidated financial statements for November 30, 2017 and 2016 are available on www.sedar.com under the Company's profile.
Executive Chairman, Frank Anderson stated, "The Company has progressed impressively since my joining the Board of Directors in the Summer of 2017. I like the direction the Company is taking and I am excited about the future for Network. Derik and the rest of the Company have laid the groundwork for what is forecasted as a stellar fiscal 2018."
A more detailed analysis of the other components of the Company's performance can be found in its Management Discussion and Analysis as filed on www.sedar.com.
About Network
Network Media Group is the parent company of Network Entertainment Inc.
Network Entertainment, founded and headquartered in Vancouver, British Columbia, Canada, produces premium content for global audiences. Network's documentaries and docu-series showcase the lives of the world's most inspiring cultural icons and their endearing legacy. Our films have featured a compelling lineup of icons from the worlds of Music, Movies, Comedy, Sports, Politics and Business. The Network premium brand of programming features outstanding casts and highly cinematic, richly crafted storytelling. Our productions are consistently embraced by both popular and critical acclaim garnering awards, record ratings and unparalleled media coverage.
Network's broadcast and distribution partners include: AHC, AMC, Discovery, CBC, CMT, CTV, Entertainment One, FremantleMedia, HBO Canada, History Channel, iTunes, Lionsgate, National Geographic, Paramount Network, Spike, Sundance TV, Thunderbird and TMN. Our work has been recognized by the Academy Awards, the Emmys, Realscreen Awards, the Gemini Awards, the LEOs, the Los Angeles Film Festival, Washington D.C. Silver Docs, Seattle International Film Festival, Tribeca 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.
For additional information on Network Entertainment Inc., visit www.networkentertainment.ca
Neither 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, including the Company not obtaining required TSX Venture Exchange approval of the Transaction and the Transaction not being completed as proposed or at all. 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 Group Inc.
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Enquiries: [email protected], 604.900.2348
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