Network Media Group Announces Record Quarterly Revenues and Profits for Q2 2019
Network Media Group Announces Record Quarterly Revenues and Profits for Q2 2019 |
[23-July-2019] |
VANCOUVER, July 23, 2019 /CNW/ - Network Media Group Inc. (TSX: NTE.V) (OTCMKTS: NMGGF) ("Network" or "the Company") today reported record financial results for the quarter ended May 31, 2019 ("Q2 2019"), including revenues of $4.64M, net income of $1.70M and Adjusted EBITDA of $1.95M. The financial statements and related Management's Discussion and Analysis ("MD&A") can be viewed on SEDAR at www.sedar.com. CFO Darren Battersby stated: "From the outset, Network's management team's long-term strategy has been to focus on building a global content company focused on producing premium content in both documentaries and documentary series for the ever-expanding global content marketplace. Our results from this quarter are reflective of this strategy as demonstrated by increased production volumes over the past 12 months." The operational highlights for Network's three months ended Q2 2019 include the following:
The financial results for Network's three months ended Q2 2019 include the following highlights:
The Company has a full slate of projects in production and preproduction which will be announced over the coming months and will contribute to Network's continued financial success and global brand recognition. Network also announces today that it has granted incentive stock options to its directors, consultants, officers and employees for the right to purchase up to an aggregate 1,710,000 Common Shares of the Company. These options are exercisable at a price of $0.13 per share for a term of five (5) years. The terms of the options granted are in accordance with the Company's Fixed Share Option Plan approved by its shareholders on July 15, 2019. The option grants are subject to TSX Venture Exchange approval. About Network Entertainment Network has a full slate of films and series in current production, including a feature documentary on Jackie Kennedy Onassis, and a multi-part documentary series for YouTube on Artificial Intelligence in partnership with Robert Downey Jr. The Company's most recent releases include Punk, a 4-part series for Epix, Executive Produced by John Varvatos and Iggy Pop, and the feature documentary I Am Richard Pryor, which premiered at this year's SXSW Film Festival. Network's latest documentary, I Am Patrick Swayze, will premiere at the San Antonio Film Festival in August. 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 broadcast and distribution partners include: A&E, CBC, Crave, Epix, Fremantle, HBO Canada, Lionsgate, National Geographic, Paramount Network, Thunderbird, and YouTube Premium. The Company's work has been recognized by the Academy Awards, the Emmys, the Leos, Realscreen Awards, the Gemini Awards, 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 SOURCE Network Media Group Inc. | ||
Company Codes: TorontoVE:NTE, OTC-PINK:NMGGF, Toronto:NTE.V |
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