Network Media Group announces 2020 third quarter results
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:
The financial results for Network's three months ended Q3 2020 include the following highlights:
The financial results for Network's nine months ended Q3 2020 include the following highlights:
Network also continued preproduction and production on:
About Network Entertainment
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.
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SOURCE Network Entertainment Inc.
Company Codes: TorontoVE:NTE, OTC-PINK:NMGGF
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