ATN Reports a Net Profit of 3.8 Millon on Revenues of 20.7 Million for Nine Months

TORONTO, Nov. 2, 2011 /CNW/ -  Asian Television Network International Limited (ATN) (TSX-SAT) Canada's Pioneer South Asian Broadcaster is pleased to announce its unaudited interim consolidated financial and operating results for the three months and nine months ended September 30, 2011, in accordance with International Financial Reporting Standards ("IFRS").

Financial highlights are as follows:

Three months ended September 30,
(Unaudited)
        2011       2010       % Change
Operating revenue         $6,399,112       $5,252,167       +22%
Operating expenses         4,985,347       4,885,602       +2%
Income before taxes         1,410,959       304,763       +363%
Net income for period         950,625       190,236       +400%
EBITDA         1,460,643       410,965       +255%
EBITDA earnings per share         .06
      .02       +255%
Net Earnings per share         .04
      .01       +400%
Total assets         12,382,997       6,797,950       +56%
Cash flows from operations         $1,468,205       $   40,226       +3550%

Nine months ended September 30,
(Unaudited)
        2011       2010       % Change
Operating revenue         $20,772,314       $15,193,584       +37%
Operating expenses         15,168,976       13,181,903       +15%
Income before taxes         5,603,338       2,011,681       +202%
Net income for period         3,852,654       1,241,349       +210%
EBITDA         5,728,507       2,173,078       +164%
EBITDA earnings per share         .23
      .09       +164%
                           
Net Earnings per share         .16
      .05       +164%
Total assets         12,382,997       7,887,066       +56%
Cash flows from operations         $ 4,969,475       $ 1,067,165       +366%
Dividends paid         $488,058       $244,029       +100%

"We are very encouraged by the growth of our business and the trend this sets for the future" says Dr. Shan Chandrasekar President & CEO.

"ATN's core business continues to deliver solid increases and is reflective of our of our business priorities " says Kyrill Classen Chief Financial Officer.

ATN serves Canada's diverse cultural communities with 33 premium specialty television channels. ATN offers its flagship general interest service, Several Bollywood movie channels , and a variety of channels that include 3 sports Channels, 3 news Channels , 3 music Channels , 2 lifestyle Channels, 3 Chinese Channels and several General interest and regional language channels. ATN is one of Canada's largest distributors of World Class Cricket. ATN operates the only South Asian Radio Service 24 hours a day on XM across The United States and Canada. ATN video content is also available on any Bell mobile phone that supports video. ATN has programming alliances with leading international broadcasters. For more information please visit www.asiantelevision.com

Neither the Toronto Venture Exchange, nor its regulation services provider (as that term is defined in the policies of the exchange), accepts responsibility for the adequacy or accuracy of this release

Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements.

The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to the Company. Additional information identifying risks and uncertainties is contained in filings by the Company with the Canadian securities regulators, which filings are available at www.sedar.com. 

 

SOURCE Asian Television Network International Limited

For further information:

K. Classen CFO
Asian Television Network International Limited
Newmarket, Ontario L3Y 7B6
905-836-6460


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