Entertainment One announces preliminary financial results for the year ended 31 March 2009



    
    Revenues up 30 per cent; strong film release schedule driving future
    growth
    

    TORONTO, June 24 /CNW/ - Entertainment One, the leading international
entertainment content owner and distributor, today announced its preliminary
financial results for the period ended 31 March 2009.

    
    Financial Highlights(3)

    -   Revenue of $565.3 million up 30% (2008: $436.3 million)
    -   Underlying EBITDA(1) up 36% at $41.8 million (2008: $30.7 million)
    -   Adjusted profit before tax(2) of $27.1 million (2008: $21.3 million)
        up 27% resulting in adjusted earnings per share(2) of 13.4 cents, up
        13%
    -   Reported loss before tax of $51.2 million (2008: $12.7 million)
        primarily resulting from non-cash impairment charges following
        significant decline in US Music market
    -   Operating cash flow of $59.2 million (2008: $47.4 million) up 25%

    Operational Highlights

    -   International film business released over 110 titles in the year,
        including box office successes Twilight and Knowing, alongside
        successful expansion into television production
    -   Core markets remain resilient to the broader economic environment
        with a number of factors expected to drive growth going forward
    

    Darren Throop, Chief Executive Officer, commented: "We are very pleased
with the Group's solid financial performance last year. In what proved to be a
very difficult year for operators around the globe, we were able to
significantly grow our revenues. This reinforces the underlying strength of
our business and demonstrates the Company is well positioned for future growth
as we look to increase investment in content and to explore further
acquisition opportunities.
    "The Film division has a high quality slate of releases for the new
financial year and will continue to increase its investment in content. The TV
business has had a strong start to the new financial year, with particular
successes in major US network commissions. The US Music and Distribution
businesses are expected to stabilize following restructuring, while the
Canadian Distribution business continues to deliver robust performance."
    The Board believe the Group remains significantly undervalued and is
committed to driving shareholder value through the current AIM listing. In the
medium term, the board remains open to evaluating opportunities to access
other financial markets as broader market conditions improve.
    Additional details on the Group's financial performance are available
through the Company's regulatory new release which is available at
www.entertainmentonegroup.com

    
    Note to Editors:

    (1) Underlying EBITDA is the earnings before one offs, share-based
        payment charges, interest, tax, depreciation and amortisation of
        intangible assets
    (2) Adjusted Profit before tax and diluted Adjusted Earnings per Share
        are adjusted for one offs, share based payments, amortisation of
        acquired intangible assets and one off items within net finance costs
    (3) Financial Highlights are translated from British Pounds to US Dollars
        at current rates on 23rd June 2009 - (pnds stlg)1:$1.65
    

    About Entertainment One

    Entertainment One (AIM: ETO) is a leading independent entertainment
content owner that acquires film, television and music rights and exploits
these rights in all media in more than 190 countries.
    The company currently operates in Canada, the U.S., the UK, Holland and
Belgium through its four primary businesses units: Television, Film, Music and
Distribution. These businesses collectively represent the Group's extensive
expertise in film distribution, television and music production/distribution,
Kids content, Licensing and Distribution.
    Entertainment One's content library includes more than 4,000 feature
films, 2,800 hours of original television programming and 15,000 music tracks.

    Cautionary Statement

    This Preliminary Announcement contains certain forward-looking statements
with respect to the financial condition, results, operations and businesses of
Entertainment One Ltd. These statements and forecasts involve risk and
uncertainty because they relate to events and depend upon circumstances that
will occur in the future. There are a number of factors that could cause
actual results or developments to differ materially from those expressed or
implied by these forward-looking statements and forecasts. Nothing in this
Preliminary Announcement should be construed as a profit forecast.
    A copy of this Preliminary Announcement for the year ended 31 March 2009
can be found on our website at www.entertainmentonegroup.com. Copies of the
Annual Report for the year ended 31 Mach 2009 will be available to
shareholders.





For further information:

For further information: Edelman, Julia Oosterman/Shane Dolgin, Tel:
(416) 979-1120; Quiller Consultants, John Eisenhammer/Kate Law, Tel: +44 (0)20
7233 9444; Darren Throop (CEO), Tel: (905) 282-7878, dthroop@e1ent.com; Giles
Willits (CFO), Tel: +44 (0)20 7004 2755, gwillits@e1ent.com; Singer Capital
Markets Limited, James Maxwell, Tel: +44 (0)20 3205 7624; Evolution Securities
Limited, Jeremy Ellis, Tel: +44 (0)20 7071 4308

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E1 Entertainment

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