TORONTO, April 2, 2012 /CNW/ - Asian Television Network International Limited (ATN) (TSX-SAT) Canada's Pioneer South Asian Broadcaster is pleased to announce its audited annual consolidated financial and operating results for the 12 months ended December 31, 2011, in accordance with International Financial Reporting Standards ("IFRS").
Financial highlights are as follows:
|Years ended December 31,||2011||2010||% Change|
|Marketing and distribution costs||15,622,207||14,165,419||+10%|
|Depreciation, amortization and impairments||174,126||174,387||+0%|
|(Gain) loss on exchange difference||(10,746)||8,727||-223%|
|Income from operation||7,380,319||2,938,499||+151%|
|Income tax expense||2,082,859||932,249||+123%|
|Net income for the year||5,297,460||2,006,250||+164%|
|Earnings per share||.22||.08||+164%|
|Cash flows from operations||$5,771,752||$1,660,961||+247%|
|Operating profit (EBITDA)||$7,552,885||$3,137,038||+141%|
|Earnings per share (EBITDA)||.31||.13||+141%|
"We are very encouraged by the growth of our business and the trend this sets is a significant and positive sign for the future" says Dr. Shan Chandrasekar President & CEO.
"ATN delivered an impressive top and bottom-line growth in 2011" says Kyrill Classen Chief Financial Officer.
ATN serves Canada's diverse cultural communities with 34 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.
For further information:
K. Classen CFO
Asian Television Network International Limited
Newmarket, Ontario L3Y 7B6