VANCOUVER, March 29, 2019 /CNW/ - Network Media Group Inc. (TSX: NTE.V) (OTCMKTS: NMGGF). ("Network" or "the Company") today reported its financial results for the fiscal year ended November 30, 2018 ("Fiscal 2018") which include revenues of $2.7 million and Adjusted EBITDA of $613,891.
CFO, Darren Battersby stated, "2018 was a transformative year for the Company. The final accounting shows a net loss, but as a Company, Network made amazing strides forward. Posting a strong Adjusted EBITDA and record production levels has made the year a success in my view. We head into fiscal 2019 with a full slate of productions, exceptional momentum and an optimistic outlook for the future of Network."
The financial results for Network's Fiscal 2018 include the following highlights:
- Revenues of $2.7 million
- Net loss of $525,319 ($0.01 per share)
- Adjusted EBITDA of $613,891 ($0.01 per share)
- Release of three I Am projects and the commencement of production on two series
- Made a $9.0 million investment into new projects in production and development
The Company's audited consolidated financial statements for November 30, 2018 and 2017 are available on www.sedar.com under the Company's profile.
CEO, Derik Murray stated, "We delivered three documentaries and started production on three more documentaries as well as two series including an eight-part series for YouTube Premium and a four-part series for EPIX, setting the stage for a strong fiscal 2019 and beyond."
A more detailed analysis of the other components of the Company's performance can be found in its Management Discussion and Analysis as filed on www.sedar.com.
Network Media Group is the parent company of Network Entertainment Inc. Network Entertainment, founded and headquartered in Vancouver, British Columbia, Canada, produces premium content for global audiences. Network's documentaries and docu-series showcase the lives of the world's most inspiring cultural icons and their enduring legacy, featuring a compelling lineup of icons from the worlds of Music, Movies, Comedy, Sports, Politics and Business. The Network premium brand of programming features outstanding casts and highly cinematic, richly crafted storytelling. Network's productions are consistently embraced by both audiences and critics alike, garnering awards, record ratings and unparalleled media coverage.
Network's broadcast and distribution partners include: AHC, AMC, Discovery Channel, CBC, CMT, CTV, Entertainment One, EPIX, FremantleMedia, HBO Canada, History Channel, iTunes, Lionsgate, National Geographic, Paramount Network, Spike, Sundance TV, Thunderbird, TMN, Virgil Entertainment, and YouTube Premium. The Company's work has been recognized by the Academy Awards, the Emmys, Realscreen Awards, the Gemini Awards, the LEOs, 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.
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
Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. These statements are necessarily based upon management's perceptions, beliefs, assumptions and expectations, as well as a number of specific factors and assumptions that, while considered reasonable by management of the Company as of the date of such statements, are inherently subject to significant uncertainties and contingencies that could result in the forward-looking information ultimately, perhaps materially, being incorrect. All forward looking information in this news release involve known and unknown risks, uncertainties and other factors that are beyond the control of the Company and may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward looking information. Except as required pursuant to applicable securities laws, the Company will not update these forward-looking statements to reflect events or circumstances after the date hereof.
SOURCE Network Media Group Inc.
For further information: on Network Entertainment Inc., visit www.networkentertainment.ca; Enquiries: [email protected], 604.900.2348