Network Media Group Announces Q3, 2019 Results and Record Backlog

VANCOUVER, Oct. 30, 2019 /CNW/ - Network Media Group Inc. NTE NMGGF and Network Entertainment Inc. ("Network" or "the Company") today reported financial results for the quarter ended August 31, 2019 ("Q3 2019"), including revenues of $787,694, net loss of $324,353 and Adjusted EBITDA of negative $56,390 and backlog of $25.2M. The financial statements and related management's discussion and analysis ("MD&A") can be viewed on SEDAR at www.sedar.com

CFO Darren Battersby stated: "We are seeing record levels of contracted projects, an expanding development slate, and our projects continue to attract a very high caliber of talent.  We anticipate delivering a strong finish to fiscal 2019 and are motivated by how our Company is strategically positioned for growth in fiscal 2020." 

The operational highlights for Network's Q3 2019 include the following highlights:

• Record Backlog. Contracted future revenues of $14.3M to be recorded in the next six months and another $10.9M to be recorded in the following six months;
• New Docu-Series in Partnership with Tyra Banks and Quibi. Partnered with Tyra Banks on a new 18-episode docu-series, BEAUTY, with an anticipated exclusive debut in Q2 2020 on Quibi. Quibi is a mobile-first streaming platform founded by former Disney chairman and Dreamworks founder Jeffrey Katzenberg and former Hewlett Packard CEO Meg Whitman;
• Delivery of I Am Patrick Swayze. I Am Patrick Swayze premiered on Paramount Network in the quarter;
• People Magazine Feature Article. I Am Patrick Swayze was an inside feature article for the magazine on August 26, 2019;
• Winner of Grand Prize at San Antonio Film Festival. I Am Patrick Swayze wins the Festival Grand Prize award at the San Antonio Film Festival (SAFILM) on August 2, 2019;
• Most-Watched Personality Documentary of 2019. I Am Patrick Swayze averaged 1.1M total viewers, topping Free Solo as cable's most-watched personality documentary on linear TV for 2019;
• #1 Most-Social Special. I Am Patrick Swayze ranked as the #1 most-social special across all of TV for August 18, while also trending as the top hashtag on Twitter.

The financial results for Network's Q3 2019 include the following highlights:

• Revenues of $787,694 (2018 - $889,221);
• Net loss of $324,353 - $0.00 per share (2018 – net income of $41,792 - $0.00 per share);
• Adjusted EBITDA of negative $56,390 - $0.00 per share (2018 – positive $383,945 - $0.00 per share).

The Company's slate of projects in production include:  a feature documentary I Am Jackie O to be released on Paramount Network; the eight-episode documentary series on Artificial Intelligence starring Robert Downey Jr., to be streamed on YouTube; and an 18-episode documentary series, BEAUTY, starring Tyra Banks to be released on Quibi.  Additionally, the Company has several projects poised to commence preproduction which will be announced over the coming months and will contribute to Network's continued financial success and global brand recognition.

The Company has granted 400,000 incentive stock options to certain directors and senior officers of the corporation under the Company's stock option plan, exercisable at $0.15 for a period of five years.

About Network Entertainment
Network Media Group is the parent company of Network Entertainment Inc.
Network Entertainment is a creatively driven, boutique film and television production company that creates, finances, produces, and delivers award winning programming to television, digital platforms and movie audiences around the world. The Network premium brand of content delivers world class casts, with visually cinematic and richly crafted storytelling, which is consistently embraced by both audiences and critics alike, garnering awards, record ratings and unparalleled media coverage for Network and its partners.

Network has a full slate of films and series in current production, including a feature documentary on Jackie Kennedy Onassis, and a multi-part documentary series for YouTube on Artificial Intelligence in partnership with Robert Downey Jr. The Company's most recent releases include Punk, a 4-part series for Epix, Executive Produced by John Varvatos and Iggy Pop, and the feature documentary I Am Richard Pryor, which premiered at this year's SXSW Film Festival. Network's latest documentary, I Am Patrick Swayze, premiered at the San Antonio Film Festival in August, winning the Festival Grand Prize.  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 broadcast and distribution partners include: A&E, CBC, Crave, Epix, Fremantle, HBO Canada, Lionsgate, National Geographic, Paramount Network, Thunderbird, and YouTube Premium. The Company's work has been recognized by the Academy Awards, the Emmys, the Leos, Realscreen Awards, the Gemini Awards, the Los Angeles Film Festival, the AFI Docs Film Festival, San Antonio Film Festival, 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. 

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.

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.

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