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Network Media Group Announces Results for the Quarter Ended May 31, 2018

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Network Media Group Announces Results for the Quarter Ended May 31, 2018

Canada NewsWire

VANCOUVER, July 26, 2018 /CNW/ - Network Media Group Inc. (TSX:NTE) (OTCMKTS: NMGGF) and Network Entertainment Inc. ("Network" or "the Company") announced today its results for the three and six months ended May 31, 2018.

For the quarter ended May 31, 2018, the Company reported a net income of $205,000 ($0.00 per share) for the three month period compared with a net income of $387,276 ($0.01 per share) in 2017. In addition, the Company reported a net loss of $118,488 for the six month period ended May 31, 2018, compared to a net income of $469,071.

Additional highlights of the quarter are:

  • Revenues of:
    • $776,619 (2017 - $2.2M) for the three months ended, and;
    • $935,523 (2017 - $4.2M) for the six months ended.
  • Net income/(loss) of:
    • $205,000 (2017 – $387,276) for the three months ended, and;
    • $(118,488) (2017 - $469,071) for the six months ended.
  • EBITDA of:
    • $486,716 (2017 - $490,917) for the three months ended, and;
    • $429,603 (2017 - $674,311) for the six months ended.
  • Income/(loss) per share of:
    • $0.00 (2017 - $0.01) for the three months ended, and;
    • $(0.00) (2017 - $0.01) for the six months ended.
  • EBITDA per share of:
    • $0.01 (2017 - $0.01) for the three months ended, and;
    • $0.01 (2017 - $0.01) for the six months ended.

  • Delivered I Am MLK Jr. to critical acclaim
  • Continued production on four additional I Am projects
  • Commenced production on an eight episode documentary series
  • Received eight Leo Award nominations

The Company's unaudited condensed interim consolidated financial statements for May 31, 2018 and 2017, are available on www.sedar.com under the Company's profile.

CEO Derik Murray quotes, "Being in production on a record number of projects is starting to show results and is positioning us for a record setting fiscal 2018. I am very happy with how the team has performed thus far and excited about the direction the Company is taking."

A more detailed analysis of the other components of the Company's performance can be found in its Management's Discussion and Analysis as filed on www.sedar.com.

About Network Media Group Inc

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 endearing legacy. Our films have featured 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. Our productions are consistently embraced by both popular and critical acclaim garnering awards, record ratings and unparalleled media coverage.

Network's broadcast and distribution partners include: AHC, AMC, Discovery Channel, CBC, CMT, CTV, Entertainment One, FremantleMedia, HBO Canada, History Channel, iTunes, Lionsgate, National Geographic, Paramount Network, Spike, Sundance TV, Thunderbird and TMN. Our 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.

For additional information on Network Entertainment Inc., visit www.networkentertainment.ca

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, including the Company not obtaining required TSX Venture Exchange approval of the Transaction and the Transaction not being completed as proposed or at all. 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.

View original content: http://www.newswire.ca/en/releases/archive/July2018/26/c4397.html

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