LOS ANGELES, March 13, 2012 /PRNewswire/ -- Hannover House,
Inc., the rebranded name for Target Development Group, Inc.
(Pinksheets: TDGI), posted significant gains in both revenues and
bottom line results for the 12-month period ending December 31, 2011. Revenues for 2011 grew
from 2010's total of $911,422 to
$4,319,087 for 2011, and bottom line (pre-tax) profits grew
from $404,559 in 2010 to $1,400,684 for 2011, the company reported.
"While these gains are significant, we must acknowledge that
2010 was a build-up year for acquisitions and infrastructure and we
were starting from a modest revenue base," said Fred Shefte, President. "We expected 2011
to be significantly better than the results for 2010, just in the
same way that we anticipate that our enhanced release activities
for 2012 will have significant gains over 2011. We think that
what's most notable is our ability to generate bottom line profits
on modest revenues due to our limited overhead and efficient
marketing strategies," he concluded.
Theatrical releases for Hannover House during 2011 included:
"Turtle: The Incredible Journey" (90 playdates), "All's Faire In
Love" (95 playdates) and "Cook County" (7 playdates).
Video releases for Hannover House during 2011 included:
"Twelve," "Chelsea on the Rocks," "Boggy Creek" and "Turtle: The
Incredible Journey." During the first quarter of 2012,
Hannover House has released three new titles to the domestic home
video market, "All's Faire In Love," "Edgar Allan Poe's Requiem for the Damned" and
"Pink Skies," as well as announced a multipack product line
featuring the Family Movie Night (four films), the Martial Arts
Marathon (nine films), the Horror Hits (four films), the Gladiators
Pack (four films), the Jules Verne Classics (three films) and the
Antonio Aguilar Colecion (four films). During Q2 of 2012, the
company will be releasing "Cook County," "Humans Vs. Zombies" and
"Buried Alive" to home video, in addition to launching the
theatrical releases of "Toys in the Attic," "The Weather Station"
and "Asalto Al Cine." Hannover House has at least one new
title slated for home video release during each month of 2012.
The 2011 results include voluntary write-downs of $515,400 in questionable accounts receivable,
prepaid wages and producer recoupments, under auditor's
advisement. The company also voluntarily reduced the
valuation of its film library during 2011 by $1,928,585 in order to remove discontinued or
underperforming titles. The company has not yet added back
into the Library Report the valuations for titles acquired during
2011.
The Hannover House stock (Pinksheets: TDGI) is currently trading
at $.03 per share, reflecting a
price-earnings ratio of approximately 10.3X. The
entertainment industry sector average price-earnings ratio is
20.5X, with some companies, such as Lionsgate, trading at more than
50X.
PRESS / MEDIA – for more information contact Fred Shefte at Hannover House,
Fred@HannoverHouse.com, 479-751-4500
SOURCE Hannover House, Inc.