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.
About Network
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.