Magic Lantern Group Posts Strong Revenue Growth in the Third Quarter
November 18 2003 - 8:00AM
PR Newswire (US)
Magic Lantern Group Posts Strong Revenue Growth in the Third
Quarter NEW YORK, Nov. 18 /PRNewswire-FirstCall/ -- Magic Lantern
Group, Inc. , a leading North American distributor of educational
content and e-learning delivery with licensing operations in Canada
and the U.S., announced today its financial results for the quarter
ended September 30, 2003. For the three months ended September 30,
2003, Magic Lantern reported sales of $655,000 compared to $0 in
the three months ended September 30, 2002. Net loss for the three
months ended September 30, 2003 was $(579,000), or $(0.01) per
share, compared to net earnings of $862,000, or $0.02 per share, in
the first three months of 2002. Net gains in the third quarter of
fiscal 2002 were primarily attributed to a $937,000 compensation
adjustment from replacement options. Diluted shares outstanding for
the third quarter of 2003 were 66.7 million compared to 37.4
million diluted shares outstanding in the third quarter of 2002.
For the nine months ended September 30, 2003, sales increased to
$2,181,000 from $21,000 in the first nine months of 2002. Net loss
for the nine months ended September 30, 2003 was $(851,000), or
$(0.01) per share, compared to net earnings of $224,000, or $0.01
per share, for the first nine months of 2002, largely reflecting a
one-time gain on the settlement of litigation in the third quarter
of 2002. Magic Lantern Group President & CEO Bob Goddard
stated, "We are pleased to report strong revenue growth in the
third quarter of 2003, which was attributed to increased sales of
our educational and learning videos in VHS and DVD format. While
our video business remains strong, we continue to make inroads into
the high-growth, digital video streaming market. One of our most
significant accomplishments supporting this initiative included the
launch of TutorBuddy(TM), our revolutionary e-learning consumer
product, on a worldwide basis. In September, we began marketing
TutorBuddy to schools and Parent Advisory Councils across Canada,
targeting up to 500,000 households with a trial subscription offer
for $9.95 per month. Leveraging our brand equity in the Canadian
educational sector, we expect TutorBuddy to drive incremental
top-line growth for us over the next several quarters." Goddard
continued, "We are equally excited to achieve increased market
penetration in the institutional sector with our Magic Lantern
InSite(TM) product line. InSite continues to gain traction in key
markets for us, including universities and schools in Canada. We
have secured agreements to deploy InSite into Canada's schools and
are quickly moving to market the product via channel partnerships
into the U.S. "Magic Lantern Group is in a unique position to
capitalize on the increased usage and popularity of digital video
streaming technologies and educational content in schools,
universities and libraries, both nationally and in Canada. We look
forward to increasing revenues from these exciting new product
lines, which offer the potential for us to build a solid recurring
revenue base and accelerate our time to profitability." About Magic
Lantern Group, Inc. Magic Lantern Group, Inc. is a leading North
American learning video distributor with licensing operations in
North American and world markets. Through its video streaming
technology business and its specialized "video indexing"
subsidiary, Sonoptic Technologies Inc., the Company currently
serves more than 9,500 schools and libraries throughout Canada and
soon in the U.S. In addition to distributing more than 40,000
school curriculum-relevant video titles from over 300
world-renowned producers including Disney, Schlessinger Media,
Annenberg/CPB & Dorling Kindersley, Magic Lantern is
penetrating the institutional market with Magic Lantern InSite(TM).
Magic Lantern InSite provides teachers and students on-demand,
interactive access to an expanding video collection of over 1,300
program titles and nearly 14,000 video objects. The Company is
concurrently reaching the consumer market with TutorBuddy(TM), its
proprietary e-learning system that provides children with online
access to learning video programs used in schools across North
America. For more information on the Company, visit
http://www.magiclantern.ca/. For more information: For investor
relations, contact Gary Geraci, National Financial Network,
781-444-6100 ext. 629, email: . Also visit
http://www.nfnonline.com/gml. At the Company, contact Bob Goddard,
Magic Lantern Group, Inc., 905-827-2755 ext. 454, . Also visit
http://www.magiclantern.ca/. This Press Release contains certain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. The company has tried,
whenever possible, to identify these forward-looking statements
using words such as "anticipates," "believes," "estimates,"
"expects," "plans," "intends," "potential" and similar expressions.
These statements reflect the company's current beliefs and are
based upon currently available information. Accordingly, such
forward-looking statements involve known and unknown risks,
uncertainties and other factors which could cause the company's
actual results, performance or achievements to differ materially
from those expressed in or implied by such statements. The company
undertakes no obligation to update or advise in the event of any
change, addition or alteration to the information catered in this
press release including such forward-looking statements.
DATASOURCE: Magic Lantern Group, Inc. CONTACT: Gary Geraci,
National Financial Network, +1-781-444-6100 ext. 629, ; or Bob
Goddard, Magic Lantern Group, Inc., +1-905- 827-2755 ext. 454, Web
site: http://www.magiclantern.ca/
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