VANCOUVER, BC, Oct. 26,
2022 /CNW/ - Network Media Group Inc.
(TSXV: NTE) (OTC: NETWF) ("Network" or "the Company") today
reported financial results for the third quarter ended August 31, 2022 ("Q3 2022"), including
three-month revenues of $9,507,901
(2021 - $1,093,191), a net income of
$2,309,212 (2021 – net loss of
$578,995), an Adjusted EBITDA of
$2,920,792 (2021 – loss of
$510,933). On a per-share basis, the
Company reports a net income of $0.03
per share (2021 – loss of $0.01) and
an Adjusted EBITDA per share of $0.04
(2021 – loss of $0.01). The financial
statements and related Management's Discussion and Analysis
("MD&A") can be viewed on SEDAR at www.sedar.com.
Network CFO Darren Battersby
states: "This quarter marks a return to profitability after
experiencing filming delays brought on by COVID. Despite these
challenges, the hard work and dedication of our talented team has
allowed us to execute and deliver as the demand for premium content
continues to increase. Over the past several years, Network has
been laying the foundation for sustainable long-term growth, by
solidifying our position as a trusted supplier of premium
content."
Network COO Paul Gertz continues,
"With our solid industry reputation and our trusted relationships
with A-list talent and commercial partners, we continue to deliver
premium content at the highest level, exemplified this quarter by
the work on multiple productions, and the delivery of our
feature-length documentary SIDNEY, co-produced by
Oprah Winfrey's Harpo Productions
and distributed by Apple+, as well as the four-part docu-series,
Women Who Rock, which debuted on EPIX in July 2022. Looking forward, we have the most
robust development slate in the Company's history, and we
anticipate results to flow from it."
Key metrics for Network's nine months ended Q3 2022 include the
following:
- Revenues of $10,470,930 (2021 -
$2,687,830);
- Net income of $335,889 -
$0.00 per share (2021 net loss:
$1,752,733 - $0.02 per share);
- Adjusted EBITDA of $1,545,551 -
$0.02 per share (2021 loss of
$1,597,886 – loss of $0.02 per share);
- A backlog of $7.5M.
A summary of the significant events and operational highlights
for Network's quarter ended August 31,
2022, include:
- The appointment of Brian Gersh
as President of Network Entertainment USA;
- Delivery of a feature-length documentary to Apple+, entitled
SIDNEY, on the life and legacy of Sidney Poitier;
- Delivery of a four-part docu-series to EPIX, entitled Women
Who Rock, that premiered July 10,
2022;
- The appointment of Sony Pictures Producer Rick Mischel as
Advisor to Network NFT Studios;
- Production continued on multiple projects throughout the
quarter;
- Continued development of the NFT division with the anticipated
release of Network's first NFT's in the fourth quarter.
About Network Media Group /
Network Entertainment
Network Media Group is the parent company of Network
Entertainment Inc. Network Entertainment is a creatively
driven, boutique film, television, and digital content production
company that creates, finances, and produces award-winning
programming for television, digital platforms and movie audiences
around the world.
The Network premium brand of content delivers world-class casts
and features visually cinematic, richly crafted storytelling. The
Company's productions are consistently embraced by both audiences
and critics alike, garnering awards, record ratings and
unparalleled media coverage for Network and its partners. Newly
formed Network NFT Studios collaborates with IP owners, artists,
and top talent to create, distribute, and monetize NFT campaigns
and related initiatives in the digital universe
(networknft.ca).
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.
