TORONTO, Nov. 28, 2019 /CNW/ - Asian Television Network
International Limited (ATN) Toronto Stock Exchange
Venture (TSXV-SAT) Canada's Pioneer South Asian Broadcaster
announce its third quarter 2019 consolidated financial and
operating results for the three and nine months ended September 30, 2019, in accordance with
International Financial Reporting Standards ("IFRS").
Summarized Consolidated Financial Results
Three and nine months ended September 30,
2019 and September 30,
2018
|
Three months ended
September 30,
|
Nine months ended
September 30,
|
|
2019
|
2018
|
2019
|
2018
|
|
Operating
revenue
|
$
2,994,964
|
$
3,765,733
|
$
9,094,326
|
$
11,934,226
|
|
Total operating
expenses
|
3,628,992
|
4,134,702
|
11,421,659
|
13,203,504
|
|
Loss before
taxes
|
(634,028)
|
(368,969)
|
(2,327,333)
|
(1,269,278)
|
|
Income tax
recovery
|
-
|
(126,312)
|
(328,234)
|
(344,328)
|
|
Net (loss) income
for the period
|
$
(634,028)
|
$
(242,657)
|
$
(1,999,099)
|
$
(924,950)
|
|
Basic and Diluted
Loss per share
|
$
(0.03)
|
$
(0.01)
|
$
(0.08)
|
$
(0.04)
|
Declining revenues are predominantly as a result of increased
internet piracy and consumers shifting towards illegal digital IPTV
set-top boxes. While the Company is actively involved in fighting
this negative trend, as part of a recent Federal Court decision,
the court issued the first Canadian site blocking order against
sites that predominantly facilitate copyright infringement. This
marks a significant step in the right direction towards Canada's
fight against piracy.
For details please refer to the MD&A and the Complete
Financial Statements filed with SEDAR.
We are a Canadian media company. ATN serves Canada's diverse cultural communities with
more than 50 premium specialty television channels. We are publicly
traded on the Toronto Stock Exchange Venture (TSXV-SAT). For more
information please visit www.asiantelevision.com
We seek safe harbor.
SOURCE Asian Television Network International Limited
