VANCOUVER, BC, March 28,
2023 /CNW/ - Network Media Group Inc. (TSX:
NTE.V) (OTC: NETWF) ("Network" or "the Company") today reported
annual results for the year ended November
30, 2022, including revenues of $12,433,913, net income of $597,379, and Adjusted EBITDA of $1,785,442. 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
stated, "We are pleased with our Fiscal 2022 financial results and
our team's focused efforts on development, production, and delivery
of programming, resulting in profitability throughout the second
half of the year. With demand for premium content at all-time highs
and the increasing interest in documentary content, Network has the
opportunity to monetize unique intellectual property (IP) on a
variety of platforms and mediums that can create more value for its
partners and stakeholders. With a consistent slate of ongoing
committed productions, we look forward to a year of production
uninterrupted by COVID or other slowdowns, and remain committed to
capitalizing on all opportunities that will benefit all
stakeholders."
President of the newly launched Network NFT Studios Tom Lombardi
stated, "We are thrilled with our progress and development with
Network NFT Studios, and our recent partnership with the Hockey
Hall of Fame is a significant milestone in bringing this vision to
reality. We are excited to work with more IPs and bring innovative
new concepts to the rapidly growing world of digital collectibles.
The launch of our first NFT in the upcoming year is just the
beginning of our journey, and we are confident that our studio will
become a leader in the digital collectible and Web3 industry. Our
team is dedicated to delivering the highest quality and most unique
digital collectibles to our audience and partners, and we look
forward to the exciting opportunities that lie ahead."
The financial highlights for Network's Fiscal 2022 include the
following:
- Revenue. Network's 2022 revenue was $12.4M (2021 – $3.5M);
- Net and Comprehensive Income (Loss). Network's 2022 net
income was $597K (2021 – net loss of
$2.5M), $0.01 income per share (2021 – loss per share
$0.03);
- Adjusted EBITDA. Network's 2022 adjusted EBITDA was
$1.8M (2021 – loss of $1.9M), $0.02
income per share (2021 – adjusted EBITDA loss per share of
$0.02);
- Contracted Backlog. Contracted future revenues of
$6.3M with $2.9M expected to be recorded in the next six
months and $3.4M expected in seven
months and beyond.
The financial results for Network's three months ended Q4 2022
include the following highlights:
- Revenues of $2M (2021 -
$1M);
- Net and comprehensive income of $0.3M (2021 – loss of $0.7M);
- Adjusted EBITDA income of $0.02M
(2021 – loss of $0.03M);
- Income per share of $0.00 (2021 –
loss per share of $0.01);
- Adjusted EBITDA income per share of $0.00 (2021 – adjusted EBITDA loss per share of
$0.00).
Throughout the year, Network also continued production on two
feature-length documentaries that are expected to be delivered in
Fiscal 2023.
Network's Fiscal 2022 Select Highlights:
- Tom Lombardi appointed President
of Network NFT Studios;
- Network announced a broad-ranging NFT Partnership with the
Hockey Hall of Fame;
- Sony Pictures Producer Rick Mischel appointed advisor for
Network NFT Studios;
- Brian Gersh appointed President
of Network Entertainment USA;
- Premiered four-part docu-series, Women Who Rock on
EPIX;
- Network partnered with the Hockey Hall of Fame and CTV/TSN for
the new 10-part plus Encore Episode series Legends of Hockey:
Greatness Calling 2000-2020, which was partially delivered in
Fiscal 2022;
- Delivery of an award-winning feature-length documentary to
Apple+, entitled SIDNEY, focusing on the life and legacy of
Sidney Poitier.
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.