Business
Amcomri Reports Fourth Quarter and Full Year 2022 Results
Amcomri Reports Fourth Quarter and Full Year 2022 Results.
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[{"type":"text","content":"\n VANCOUVER, British Columbia, April 14, 2023 (GLOBE NEWSWIRE) -- Amcomri Entertainment Inc. (“Amcomri” or the “Company”) (NEO: AMEN) (OTC: AMNNF) (Frankfurt: 25YO), a global producer and distributor of independent movies, TV series and documentaries, announced today financial results for the fourth quarter and year ended December 31, 2022. All dollar amounts are in Canadian dollars unless otherwise stated. Highlights Adjusted EBITDA1 for the year was $5,089,594 despite a loss of $147,561 in the fourth quarter;Television and documentary (Abacus Media Rights Limited) revenue increased 41% in 2022;Revenue for the quarter decreased 40% to $1,799,538 compared to Q4 2021, resulting in revenue of $13,889,501 for the year, which was flat compared to the prior year;Movie production performance continued to be impacted by production delays;Recorded non-cash impairment charges totaling $1,217,983 pertaining to the de-recognition of the Screen Media distribution rights out of Amcomri Productions and two film titles that received negligible deals for distribution as at December 31, 2022;Net loss was $2,084,592 for the quarter and $359,932 for the year. “In 2022, we made great strides in expanding our business and increasing our market share,” said Robert Price, Chief Executive Officer of Amcomri. “We completed three content library acquisitions, expanded our global reach, solidified partnerships with broadcasters and streaming platforms, and now offer aggregation and scale to nearly 200 independent producers. Our TV business performed particularly well and continues to benefit from strong demand from streaming services and broadcasters. And, despite delays on the film side of our business, which impacted our 2022 financial results, our successful theatrical release of ‘Left Behind - Rise of the Antichrist’ this past January highlights the strides we made in developing our in-house production capabilities in 2022.” “Looking ahead, we’re particularly excited about the continued opportunities for our TV business. We have a great slate of programs for 2023, including big dramas like Scrublands. We have plans for co-producing four TV shows and four films this year. At the same time, we remain focused on expanding our global distribution channels, with a specific focus on No...