Business
Amcomri Reports Strong Second Quarter Growth in Revenue and Earnings
Amcomri Reports Strong Second Quarter Growth in Revenue and Earnings.
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[{"type":"text","content":"\n VANCOUVER, British Columbia, Aug. 14, 2023 (GLOBE NEWSWIRE) -- Amcomri Entertainment Inc. (“Amcomri” or the “Company”) (CBOE: AMEN) (OTC: AMNNF) (Frankfurt: 25YO), a global producer and distributor of independent movies, TV series and documentaries, announced today financial results for the second quarter ended June 30, 2023. All dollar amounts are in Canadian dollars unless otherwise stated. Q2 2023 Highlights(Compared to Q2 2022) Revenue increased 110.8% to $7.5 million;Adjusted EBITDA1 increased 83.5% to $4.1 million;Net income increased 21.4% to $1.5 million;Strong contributions from the digital and physical distribution of “Left Behind: Rise of the Antichrist”, Abacus (Television and Documentary division), and 101 Films (Movie Distribution);Paid down debt by approximately $2.2 million. “We more than doubled our revenue and achieved strong increases in Adjusted EBITDA and net income in the second quarter,” said Robert Price, Chief Executive Officer of Amcomri. “We benefited from strong demand for “Left Behind: Rise of the Antichrist” in the quarter after the physical and digital distribution window in North America opened near the end of March. We also had strong contributions from Abacus, with two major titles released in the quarter, and continued strength from 101 Films.” “While we continue to embrace our diversified content business model, we will be focusing more on our film and TV distribution businesses – and particularly in TV where we represent and invest in a wide range of quality productions and see stronger growth opportunities. We continue to make progress in our mission to establish Amcomri as the home for independent storytellers. And while we are monitoring the strikes in Hollywood, our existing content libraries, focus on independent productions, and the documentary side of our business should help shield us from the effects of those strikes.” Selected Financial Information AuditedThree months ended June 30,2023$June 30,2022$Change%Revenue7,513,1603,546,563110.8%Direct costs866,395264,850227.1%Operating expenses4,784,5481,906,646150.9%Other expenses (income)329,062129,893153.3%Net profit1,533,1551,263,17421.4%Adjusted EBITDA14,102,2822,235,60583.5% AuditedSix months ended June 30,2023$June 30,2022$Change%Re...