Asian Television Network International Limited Consolidated Financial Statements Nine Months Ending September 30, 2006

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[{"type":"text","content":"\n\n\n\n\nTORONTO, Nov. 14 /CNW/ -\n\nTO OUR SHAREHOLDERS\n\nThe purpose of the Company's Management Discussion and Analysis (\"MD&A\")\nis to provide readers with additional and complementary information regarding\nAsian Television Network International Limited (ATN) (the Company) (TSX-SAT)\nand results of operations as at September 30, 2006. These comments should be\nread in conjunction with the audited consolidated financial statements and\nrelated notes for the year ended December 31, 2005.\n\nPROFILE\n\nThe Company is a leading broadcaster of specialty television programming.\nThe Company has a total of thirteen licensed television channels in operation\nmost of which are dedicated to multi lingual television programming. The\nCompany's operations reach beyond the niche markets. The Company broadcasts\nand is dedicated to bringing world-class cricket as well as an English\nlanguage news channel.\n\nFINANCIAL RESULTS\n\nThe financial statements for the third quarter indicate a continuing\ngrowth and increase in revenues and earnings, a trend set and sustained since\nMarch 31 2002, when the turnaround occurred and the performance of the Company\nturned from red to black.\nThe following Tables are prepared to provide a summary of the latest\nperformance.\n\n>\n\nLiquidity and Capital Resources\n\nThe Company's focus has been and continues to be to strike a fine balance\nbetween continuing expansion of its operation and deployment of new capital\nand debt reduction. It has stayed on that course over the past few years. The\ncontinuing growth of the Company and its revenue and earnings together with\nthe availability of its past tax losses have helped in providing the necessary\ncash flow. The policy of controlled expansion in tandem with measured debt\nreduction has now put the Company in a comfortable position of having a\ncapacity of raising new capital through institutional lenders, if and when it\nfound it necessary to do so to pursue its business plans.\n\nEBITDA\n\nWe anticipate for the 4th quarter of 2006 that EBITDA will continue to\nshow significant growth as the company benefits from stabilized expenses while\nsubscription and advertising revenue show greater than average growth.\n\nREVENUES\n\nThe essence for continued growth of subscription revenue is the number of\nchannels carried by multiple cable and satelli...

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