Business
Network Entertainment Announces Record Results and Positive Earnings for Q1 2016
(via Thenewswire.ca) VANCOUVER, BC / TheNewswire / April 28, 2016 - Network Media Grou...
About this update from Network Media Group Inc.
[{"type":"text","content":"Network Entertainment Announces Record Results and Positive Earnings for Q1 2016(via Thenewswire.ca)\n \n \nVANCOUVER, BC / TheNewswire / April 28, 2016 - Network Media Group Inc. (\"Network\" or \"the Company\") (TSX: NTE.V) is pleased to announce the activities of its subsidiary, Network Entertainment Inc., for the three months ended February 29, 2016 (\"QI 2016\"), generated for the Company positive net income of $586,114 ($0.01 per share), compared with a net loss of $188,318 ($0.00 per share) for 2015. \n\n \n \nThe Q1 2016 results are reflective of the most successful three months of operations in the Company's history. The highlights of the quarter are:\n\n \n \n-Record quarterly revenues of over $2.6M\n\n\n \n-Gross profit of $872,000\n\n\n \n-Working capital improvement of $935,000\n\n\n \n-Income increase of $774,000 over Q1 2015 \n\n \n \nThe Company's unaudited condensed interim consolidated financial statements for February 29, 2016 and February 28, 2015, are available on www.sedar.com under the Company's profile. \n\n\n \nThe positive results in Q1 2016 are directly attributable to the continued high levels of production that Network has experienced over the last four quarters. It released one television series, The Cowboy and continued production on two other projects, including a seven part docu-series. \n\n\n \nCEO Derik Murray commented, \"In 2015 we felt the tides start to turn for us as a Company. Activity and interest in our productions increased dramatically and we are seeing the results translated into our financials. We had an amazing close to our fiscal year last year, and now see a terrific start to fiscal 2016. The activity and interest have not slowed down for us and we are expecting this trend to continue. I am very proud of how our team has performed and the quality of the properties we are able to produce.\" \n\n\n \nA more detailed analysis of the other components of the Company's performance can be found in its Management's Discussion and Analysis as filed on www.sedar.com.\n\n\n \nAbout Network Media Group Inc\n\n \n \nNetwork is focused on becoming one of the world's leading developers and producers of entertainment properties for the global marketplace and its worldwide audience. It is the parent company of Network Entertainment Inc., an established television and film production company with ...