Business
Network Entertainment Announces Second Consecutive Positive Quarterly Earnings Results and Option Grants
(via Thenewswire.ca) Vancouver, BC / TheNewswire / July 28, 2016 - Network Media Group...
About this update from Network Media Group Inc.
[{"type":"text","content":"Network Entertainment Announces Second Consecutive Positive Quarterly Earnings Results and Option Grants(via Thenewswire.ca)\n\n \nVancouver, BC / TheNewswire / July 28, 2016 - Network Media Group Inc. (\"Network\" or \"the Company\") (TSX: NTE.V) is pleased to announce the production activities carried out through its subsidiary, Network Entertainment Inc., has garnered a per share net income of $0.01 for the second fiscal quarter ended May 31, 2016.\n\n \n \nThe Company reported net income of $395,905 and $982,019 ($0.01 and $0.02 earnings per share) for the three and six month periods ended May 31, 2016, compared with a net loss of $147,499 and $335,817 ($0.00 and $0.01 loss per share) for the respective periods in 2015. These results extend the record financial trend enjoyed by the Company over the last four financial quarters. The highlights of the second quarter of fiscal 2016 are:\n\n\n \n-Three and six month revenues of approximately $3.0M and $5.6M\n\n\n \n-Three and six month gross profits of $705,000 and $1,578,000\n\n\n \n-Working capital improvement of $1,258,000 from November 30, 2015\n\n\n \n-Three and six month income increase of $543,000 and $1,318,000 over Q2 2015 \n\n \n \nThe Company's unaudited condensed interim consolidated financial statements for May 31, 2016 and 2015, are available on www.sedar.com under the Company's profile. \n\n\n \nThe positive results are directly attributable to Network's continued high levels of production over the first six months of fiscal 2016 where it released one television series, The Cowboy and continued production on two other projects, including a seven part docu-series. \n\n\n \nChairman, Robert Pirooz quotes, \"Our second quarter results are a continuation of the momentum we have been creating over the last year. The Company is functioning at an unprecedented level. The Board of Directors and Senior Management are proud of how far the Company has come. Fiscal 2016 is becoming a year where Network has taken itself to the next level of production and results.\" \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 \nThe Company also announces today it has granted incentive stock options to its directors, officers and employees for the right to purchas...