Business
Network Entertainment Announces Third Quarter 2017 Financial Results
(via TheNewswire) VANCOUVER, CANADA / TheNewswire / October 27, 2017 - Net...
About this update from Network Media Group Inc.
[{"type":"text","content":"Network Entertainment Announces Third Quarter 2017 Financial Results(via TheNewswire)\n \n \nVANCOUVER, CANADA / TheNewswire / October 27, 2017 - Network Media Group Inc. (TSX: NTE.V) and Network Entertainment Inc. (\"Network\" or \"the Company\") announces the consolidated financial and operating results for the three-month period ended August 31, 2017 (\"Q3 2017\"). The Company reports a net loss of $307,709 on revenue of $150,454 for Q3 2017.\n\n \n \nThe Company's unaudited condensed interim consolidated financial statements for August 31, 2017, and accompanying Management Discussion and Analysis, are available on www.sedar.com under the Company's profile.\n\n \n \nSummarized Consolidated Financial Results for Q3 2017\n\n \n \n\n\n\nClick Image To View Full Size\n\n\n\n \n \nA significant factor behind the loss posted for Q3 2017 is the relatively low revenues for the period. Due to the Company's accounting policies, it is only able to record revenues when it delivers a project. During this quarter, the Company was very active on a production and business development front, but the timing was such that deliveries were low this quarter. \n\n \n \n\"The third quarter was uncommon for the Company in that it did not have any deliveries of its I Am projects, but instead, the Company was heavily engaged in producing and filming its next slate of proprietary productions as well as securing work from other broadcaster which will come into play in fiscal 2018,\" said Derik Murray, CEO of the Company. \"For the remainder of 2017 and into 2018, the Company expects to deliver on two proprietary productions and will ramp up production activity on up to an additional four I Am projects.\"\n\n \n \nAbout Network Media Group/Network Entertainment 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 an award-winning international reputation. Its productions include the Academy Award shortlisted feature documentary Facing Ali, as well as documentaries on the lives of Bruce Lee, Steve McQueen, Evel Knievel, Johnny Cash, Chris Farley (which set all time ratings records for Spike), JFK Jr. and, most recently,...