Business
Network Entertainment Forecasts Four-Fold Revenue Growth for Fiscal 2016
(via Thenewswire.ca) VANCOUVER, CANADA / TheNewswire / January 7, 2015 - Network M...
About this update from Network Media Group Inc.
[{"type":"text","content":"Network Entertainment Forecasts Four-Fold Revenue Growth for Fiscal 2016(via Thenewswire.ca)\n\n \nVANCOUVER, CANADA / TheNewswire / January 7, 2015 - Network Media Group Inc. (\"Network\" or the \"Company\") (TSX: NTE.V) is pleased to announce it anticipates a record revenue increase of more than 400% for fiscal 2016 (ended November 30) as a result of the current and forecasted production and distribution activities of its subsidiary, Network Entertainment Inc. This news release contains forward-looking information regarding the Company's anticipated revenue for fiscal 2015 and 2016 and its fiscal 2016 production budget. Readers are cautioned that actual results may vary. Refer to the risks and assumptions contained in the Cautionary Statement on Forward-Looking Information at the end of this news release.\n\n \n \nIn large part due to the success of recently completed projects, namely I Am Chris Farley and I Am Johnny Cash, as well as the recognition of revenue from past projects, Network forecasts revenue of approximately $1,600,000 for fiscal 2015, as compared with $1,442,418 for 2014. \n\n \n \nNetwork's production activities in 2016 include ongoing development of the docu-series announced on November 26 and anticipated completion of the I Am JFK Jr. and The Cowboy documentaries. The anticipated cumulative budget for Network's slate of productions in fiscal 2016 amounts to approximately $9.5 million. These activities combined with continued recognition of revenues from distribution of past projects, allow the Company to forecast revenues of approximately $6,400,000 for fiscal 2016, which would mark a 400% increase over 2015. \n\n \n \nThe forecast for revenues in fiscal 2016 is based on agreements Network has secured with buyers to purchase films or episodes in development, the Company completing its productions in development and meeting all conditions of these agreements so that revenue is recognized in fiscal 2016, distributions from past projects based on current sales reports and past experience on sales of our iconic documentaries, receipt of expected tax credits from Canadian Federal and Provincial governments, and a foreign exchange rate of 1:1.3 USD to CDN.\n\n \n \nNetwork's actual audited financial results for the year ended November 30, 2015 will be made publicly available before the end of first quarter 2016.\n...