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Network Media Group Announces 2021 Third Quarter Results
Network Media Group Announces 2021 Third Quarter Results Canada NewsWire ...
About this update from Network Media Group Inc.
[{"type":"text","content":"\n \n \n \n Network Media Group Announces 2021 Third Quarter Results\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n VANCOUVER, BC\n \n ,\n \n Oct. 29, 2021\n \n /CNW/ -\n \n Network Media Group Inc.\n \n (TSXV: NTE) (OTC: NETWF) (\"Network\" or the \"Company\") today reported financial results for the third quarter ended\n \n August 31, 2021\n \n (\"Q3 2021\"), including three month revenues of\n \n $1,093,191\n \n (2020 -\n \n $1,014,522\n \n ), net loss of\n \n $578,995\n \n (2020 – net income of\n \n $106,322\n \n ) and Adjusted EBITDA of negative\n \n $510,933\n \n (2020 – positive\n \n $407,356\n \n ), and a backlog of\n \n $14.8M\n \n . On a per share basis, the Company reports a loss of\n \n $0.01\n \n per share (2020 – income of\n \n $0.01\n \n ) and Adjusted EBITDA per share of negative\n \n $0.01\n \n (2020 – positive\n \n $0.01\n \n ). The financial statements and related Management's Discussion and Analysis (\"MD&A\") can be viewed on SEDAR at\n \n \n www.sedar.com\n \n \n .\n \n \n Network CFO\n \n Darren Battersby\n \n stated: \"Overall, I am encouraged about where the Company sits right now. We have successfully weathered the storm for the last 18 months and are coming out of the pandemic hiatus on our projects that were in production prior to\n \n March 2020\n \n , cameras are now rolling, and the studio is fully operational. With our recent oversubscribed private placement, our cash balances are strong and we are excited about the future.\"\n \n \n Key metrics for Network's nine months ended Q3 2021 include the following highlights:\n \n \n \n Steady Backlog\n \n .\n \n Contracted future revenues of\n \n $14.8M\n \n with\n \n $12.6M\n \n to be recorded in the next 12 months and\n \n $2.2M\n \n beyond 12 months;\n \n \n Revenues of\n \n $2,677,830\n \n (2020 -\n \n $7,958,655\n \n );\n \n \n Net loss of\n \n $1,752,733\n \n -\n \n $0.02\n \n per share (2020 Net income:\n \n $1,069,585\n \n -\n \n $0.01\n \n per share);\n \n \n Adjusted EBITDA of negative\n \n $1,597,886\n \n -\n...