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NETWORK MEDIA GROUP ANNOUNCES 2022 SECOND QUARTER RESULTS
NETWORK MEDIA GROUP ANNOUNCES 2022 SECOND QUARTER RESULTS Canada NewsWire ...
About this update from Network Media Group Inc.
[{"type":"text","content":"\n \n \n \n NETWORK MEDIA GROUP ANNOUNCES 2022 SECOND 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 \n VANCOUVER, BC\n \n \n ,\n \n \n July 28, 2022\n \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 second quarter ended\n \n May 21, 2022\n \n (\"Q2 2022\"), including three month revenues of\n \n $534,459\n \n (2021 -\n \n $1,233,429\n \n ), a net loss of\n \n $1,119,948\n \n (2021 – net loss of\n \n $620,917\n \n ), an Adjusted EBITDA of negative\n \n $847,466\n \n (2021 – negative\n \n $568,492\n \n ), and a backlog of\n \n $17.1M\n \n . On a per-share basis, the Company reports a loss of\n \n $0.01\n \n per share (2021 – loss of\n \n $0.01\n \n ) and an Adjusted EBITDA per share of negative\n \n $0.01\n \n (2021 – negative\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: \"The second quarter was a busy and productive one for Network. Our teams were focused on increased production activities on multiple contracted feature documentaries and documentary series as well as developing our NFT division, resulting in higher expenses for the quarter, and positioning Network to have an active summer and fall as the Company expects to deliver multiple productions throughout the remainder of the year and into fiscal 2023. Network's robust slate of projects are among the most important productions in the Company's history, with the industry's most prominent talent and financing/distribution partners attached, positioning Network to remain in the spotlight as a consistent provider of premium global content.\"\n \n \n Key metrics for Network's three months ended Q2 2022 include the following:\n \n \n \n Steady Backlog. Contracted future revenues of\n \n $17.1M\n \n with\n \n $14.7M\n \n to be recorded in the next six months and...