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NETWORK MEDIA GROUP ANNOUNCES 2023 SECOND QUARTER RESULTS AND OPTION GRANT
NETWORK MEDIA GROUP ANNOUNCES 2023 SECOND QUARTER RESULTS AND OPTION GRANT Canada NewsW...
About this update from Network Media Group Inc.
[{"type":"text","content":"\n \n \n \n NETWORK MEDIA GROUP ANNOUNCES 2023 SECOND QUARTER RESULTS AND OPTION GRANT\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 31, 2023\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 31, 2023\n \n (\"Q2 2023\"), including three-month revenues of\n \n $1,266,215\n \n (2022 -\n \n $534,459\n \n ), a net loss of\n \n $665,865\n \n (2022 – a net loss of\n \n $1,119,948\n \n ) and Adjusted EBITDA loss of\n \n $389,193\n \n (2022 – loss of\n \n $527,772\n \n ), and a backlog of\n \n $8.5M\n \n . On a per-share basis, the Company reports a loss of\n \n $0.01\n \n per share (2022 – loss of\n \n $0.01\n \n ) and an Adjusted EBITDA loss per share of\n \n $0.01\n \n (2022 – loss of\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.sedarplus.ca\n \n \n .\n \n \n Network CFO\n \n Darren Battersby\n \n stated: \"Network achieved a new Company milestone with the successful re-licensing of our esteemed\n \n I AM\n \n library in the U.S. The re-licensing of our\n \n I AM\n \n library is an important validation of our business model of developing and producing evergreen and award-winning IP for global audiences. We also take pride in the delivery of our captivating 11-part series,\n \n Legends of Hockey: Greatness Calling 2000-2020,\n \n which significantly contributed to the revenue recognized during this period. Looking ahead, the Company has a record number of premium projects currently in the market, which will translate into elevated levels of production activities that should drive growth through the second half of Fiscal 2023 and 2024.\"\n \n \n Key metrics for Network's six months ended Q2 2023 include the following highlights:\n \n \n \n Contracted future revenues of\n \n $8.5M\n \n with\n \n $5.3M\n \n to be recorded in the next six m...