Business
Network Media Group Announces Record Revenues and Profits for 2019 Year-End Results
Network Media Group Announces Record Revenues and Profits for 2019 Year-End Results ...
About this update from Network Media Group Inc.
[{"type":"text","content":"\n\n\n\nNetwork Media Group Announces Record Revenues and Profits for 2019 Year-End Results\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\nCanada NewsWire\nVANCOUVER, March 31, 2020\n\n\n\nVANCOUVER, March 31, 2020 /CNW/ - Network Media Group Inc. (TSX: NTE.V) (OTCMKTS: NMGGF) (\"Network\" or \"the Company\") today reported annual results for the year ended Nov 30, 2019, including revenues of $16,278,621, net income of $4,029,811, an Adjusted EBITDA of $5,099,283, and earnings per share of $0.06. The financial statements and related Management's Discussion and Analysis (\"MD&A\") can be viewed on SEDAR at www.sedar.com.\nNetwork CEO Derik Murray stated, \"We have worked hard to establish our U.S. and global business by consistently producing feature documentaries and documentary series of the highest quality and our team's efforts are reflected in our results. Partnering with the most respected media and distribution brands in the world has provided a continuum of production opportunities that our company has been scaled to embrace, and in turn, deliver at the highest level. We are well-positioned to continue our strong organic growth trajectory, as evidenced by our expanding development slate, increasing levels of production, and multiple new broadcast and streaming partners that we are privileged to work with.\" \nThe financial highlights for Network's fiscal 2019 include the following, all of which are the highest in the Company's history:\nRevenue. Network's 2019 revenue was $16.3M compared to $2.7M in 2018 – an increase of 509%; Net Income. Network's 2019 net income was $4.0M compared to a net loss of $0.5M in 2018, $0.06 per share (2018 - $0.00); Adjusted EBITDA. Network's 2019 adjusted EBITDA was $5.1M compared to $0.6M in 2018, $0.07 per share (2018 - $0.01); Backlog. Contracted future revenues of $17.9M with $15.6M to be recorded in the next 12 months and $2.3M beyond 12 months.Network CFO Darren Battersby added, \"We are extremely pleased with our financial results from 2019, which are our best results ...