Business
Network Media Group Announces Strong Revenues and Profitable 2020 Year-End Results
Network Media Group Announces Strong Revenues and Profitable 2020 Year-End Results ...
About this update from Network Media Group Inc.
[{"type":"text","content":"\n \n \n \n Network Media Group Announces Strong Revenues and Profitable 2020 Year-End 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 March 30, 2021\n \n /CNW/ -\n \n Network Media Group Inc.\n \n (TSXV: NTE) (OTCMKTS: NMGGF) (\"Network\" or \"the Company\") today reported annual results for the year ended\n \n November 30, 2020\n \n , including revenues of\n \n $9,924,236\n \n , net income of\n \n $1,515,939\n \n , and Adjusted EBITDA of\n \n $2,852,640\n \n . The financial statements and related Management's Discussion and Analysis (\"MD&A\") can be viewed on SEDAR at\n \n www.sedar.com\n \n .\n \n \n Network CFO\n \n Darren Battersby\n \n stated, \"Fiscal 2020 was a challenging year given that the Company's productions, just like the rest of the entertainment industry, were delayed due to COVID-19. Despite this challenge, we are proud of our Fiscal 2020 results, in which we recorded our second-highest year of revenues and were able to remain profitable. Our commitment and focus continue to be on long-term growth, and throughout 2020 we refined our business, streamlined operations, and expanded our development slate while adding multiple new broadcast and streaming partners. Network is well-positioned to resume its long-term growth trajectory, evidenced by our robust development pipeline and our steadily growing backlog of productions. As the U.S. and global marketplaces continue to re-open for business, the Company looks forward to resuming full production and continuing to deliver superior quality productions to our highly respected entertainment partners.\"\n \n \n The financial highlights for Network's fiscal 2020 include the following:\n \n \n \n \n Revenue.\n \n Network's 2020 revenue was\n \n $9.9M\n \n (2019 -\n \n $16.3M\n \n ) – the second-highest year of annual revenues in Company history;\n \n \n \n Net and Comprehensive Income.\n \n Network's 2020 net income was\n \n $1.5M\n \n (2019 -\n \n $4.0M\n \n ),\n \n $0.02\n \n pe...