Networks North Inc. reports another record growth year increase in revenue +42.7%, increase in EBITDA +23.6%
PR Newswire - November 30, 1998 09:43
NASDAQ:NETN
TORONTO, Nov. 30 /CNW-PRN/ - Networks North Inc. (NASDAQ: NETN) announced its results for the year ended August 31, 1998. Revenues for the 1998 year were $14,771,972, once again, the highest in company's history, an increase of 42.7% over the $10,351,689 reported for the 1997 Fiscal Year. Income before interest, depreciation and amortization, income taxes and minority interest (EBITDA) for the 1998 Fiscal Year of $2,621,667 increased 23.6% over the $2,120,988 reported a year earlier. Net Income for the 1998 Fiscal Year was $618,065 an increase of 1.4% over the $609,387 reported for the 1997 Fiscal Year. Total Assets, as reported on the Balance Sheet as at August 31, 1998, grew to $16,047,907, an increase of 12.3% over the Total Assets of $14,287,602 as at August 31, 1997. Shareholders' Equity increased 16.3% to $11,033,178 as at August 31, 1998 from $9,488,648 as at August 31, 1997.
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NETWORKS NORTH INC. FINANCIAL RESULTS (IN CANADIAN DOLLARS)
FOR THE YEAR ENDED August 31, 1998 August 31,1997
Total Revenue $14,771,972 $10,351,689
Income before, interest, loss from
investment depreciation and amortization,
income taxes and minority interest 2,621,667 2,120,988
Income before income taxes and
minority interest 1,147,378 1,026,462
Net Income 618,065 609,387
Weighted Average Number of Shares 2,550,805 2,441,992
Total Assets 16,047,907 14,287,602
Total Liabilities 5,014,729 4,798,954
Shareholders' Equity 11,033,178 9,488,648
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''Over the past 3 years, our revenue growth year on year has been exceptional,'' commented Peter Rona, President and CEO. ''Despite the fact that in the 1998 Fiscal Year results from Magic Lantern were affected by the merging of the Image Media assets which were purchased on August 31, 1997 and the physical moves of our premises in both Toronto and Vancouver, our overall profits, cash flow, and financial position continue to improve.''
''I believe, more than ever,'' continued Mr. Rona, ''that we are a much stronger company today, not only financially but in terms of talented human resources and management skills. We also are a company with leading edge technology skills with aggressive plans to exploit opportunities in this area. Our company is now poised and ready for the next stage of growth and development. We have just commenced the process of searching for an acquisition or strategic alliance that hopefully will be significant for the Company's future growth aspirations.''
Networks North Inc.'s operating units include wholly owned Magic Lantern Communications Ltd., NTN Interactive Network Inc. (NTNIN), and 51% of Interlynx Multimedia Inc. NTNIN is the exclusive Canadian licensee of NTN Communications, Inc. (AMEX:NTN), a leading producer and programmer of interactive television, on-line and Internet entertainment. The NTN Entertainment Network distributes programming to more than 15 million participants per month at restaurants, sports bars, and other group viewing locations throughout North America, including over 530 in Canada with over 2.5 million participants. Magic Lantern is Canada's premier distributor of educational media resources, with exclusive rights to over 14,000 titles in English and French. Magic's subsidiaries provide MPEG encoding, video duplication, distribution, and fulfillment services for broadcasters. Interlynx Multimedia is a new media production and distribution company encompassing all aspects of electronic communications including web based training, CD-ROM, the Internet and the World Wide Web.
Financial Statements in this press release other than historical facts are ''forward-looking'' statements within the meaning of section 27A of the Securities Act of 1933, section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements are subject to the safe harbors created thereby. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results could differ materially from expected results.
SOURCE Networks North Inc.
/CONTACT: Peter Rona, President, Networks North Inc. Tel:
(416) 675-6666, email: prona(at)ntnc.com; Daniel Mothersill, Ciris
International Inc. (416) 368-8770, email: ciris(at)inforamp.net/
(NETN)
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