PNEC revenues 43 million vs 109 thousand;
PLANET ENTERTAINMENT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE YEAR FOR THE EIGHT
ENDED MONTHS ENDED
AUGUST 31, AUGUST 31,
1999 1998 (NOTE 19)
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REVENUES:
Net sales (Note 14) $ 43,719,376 $ 51,002
Royalties 5,288 23,042
Studio rental 65,890 35,451
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TOTAL REVENUES 43,790,554 109,495
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COSTS AND EXPENSES:
Cost of sales (Note 14) 35,736,723 11,139
Selling, general and administrative costs 6,769,942 659,348
Depreciation and amortization 527,845 33,758
Interest expense 421,311 --
Interest expense, related party 112,670 98,135
Bad debt expense 19,661 --
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TOTAL COSTS AND EXPENSES 43,588,152 802,380
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INCOME (LOSS) FROM OPERATIONS 202,402 (692,885)
OTHER INCOME:
Interest and dividend income 41,942 47,421
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INCOME (LOSS) BEFORE PROVISION (CREDIT)
FOR INCOME TAXES 244,344 (645,464)
Provision (credit) for income taxes (Note 13) (34,118) --
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NET INCOME (LOSS) $ 278,462 $ (645,464)
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LOSS PER SHARE:
NET INCOME (LOSS) $ 278,462 $ (645,464)
Less preferred stock dividends (353,199) (87,500)
Less preferred stock dividend return of capital -- (3,620,690)
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NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS (NOTE 18) $ (74,737) $ (4,353,654)
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WEIGHTED AVERAGE SHARES 11,996,114 11,827,308
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LOSS PER SHARE BASIC AND DILUTED $ (.01) $ (.37)
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