Core Home Video and VOD Revenues Up by 59% for Hannover House in Q3, 2012
Core Home Video and VOD Revenues Up by 59% for Hannover House in Q3, 2012
"LOS ANGELES, Nov. 15, 2012 /PRNewswire/ 16:02 ET -- Hannover House, Inc. (Pinksheets: HHSE), a leading independent distributor of films, books and entertainment products, reported gross revenues of $746,375 for the three months ending September 30, 2012, with pre-tax net income of $411,636. This is the eleventh consecutive quarter of profitability for Hannover House since the company became publicly traded in January, 2010. Management believes that the results validate the business plan of balancing low-investment direct-to-video releases with higher-profile, limited-release theatrical titles as a means to maximize both revenues and bottom line results.
Principal revenue components for Hannover House in Q3 this year were DVD and Blu-Ray sales at $389,454, Video-On-Demand revenues of $275,667 and sub-distribution revenues of $35,822 from 20th Century Fox Home Entertainment's release of "Twelve." The company also recognized $40,000 in domestic television license fees. Titles contributing the most to the Q3 results were video releases of "Patient Zero," "Animal Clinic" and "Pink Skies," with VOD contracts for "Toys in the Attic" and "Cook County" leading the revenues from that media. Theatrical revenues from the September 7th launch of "Toys in the Attic" were not settled with exhibitors as of the close of the quarter and were therefore excluded from revenues. The Company also elected to exclude international pre-sales of "Mother Goose" from the Q3 revenue calculations.
Net income for last year's third quarter (2011) was $1,018,788, on gross revenues of $1,996,367, over half of which was from home video and video-on-demand revenues generated by 20th Century Fox on the company's release of "Twelve." Fox revenues for the current reporting quarter were $35,822. The company also posted $300,000 in sponsorship participations during last year's Q3 from "Turtle: The Incredible Journey." Adjusting for these two, one-time events from the prior year's Q3 revenues, leaves core DVD, Blu-Ray, VOD and Television revenues of $448,367 for Sept. 30, 2011. The same core revenue streams for this year's current reporting quarter (excluding Fox), were $710,523 for Hannover House, representing an improvement in core media sales of approximately 59%." ...(more)
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