KMGG in the sports industry, which trades at a P/E of 22.8
Read below Chairman states they will earn 4.5 million with 27+ million shares of stock outstanding. This equates to $.167 per share @ 22.8 P/E = $3.808 . Stock currently trading at .90+ cents.
KALEIDOSCOPE BAFFLED BY HEAVY STOCK SALES
NEW YORK, June 19 /PRNewswire/ -- Henry Siegel, Chairman and CEO of
Kaleidoscope Media Group, Inc. (OTC Bulletin Board: KMGG; Frankfurt and
Berlin Exchanges: BNN) indicated today that he was unable to explain
the heavy selling in the company's stock that has resulted in a sharp
price decline.
"On the contrary," Siegel stated, "last month we reported that our
figures for the quarter ended March 31, 1998 were positive and exactly
as analysts anticipated. We have exciting new series and
movies-of-the-week about to go into production with excellent
international partners and we recently retained a new CFO who is
carefully guiding our cost efficiencies. The reception that your
company's projects have received at recent industry conventions, in our
trade publications and from the stations with whom we do business, has
been most gratifying, and we stand by our projection of a $4.5 million
profit in the current year."
Kaleidoscope Media Group, Inc. is a vertically integrated sports and
entertainment company with offices in New York and Los Angeles. Its
operating companies are SeaGull Entertainment, Hollywood Connection,
LLC (direct marketing) and Kaleidoscope Entertainment (sports).
Current KMG sports properties include golf, ice skating, boxing and
fitness. KMG produces internationally recognized television programs
including the "Tarzan" (series) and "Merlin: The Magic Begins." The
company's services include mobile satellite and television production
facilities, post-production, closed circuit television, satellite
leasing and program syndication.
SOURCE Kaleidoscope Media Group, Inc.
-0- 06/19/98 /CONTACT: Dick Gersh of
Richard Gersh Associates, 212-757-1101, for Kaleidoscope/
(KMGG)
CO: Kaleidoscope Media Group, Inc. ST: New York IN: SPT ENT FIN SU:
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