Very quiet here...no mention of the news release today! Volume and price were up nicely.
Metro Announces a 71% Increase in Revenue
CRANSTON, R.I. (Sept. 29) BUSINESS WIRE -Sept. 29, 1998--Metro Global Media, Inc. (NASDAQ:MGMA), a multi-media enterprise, announced today preliminary
revenues of $7 million for the first quarter of fiscal year 1999, a 71% increase over $4.1 million for the first quarter of fiscal 1998.
The primary reason for the increase in revenues comes from the newly acquired international distribution company, Fanzine International, Inc. Its revenues for
the first month of operation were $2 million. As a result, net income should meet previous projections of $.10 per share for the first quarter of fiscal 1999. In
addition, higher revenues were also due to an expanded release schedule of videos and DVD products and increased distribution of novelty items.
Revenues from Fanzine should steadily increase due to this month's release of Celebrity Style, which will be available on newsstands and in bookstores
nationwide on October 13, 1998. Initial response to Celebrity Style has been overwhelming. Long-term national advertising contracts are currently being
negotiated, and the Company expects the additional revenues from these contracts to begin in future issues.
A. Daniel Geribo, Metro's President and CEO, stated, "These increases clearly show the upward direction of Metro. Fanzine will be the Company's largest profit
center; and in the future, we will be in a position to begin marketing our adult products through mainstream distribution."
Updated information can be seen on Metro's corporate web site, www.METROGLOBAL.com, or for further information contact Jennifer St.Cyr at (401) 942-7876
x116.
The preceding statements and projections are forward looking statements and actual results could materially differ from the projections.
Judith |
