(COMTEX) B: MDI Entertainment, Inc. Reports Record Results for Third
B: MDI Entertainment, Inc. Reports Record Results for Third Quarter and Nine
Months
HARTFORD, CONN. (April 14) BUSINESS WIRE -April 14, 1999--MDI
Entertainment, Inc. (OTC BB:MDIH) announced today record results for
the third quarter of Fiscal Year 1999 as well as the nine months ended
February 28, 1999. Total revenues for the nine-month period ended
February 28, 1999 were $6,028,324 compared to $1,230,125 for the same
period in Fiscal Year 1998. Total revenues for the third quarter were
$1,922,071 compared to $621,429 for the third quarter of Fiscal Year
1998.
Net income for the nine-month period ended February 28, 1999 was $1,160,
252 or $0.14 per fully diluted common share versus a loss of $(991,160)
for the comparable period in Fiscal Year 1998. Net income for the
quarter was $273,429 or $.03 per fully diluted common share compared to
a loss of $(349,152) or ($.05) per fully diluted common share in Fiscal
Year 1998.
MDI Entertainment, Inc. specializes in creating, marketing and
implementing entertainment-based promotions to the North American
lottery industry. MDI Entertainment, Inc.'s current lottery promotions
include scratch games featuring properties such as Harley-Davidson,
Star Trek, Wheel of Fortune, Twilight Zone and Louisville Slugger. A
significant aspect of MDI Entertainment's promotion is the awarding of
merchandise tied to the various properties as prizes.
The Private Securities Litigation Reform Act of 1995 provides a "safe
harbor" for forward-looking statements. Certain information included in
this press release (as well as information included in oral statements
or other written statements made or to be made by MDI) contains
statements that are forward-looking, such as statements relating to the
future anticipated direction of the lottery industry, plans for future
expansion, various business development activities, planned capital
expenditures, future funding sources, anticipated sales and potential
contracts. Such forward-looking information involves important risks
and uncertainties that could significantly affect anticipated results
in the future and, accordingly, such results may differ from those
expressed in any forward-looking statements made by or on behalf of
MDI. These risks and uncertainties include, but are not limited to,
those relating to development and expansion activities, dependence on
existing management, financing activities, domestic and global economic
conditions, changes in federal or state tax laws and market competition
factors.
MDI Entertainment, Inc. and Subsidiaries
Consolidated Statements of Operations
Nine months ended
February 28,
1999 1998
(unaudited) (unaudited)
Revenue $ 6,028,324 $ 1,230,125
Cost of revenue 3,234,381 912,259
Gross profit 2,793,943 317,866
Selling, general and administrative
expenses 1,586,521 1,288,502
Operating income (loss) 1,207,422 (970,636)
Interest (income) expense, net (7,470) 16,415
Other expense, net -- 6,019
Minority interest (243) (8,755)
Net income (loss) before income
tax expense 1,215,135 (984,315)
Income tax expense 54,883 6,845
Net income (loss) $ 1,160,252 $ (991,160)
Basic earnings (loss)
per common share $ 0.15 N/A(a)
Diluted earnings (loss)
per common share $ 0.14 N/A(a)
(a) Due to the fact that the Company did not issue shares
associated with its reverse mergers until August 1997, an earnings per
share computation is not relevant for the aggregate nine-month period
ended February 28, 1998.
MDI Entertainment, Inc. and Subsidiaries
Consolidated Statements of Operations
Three months ended
February 28
1999 1998
(unaudited) (unaudited)
Revenue $1,922,071 $ 621,429
Cost of revenue 1,066,174 506,281
Gross profit 855,897 115,148
Selling, general and administrative
expenses 554,951 456,023
Operating income (loss) 300,946 (340,875)
Interest (income) expense, net 3,832 7,909
Other expense, net -- 2,891
Minority interest -- (3,668)
Net income (loss) before income tax expense 297,114 (348,007)
Income tax expense 23,685 1,145
Net income (loss) $ 273,429 $ (349,152)
Basic earnings (loss)
per common share $ 0.04 $ (0.05)
Diluted earnings (loss)
per common share $ 0.03 $ (0.05)
-0- sb/bos*
CONTACT: MDI Entertainment, Inc.
Steven Saferin, (860) 527-5359
President & CEO
KEYWORD: MASSACHUSETTS NEW YORK
INDUSTRY KEYWORD: COMED COMPUTERS/ELECTRONICS ENTERTAINMENT
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