MDIH news: MDI Entertainment, Inc. Reports Record Results for Six Months
HARTFORD, Conn.--(BUSINESS WIRE)--Jan. 15, 1999--MDI Entertainment, Inc. (OTC BB: MDIH - news) announced today record results for the six months ended November 30, 1998.
Total revenues for the six month period ended November 30, 1998 were $4,106,284 compared to $608,694 for the same period in 1997.
Net income for the six month period was $886,823 or $0.11 per share versus $(642,009) for the comparable period in 1997.
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 the Rock and Roll Hall of Fame Museum. A significant aspect of MDI Entertainment's promotion is the awarding of merchandise tied to the various properties as prizes.
MDI Entertainment, Inc. and Subsidiaries
Consolidated Statements of Operations
Six months ended
November 30,
1998 1997
(unaudited) (unaudited)
Revenue $4,106,254 $ 608,694
Cost of revenue 2,168,206 405,978
Gross profit 1,938,048 202,716
Selling, general and
administrative expenses 1,031,569 832,479
Operating income (loss) 906,479 (629,763)
Interest (income) expense, net (11,301) 8,504
Other expense, net - 3,128
Minority interest (243) (5,086)
Net income (loss) before
income tax expense 918,023 (636,309)
Income tax expense 31,200 5,700
Net income (loss) $886,823 $(642,009)
Basic earnings
per common share $0.11 N/A(a)
Diluted earnings
per common share $0.11 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 six-month period Ended
November 30, 1997.
Contact:
MDI Entertainment, Inc.
Steven Saferin, President & CEO
860/527-5359
or
The Pinnacle Group
Mark Cohen, 516/773-2477
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