To: Bart Hoenes who wrote (127 ) 1/28/1999 4:41:00 PM From: Bart Hoenes Read Replies (1) | Respond to of 156
The quarterly results: Vidatron Entertainment Group Inc - Vidatron 3mo results Vidatron Entertainment Group Inc VE Shares issued 6,259,022 1999-01-26 close $3.25 Wednesday Jan 27 1999 Mr. Murray Oliver reports Revenues for the three months ended Nov. 30, 1998 increased by 61 per cent to $15.1-million from revenues of the comparable period of the prior year of $9.4-million. During the three months 93 per cent of revenues was derived from the delivery of 15 episodes of dramatic television series, up from eight in the comparable period The company had net earnings for the quarter of $846,198 or 11 cents per share compared to $457,394 or seven cents per share for the comparable prior quarter, representing and increase of 85 per cent. During the quarter the company used its remaining prior-year tax losses to reduce income tax expense by approximately $341,438. During the quarter, the company delivered seven episodes of Dead Man's Gun, the one-hour urban western television series, distributed by MGM and airing on Showtime Networks in the United States. Also in the first quarter, the company delivered eight episodes of its sci-fi television series First Wave, which is distributed internationally by Pearson Television International. In Canada, First Wave airs nationally on CHUM's Space: The Imagination Station, as well as on eight other regional networks. Also delivered during the quarter was Citizen Shame, a one-hour documentary that exposes the shameful face of child poverty in Canada. Citizen Shame aired on Baton this fall. In December, Space: The Imagination Station announced that it has five of the top ten dramatic series on specialty TV and that First Wave is its number one series, ahead of Mortal Kombat: Conquest, The X-Files, Sliders and Highlander: The Raven. First Wave also earned exceptional ratings internationally. Due to ratings success in both Canada and abroad, the company secured a 66-episode sale of First Wave to USA Networks' The Sci-Fi Channel, to begin airing in March 1999. CONSOLIDATED STATEMENT OF OPERATIONS Three months ended Nov. 30 (thousands of dollars) 1998 1997 Revenue $ 15,124 $ 9,399 -------- -------- Expenses Amortization of film and television programs 12,780 7,943 Other costs of production and sales 761 624 Amortization other 87 69 Selling, general and admin 546 385 Interest 216 81 Foreign exchange gain (266) (161) -------- -------- Total expenses 14,124 8,941 -------- -------- Earnings from operations 1,000 458 Taxes and non-recurring charges Capital taxes and income taxes 154 1 -------- -------- Net earnings (loss) $ 846 $ 457 ======== ======== Net earnings per share 11 cents 7 cents (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com