FILM-NEWS Hollywood Productions, Inc. Announces 104% Net Income Increase for Fourth Quarter 1998
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February 23, 1999 08:59 PM NEW YORK, Feb. 23 /PRNewswire/ -- HOLLYWOOD PRODUCTIONS, INC. FILM announced its net income results for the fourth quarter, 1998. Hollywood Productions was pleased to announce an 104% increase in net income in the quarter ending December 31, 1998, over the previous years quarter. Hollywood Productions' net income figure for the three month period ending December 31, 1998 amounted to approximately $436,612, or $0.16 per share based on a weighted average number of shares of 2,686,944 as compared to a net income of $214,327, or $0.11 per share based on a weighted average number of shares of 2,040,463 in the quarter ending December 31, 1997. This represented an improvement of $222,285 or $0.05 of net income per share All figures are based on unaudited results. Hollywood also announced that it has taken a 25% stake in the OTC company Play Co Toys and Entertainment Corp. ("PLCO") PLCO . Play Co. Toys is a toy retailer with 25 stores located in southern California, Arizona, Illinois, Michigan, Nevada and Texas. The Company operates under the Play Co. Toys, Toys International and Toy Co. tradenames. Play Co. Toys specializes in offering educational, specialty, collectible, and traditional toys.
Play Co announced record results for the nine-month period ended December 31, 1998. The Company posted sales of $27,171,662, a $9,403,629, or 52.9% increase over its comparable 1997 nine-month sales of $17,768,033.
Play Co posted a profit before interest, taxes, depreciation and amortization (EBITDA) of $2,359,935 in the nine-month period ended December 1998 compared to EBITDA of $254,771 in the nine-month period ended December 1997. This represented an EBITDA improvement of $2,105,164, or 826.3%.
Additionally, Hollywood's core business, feature film production is moving ahead on schedule. Its second feature film, "MACHIAVELLI RISES," newly completed and fresh from very favorable audience responses at the non- competitive, Brussell's International Film Festival, will be "suited-up" for several upcoming festivals here in the states.
Also, the company is actively reviewing new screenplays and budgets and examining the feasibility of entering into new co-ventures in the near future. In addition, we are looking at the new advances in digital for projects which are not intended for theatrical (made for TV, cable, video, pay per view and other media not associated with large screen projection) distribution. Several of this year's Sundance films were shot on inexpensive film equipment (still many thousands of dollars but less than 35mm film equipment) with excellent results.
Statements contained in this press release which are not historical facts may be considered forward looking information with respect to plans, projections, or future performance of Hollywood Productions, Inc. as defined under the Private Securities Litigation Reform Act of 1995. These forward- looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those projected.
SOURCE Hollywood Productions, Inc. |