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Rainmaker Announces Q1 Results - $0.09 EPS *** VANCOUVER, BRITISH COLUMBIA--Rainmaker Digital Pictures Corp. ("the Company") is pleased to announce the financial results for the first quarter of the 1997 fiscal year. For the three month period ending March 31, 1997, the Company reports total revenues of $6.0 million, reflecting an increase of 95 percent above the $3.1 million in revenues recorded for the same period in 1996. The Company also reports net earnings for the first quarter of $872 thousand or $0.09 per share, representing growth of 94 percent above the net earnings of $453 thousand or $0.05 per share it recorded for the same period in 1996. The Company experienced growth in all five divisions, primarily a result of increased market penetration of its existing services and through expansion into new geographic markets. Rainmaker continued to provide film processing, post production, and digital effects on several primetime television series', including: `The X-Files', `The Outer Limits', `Highlander', `Millennium', `Poltergeist', `Two', and one of the most recent additions `Stargate'. The first quarter also witnessed a great level of operational activity for the Company, in the area of digital effects for feature films in both the Vancouver facility as well as the Company's new facility in Los Angeles, California. The Company added special effects on numerous big budget feature films such as `Batman & Robin', `Free Willy 3', `Steel', and `Mortal Kombat - Annihilation'. /T/ Condensed Consolidated Statements of Operations (3 month period ending Mar.31/97) (in 000's ) 1997 1996 Revenues $6,019 $3,081 +95 p.cent Expenses (4,670) (2,384) _______ _______ Earnings Before Tax 1,349 696 +94 p.cent _______ _______ Net Earnings $873 $454 +94 p.cent _______ _______ Earnings per Share Basic $0.09 $0.05 Fully Diluted $0.07 $0.04 /T/ Review of Operations Gastown Post and Gastown Film Labs, the digital post production and film processing divisions, report revenues of $2.5 million and $0.7 million, respectively. During the quarter, Gastown Post increased production capabilities in the area of film to tape transfer through the purchase of a sixth digital telecine machine. The new telecine is expected to be fully operational in the second quarter. The increase in first quarter revenues for Gastown Film Labs were primarily a result of continued penetration into the local film processing and printing industry. Rainmaker Interactive, the Company's Vancouver based digital video compression division, recorded revenues of $567 thousand, reflecting continued growth of its MPEG 1 compression services offered to new media distributors of entertainment content. Rainmaker Interactive also offers MPEG 1 compression solutions for Video on Demand (`VOD') clients, as well as interactive authoring and MPEG 2 for the forecasted growth in the DVD (`Digital Video Disc') marketplace. Rainmaker Imaging, the Company's Vancouver based digital special effects division, continues to demonstrate superior capabilities at providing high-end effects for feature films and television. Recently, the division's capabilities were expanded through the purchase of a new `Henry' editing system, used to create special effects for television. Rainmaker Imaging contributed $685 thousand in revenues as it completed special effects work on two feature films and also provided several special effects `shots' or scenes on television series and corporate commercials. The Company's Los Angeles facility (`Starlight'), experienced its first full quarter as an integrated division of the Company. In addition to the feature film effects work previously mentioned, Starlight also created digital special effects for many television programs, including Fox Television's `Married with Children'. Starlight reports revenues of $1.5 million (Cdn) for the first quarter, which represents new revenue for the Company as Starlight was acquired late in 1996. Rainmaker Digital Pictures Corp. operates digital post production facilities in Vancouver, BC and Los Angeles, California, providing a range of image processing services to producers of feature films, television and new media. Based in Vancouver BC, the Company operates through its divisions' Gastown Film Labs, Gastown Post, Rainmaker Imaging (computer animation and digital special effects), and Rainmaker Interactive (video compression and proprietary software development). The Company's Los Angeles facility specializes in digital special effects for the Hollywood feature film market. The contents of this press release have neither been approved nor disapproved by any regulatory authority. -30- see other news at www.cdn-news.com | ||||||||||||||
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