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July 15, 1998 10:10 AM TORONTO--(BUSINESS WIRE)--July 15, 1998--Networks North Inc. NETN announced its results for the third quarter and the nine months ended May 31, 1998. Revenues of $3,651,725 for the third quarter of this fiscal year increased 42.8% over the previous year and revenues of $11,143,311 for the first nine months of the current fiscal increased 50.2% over the similar nine-month period of last year. Operating Income (income before income taxes and minority interest) was $236,295 for the third quarter of this fiscal year, an increase of 277.3% over the third quarter of fiscal 1997 while the Operating Profit for the first nine months of this fiscal year was $923,684 an increase of 49.8% over the first nine months of last fiscal year. Net income for the quarter was $144,807, an increase of 142.4% over the similar quarter last year and net income for the nine-month period was $493,798, an increase of 28.4% over the similar period last year. All figures are reported in Canadian dollars. For the For the nine months ended nine months ended May 31, 1998 May 31, 1997 Revenues $11,143,311 $ 7,420,034 Operating Income 923,684 616,730 Net Income 493,798 384,704 Earnings per Common Share 0.19 0.16 For the For the three months ended three months ended May 31, 1998 May 31, 1997 Revenues $3,651,725 $2,557,706 Operating Income 236,295 62,632 Net Income 144,807 59,739 Earnings per Common Share 0.05 0.02 As at May 31, 1998 As at Aug. 31, 1997 Total Current Assets $6,636,862 $6,718,877 Total Assets 15,656,939 14,287,602 Total Current Liabilities 2,551,046 3,219,015 Shareholder's Equity 10,596,411 9,488,648 "We are extremely pleased with our results to date," said Peter Rona, President and CEO of Networks North Inc. "Both our core business, the interactive Hospitality network and the recent acquisitions have contributed to our profitable growth. Not often can a company embark upon an aggressive expansion path and see profits climb as quickly as we have." The company's interactive hospitality network, which distributes programming to restaurants, sports bars and other group viewing locations continues to show a healthy improvement over the previous year, resulting from an aggressive sales and marketing effort to both the owners of the establishments and the end users of the programs. The division of the company that experienced the most growth is Magic Lantern. The growth is primarily as a result of the acquisition of the assets of Image Media. This acquisition added to the educational video library, added a line of educational software and added a strong presence on the west coast of Canada. Interlynx Multimedia Inc., the company's 51% subsidiary, had a significant quarter, signing a contract with CIBC, one of the largest banks in North America, to provide web-based training for certain staff. Network's North Inc.'s operating units include wholly owned NTN Interactive Network Inc. (NTNIN), Magic Lantern Communications Ltd. and 51% of Interlynx Multimedia Inc. NTNIN is the exclusive Canadian Licensee of NTN Communications, Inc. NTN , a leading producer and programmer of interactive television, on-line and Internet entertainment. The NTN Entertainment Network distributes programming to more than 15 million participants per month at restaurants, sports bars, and other group viewing locations throughout North America, including 525 in Canada with over 2.5 million participants. Magic Lantern is Canada's premier distributor of educational media resources, with exclusive right's to over 14,000 titles in English and French. Magic's subsidiaries provide MPEG encoding, video duplication, distribution, and fulfillment services for broadcasters. Interlynx Multimedia is a new media production and distribution company encompassing all aspects of electronic communications including computer based learning, CD-ROM, the Internet and World Wide Web. Financial Statements in this press release other than historical facts are "forward-looking" statements within the meaning of section 27A of the Securities Act of 1933, section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, and all other forward-looking statements are subject to the safe harbors created thereby. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results could differ materially from expected results. | ||||||||||||||
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