M8 Entertainment Inc., a leading Canadian film entertainment company engaged in the financing, development, production, and worldwide licensing of theatrical feature films, reported today financial results of operations for the quarter ended March 31, 2004.
M8 reported significant increases in operating revenues and net earnings for the second quarter compared to the same period in the preceding fiscal year, while at the same time maintaining operating overhead at the same level.
Operating revenues increased a robust 57%, to $21.5 million for the three- month period ended March 31, 2004 as compared to $13.7 million for the same period in the preceding fiscal year.
Net earnings increased by 31%, to $1.4 million for the three-month period ended March 31, 2004 compared to $1.1 million for the same period in the preceding fiscal year.
General and administrative expenses remained level, at $1.3 million for the three-month period ended March 31, 2004 as compared to $1.3 million for the comparable period in the preceding fiscal year.
"We are extremely pleased with the Corporation's significant increases in operating revenues and net earnings," stated Mark Damon, Chairman of the Board. "This further builds on the Corporation's positive financial results reported from the first quarter. We are continuing to reap the financial benefits relating to the successful release of 'Monster', which is due to be domestically released on video and DVD in June. We now expect to continue the commercial success of 'Monster' with our strong future slate of feature films," continued Mr. Damon.
'The Corporation has now reported profits consistently for the last three and a half years," stated Sammy Lee, Vice Chairman of the Board. "We have developed a proven track record to produce and profitably exploit our slate of feature films while controlling operating costs, and we intend to continue this business strategy with an eye towards building upon this foundation of success." |
