M8 Entertainment Inc. (TSX: MEE.MV.A and MEE.SV.B), a leading film entertainment company engaged in the production, financing, acquisition, and worldwide licensing of theatrical feature films in a variety of genres, reported today that it will adopt a calendar year-end of December 31st for purposes of its financial reporting.
Previously, the fiscal year-end for the Corporation has been September 30th. With this change, the Corporation will, in compliance with regulations governing changes in year-end, report the quarter ending September 30, 2005 as an interim financial reporting period and then report its year-end results as of December 31, 2005 to encompass the financial results from the five previous quarters.
The Corporation has elected to change its year-end in order to conform to the fiscal year of its majority shareholder, International Entertainment Corporation, a publicly traded company listed on the Hong Kong stock exchange.
“Having the same fiscal year-end as our majority shareholder will result in greater reporting efficiencies for the Corporation,” stated Devin Cutler, Vice President of Finance and Controller. “The Corporation will avoid having to undergo the expense and effort devoted to having two financial audits performed each year, one for its own year-end and one for its majority shareholder's year-end.”
In conjunction with this change in year-end, all of the subsidiaries and affiliates of the Corporation, which are consolidated in the financial statements of the Corporation, will also change their year-ends to December 31st. |
