APPRECIATED MEDIA HOLDINGS INC. - Revenues increased 81.5% year-over-year to
$4.2 million - Gross margin improved to 80.2% from 69.0% in Q1 2021
- Net income after accounting for the cost associated with the reverse takeover of Appreciated Media totaled
$0.8 million compared to$0.5 million in same period of 2021 - EBITDA grew 38.1% year-over-year to
$1.3 million - Completed reverse takeover of Appreciated Media and the acquisition of Silentpoint
“We’re delighted with our strong financial performance in our first quarter as a publicly traded company following the reverse takeover of Appreciated Media,” said
“We’re particularly pleased with our gross margin climbing above 80% in the first quarter on the strength of higher margins achieved from TV and movie rights acquisitions and sales,” said
Selected Financial Information
The following table sets out selected historical financial information for Amcomri for the first quarter ended
| For the first quarter ended | ||||
| 2022 | 2021 | |||
| Revenue | ||||
| Gross Margin | ||||
| 80.2% | 69.0% | |||
| Operating Expenses | ||||
| Foreign exchange loss | — | |||
| Net Income | ||||
| EBITDA(2) | ||||
(1) Amounts in this news release have been converted from British Pounds Sterling at a rate of £1.00 to
(2) EBITDA is a non-IFRS measure. See the “Non-IFRS Measures” section for reconciliation to net income.
First Quarter Overview
Revenue increased 81.5% to
Gross margin amounted to 80.2% of sales in the first quarter of fiscal 2022 compared to 69.0% in the same period in 2021. The 11-point increase can largely be attributed to higher margins being achieved from TV and movie rights acquisitions and sales.
Salaries and benefits expenses totaled
Professional fees reached
IFRS net income totaled
EBITDA amounted to
Non-IFRS Measures
This news release refers to certain financial performance measures that are not defined by and do not have a standardized meaning under International Financial Reporting Standards (termed "non-IFRS measures"). Non-IFRS measures are used by management to assess the financial and operational performance of Amcomri. The Company believes that these non-IFRS measures, in addition to conventional measures prepared in accordance with International Financial Reporting Standards, enable investors to evaluate Amcomri’s operating results, underlying performance and prospects in a similar manner to the Company's management. As there are no standardized methods of calculating these non-IFRS measures, Amcomri’s approach may differ from those used by others, and accordingly, the use of these measures may not be directly comparable. Accordingly, these non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with International Financial Reporting Standards.
Amcomri defines EBITDA as net income before interest, taxes, depreciation and amortization. EBITDA is intended to provide a proxy for Amcomri’s operating cash flow and is widely used by industry analysts to compare companies.
Reconciliation of EBITDA to Net Income
| Three months ended | Three months ended | |||
| 2022 | 2021 | |||
| Net income | $ | 778,275 | $ | 531,625 |
| Add: | ||||
| Interest | 79,686 | 4,038 | ||
| Tax | 215,568 | 151,125 | ||
| Amortization and depreciation | 198,534 | 234,426 | ||
| EBITDA | 1,272,063 | $ | 921,214 | |
Forward-Looking Statements
This press release contains statements which constitute “forward-looking statements” and “forward-looking information” within the meaning of applicable securities laws (collectively, “forward-looking statements”), including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities and operating performance. Forward-looking statements are often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions.
Investors are cautioned that forward-looking statements are not based on historical facts but instead reflect the Company’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed thereon, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking statements are the following: changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws and regulations both locally and in foreign jurisdictions; compliance with extensive government regulation; and the risks and uncertainties associated with foreign markets. These forward-looking statements may be affected by risks and uncertainties in the business of the Company and general market conditions, including COVID-19.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended and such changes could be material. The Company does not intend, and does not assume any obligation, to update the forward-looking statements except as otherwise required by applicable law.
Investors are cautioned that, trading in the securities of the Company should be considered highly speculative. For a more detailed discussion such risks and uncertainties, please see the section entitled “Risk Factors” in the Company’s annual information form dated for
About
For further information about Amcomri, see its disclosure documents on SEDAR at www.sedar.com or visit the company’s website at https://amcomrientertainmentinc.com/
For more information, please contact:
| Amcomri, Chief Financial Officer | |
| Email: larry.howard@amcomri.com | Email: pierre@maisonbrison.com |
| Phone: +353-87-686-8255 | Phone: 1-514-731-0000 |
2022 GlobeNewswire, Inc., source
