VANCOUVER, BC, March 30, 2021 /CNW/ - Network Media Group Inc. (TSXV: NTE) (OTCMKTS: NMGGF) ("Network" or "the Company") today reported annual results for the year ended November 30, 2020, including revenues of $9,924,236, net income of $1,515,939, and Adjusted EBITDA of $2,852,640. The financial statements and related Management's Discussion and Analysis ("MD&A") can be viewed on SEDAR at www.sedar.com.

Network CFO Darren Battersby stated, "Fiscal 2020 was a challenging year given that the Company's productions, just like the rest of the entertainment industry, were delayed due to COVID-19. Despite this challenge, we are proud of our Fiscal 2020 results, in which we recorded our second-highest year of revenues and were able to remain profitable. Our commitment and focus continue to be on long-term growth, and throughout 2020 we refined our business, streamlined operations, and expanded our development slate while adding multiple new broadcast and streaming partners. Network is well-positioned to resume its long-term growth trajectory, evidenced by our robust development pipeline and our steadily growing backlog of productions. As the U.S. and global marketplaces continue to re-open for business, the Company looks forward to resuming full production and continuing to deliver superior quality productions to our highly respected entertainment partners."

The financial highlights for Network's fiscal 2020 include the following:

  • Revenue. Network's 2020 revenue was $9.9M (2019 - $16.3M) – the second-highest year of annual revenues in Company history;
  • Net and Comprehensive Income. Network's 2020 net income was $1.5M (2019 - $4.0M), $0.02 per share (2019 - $0.06);
  • Adjusted EBITDA. Network's 2020 adjusted EBITDA was $2.9M (2019 - $4.8M), $0.04 per share (2019 - $0.07);
  • Strong Backlog. Contracted future revenues of $13.8M with $8.5M to be recorded in the next 12 months, and $5.3M beyond 12 months.

The financial results for Network's three months ended Q4 2020 include the following highlights:

  • Revenues of $2.0M (2019 - $9.9M);
  • Net and comprehensive income of $0.4M (2019 - $2.5M);
  • Adjusted EBITDA of $0.8M (2019 - $2.7M);
  • Net income per share of $0.01 (2019 - $0.04);
  • Adjusted EBITDA per share of $0.01 (2019 - $0.04).

Throughout the year, Network also continued production on:

  • Three feature-length documentaries; and
  • Two television series.

Network's 2020 Select Highlights:

  • Network delivered three projects in fiscal 2020 (I Am Jackie Onassis, I Am Burt Reynolds and two episodes of The Age of A.I.);
  • Completed delivery of The Age of A.I., hosted and executive produced by Robert Downey Jr., which premiered on YouTube Originals;
  • Record Viewership. The Age of A.I. has received more than 48M views for the first episode alone;
  • Network Entertainment announced an agreement with ExtendedSession to produce Podcast Series;
  • Ali Pejman named Chairman of Network Media Group;
  • Network won five Leo Awards including Best Documentary: winning the 2020 Leo Award for Best Documentary Series for PUNK, and the award for Best Cinematography for The Age of A.I.

About Network Entertainment
Network Media Group is the parent company of Network Entertainment Inc.
Network Entertainment is a creatively driven, boutique film and television production company that creates, finances, and produces award-winning programming for television, digital platforms, and movie audiences around the world. The Network premium brand of content delivers world-class casts and features visually cinematic, richly crafted storytelling. The Company's productions are consistently embraced by both audiences and critics alike, garnering awards, record ratings and unparalleled media coverage for Network and its partners.

The Company's most recent productions include PUNK, a four-part series for EPIX with executive producers John Varvatos and Iggy Pop, the feature documentaries I Am Richard Pryor, which premiered at the 2019 SXSW Film Festival, and I Am Patrick Swayze, which premiered at the 2019 San Antonio Film Festival, winning the Festival Grand Prize, and The Age of A.I., a YouTube Originals series hosted and executive produced by Robert Downey Jr. 

Among the Company's many accolades, Network was named to the Realscreen Global 100 List, an annual compilation of the best global production companies working in the non-fiction and unscripted visual content industry. Network's work has also been recognized by the Academy Awards, the Emmys, Realscreen Awards, Gemini Awards,  Leo Awards, the Los Angeles Film Festival, AFI Docs Film Festival (Silverdocs), San Antonio Film Festival, Seattle International Film Festival, Tribeca Film Festival, SXSW Film Festival, Hawaii International Film  Festival, Houston International Film Festival, Vancouver International  Film Festival, Banff Television Festival, and the International Film and Television Festival of New York.

Network's broadcast and distribution partners include A&E, AHC, AMC, AppleTV+, Discovery Channel, CBC, CMT, Crave, CTV, Entertainment One, EPIX, Fremantle, HBO Canada, History Channel, iTunes, Lionsgate, National Geographic, NBC Peacock, Paramount Network, Sky, Sundance TV, Thunderbird, TMN, Virgil Entertainment, and YouTube Originals.

Network's offices, production and post production facilities are located in Vancouver and Los Angeles, and the company is represented by ICM Partners.

For additional information on Network Entertainment Inc., visit www.networkentertainment.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement on Forward-looking Information
Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. These statements are necessarily based upon management's perceptions, beliefs, assumptions and expectations, as well as a number of specific factors and assumptions that, while considered reasonable by management of the Company as of the date of such statements are inherently subject to significant uncertainties and contingencies that could result in the forward-looking information ultimately, perhaps materially, being incorrect. All forward-looking information in this news release involve known and unknown risks, uncertainties and other factors that are beyond the control of the Company and may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Except as required pursuant to applicable securities laws, the Company will not update these forward-looking statements to reflect events or circumstances after the date hereof.

SOURCE Network Media Group Inc.

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