VANCOUVER, BRITISH COLUMBIA, November 28, 2013 - Gener8 Media Corp. (CNSX: GNR) ("Gener8" or the "Company") is pleased to announce the release of the Company's unaudited financial results for the three and nine months ended September 30, 2013. These were released with the comparative unaudited results for the three and nine months ended September 30, 2012.
Financial Highlights:
-Net income for the three months ended September 30, 2013 was $213,060 CDN ($0.01 earnings per share). Compared to the three months ended September 30, 2012, net income increased by 965%.
-Revenue for the three months ended September 30, 2013 was $3,836,982 CND, an increase of 1,300% from the three months ended September 30, 2012. Revenue was also up 250% for the nine months ended September 30, 2013 compared to the nine months ended September 2012.
-During the nine months ended September 30, 2013, the Company reduced its operating cash expenditures by 18% compared to the nine months ended September 30, 2012 while at the same time increasing revenue by 250% as noted above.
Operational Update:
-The Company signed a Letter of Intent ("LOI") with Tianjin Fu Feng Da Movie & Television Technology Investment and Development Co. Ltd. ("FFD") to form a partnership between FFD and the Company's 3D stereoscopic conversion division. The proposed partnership would provide the Company with added capital, talent and economies of scale.
-The Company has acquired a license to a suite of domestic and international 3D stereoscopic conversion patents. In connection with the license, the Company has received a dismissal order of the Court releasing Gener8 from all claims relating to an action filed on January 14, 2013.
-The Company is currently working on converting two Hollywood features films scheduled for theatrical release in 2014.
Financial Summary for the period ended September 30, 2013
The following summary of the Company's financial performance is based on the unaudited condensed consolidated interim financial statements for the three and nine months periods ended September 30, 2013 and 2012 (expressed in Canadian dollars). All comparatives to prior quarters and years are with Gener8 Digital Media Corp.'s financial statements as the continuing business, post amalgamation, and are that of Gener8 Digital Media Corp.'s 3D conversion business.
Click Image To View Full Size
About Gener8
Gener8 is a media technology company with two divisions--a studio and a technology group. Its studio is an industry leader in 3D stereo conversion services for the entertainment industry, with many high profile credits including The Amazing Spider-Man, Ghost Rider 2 and Harry Potter. The technology division provides 3D technology and cloud-based data management and analytics (Cumul8) to the entertainment industry. Gener8's head office is located in Vancouver, British Columbia and has approximately 140 employees across both divisions. The executive team draws on years of experience developing graphics technology in commercial software, video games and the film industry. To learn more, visit the company website: http://www.gener8.com
ON BEHALF OF THE BOARD OF THE COMPANY
"Rory Armes"
Rory Armes
Chief Executive Officer and Director
FOR MORE INFORMATION, PLEASE CONTACT:
Danielle Michael
Vice President of Corporate Affairs
[email protected]
604-669-8885
The CNSX does not accept responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Except for statements of historical fact, this news release to shareholders contains certain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" occur. In particular, forward-looking statements in this press release include, but are not limited to, statements with respect to: Gener8's ability to secure ongoing business and the execution of two 3D conversion movies to be released in 2014. Although Gener8 believes that the expectations reflected in the forward-looking statements are reasonable; there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements including, without limitation, risks with respect to: meeting our contractual timelines and milestones on our 3D film conversion contracts; general economic conditions in Canada and globally; film industry conditions; competition for, among other things, capital and skilled personnel; changes in economic and market conditions that could lead to reduced spending on 3D film conversion; potential delays or changes in plans with respect to deployment of services or capital expenditures; our ability to hire and retain qualified employees and key management personnel; possibility that government policies or laws may change; amount and timing of operating costs and capital expenditures; the success of certain business combinations engaged in by the Company or by its competitors; possible disruptive effects of organizational or personnel changes; technological change, new products and standards; risks related to acquisitions and international expansion; reliance on large customers; reliance on a limited number of suppliers; risks related to the Company's competition; the Company's not adequately protecting its intellectual property; interruption or failure of information technology systems; the development, implementation and execution of our strategic vision and the Company's technologies including Cumul8tm our cloud-based SaaS asset management product; and business, legal and/or regulatory risks relating to Gener8's business, financings and strategic acquisitions. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.