NETWORK MEDIA GROUP ANNOUNCES 2024 THIRD QUARTER RESULTS

VANCOUVER, BC, Oct. 30, 2024 /CNW/ - Network Media Group Inc. (TSXV:NTE) (OTC:NETWF) ("Network" or "the Company") today reported financial results for the third quarter ended August 31, 2024 ("Q3 2024"), including three-month revenues of $2,836,100 (2023 - $2,638,225), a net loss of $769,399 (2023, a net income of $805,701) and Adjusted EBITDA loss of $579,161 (2023, Adjusted EBITDA income of $1,100,301), and a backlog of $10.7M. On a per-share basis, the Company reports a loss of $0.04 per share (2023, earnings of $0.05) and an Adjusted EBITDA loss per share of $0.03 (2023, Adj. EBITDA earnings of $0.06). The income per share figures are reported on a post-consolidation basis. The financial statements and related Management's Discussion and Analysis ("MD&A") can be viewed on SEDAR+ at sedarplus.ca.

Network President Curtis White stated, "Q3 was an active quarter for the studio with a number of projects in various stages of production. Operationally, the studio faced extended delivery timelines on multiple films. The financial results for the quarter reflect an increase in service production work, with several proprietary productions ...