Family Room Revenue Up by 1407% Over Previous Quarter
LOS ANGELESFamily Room Entertainment CorporationM. Dal Walton, III, 310-659-9411, x127dwalton@fmlyroom.com
Family Room Entertainment (OTCBB:FMLY) is pleased to announce that for the first quarter of Fiscal Year 2005, revenues have increased by 731% over the same quarter of 2004. Revenues for the first quarter of 2005 totaled $975,557; up from $133,500 for first quarter 2004. In addition, this increase in revenues is an increase of 1409% over fourth quarter of Fiscal Year 2004, which had revenues of only $69,233.
The first quarter of Fiscal 2005 marks the first time in the company's history that it has reported a Net Income. Net Income was $44,719 for the first quarter 2005, compared to a Net Loss of ($549,891) for the same period of Fiscal 2004, marking a 1,330% turn-around.
Family Room Co-chairman and CEO George Furla stated, "We are very pleased with the results of the period ending September 30, 2004, and we are very excited about the future of Family Room."
Emmett/Furla Films, a wholly owned subsidiary of Family Room Entertainment, is currently prepping two $25 million plus projects: "88 MINUTES," with James Foley at the helm, and "THE CONTRACT," with two-time Academy Award Nominee Bruce Beresford directing. Currently in postproduction is Emmett/Furla's "EDISON," writer/director David Burke's feature film debut. "EDISON" stars Morgan Freeman, LL Cool J, Justin Timberlake and Kevin Spacey. Emmett/Furla Films recently world-premiered "A LOVE SONG FOR BOBBY LONG" at the Venice Film Festival. The Pic stars John Travolta and Scarlett Johansson. In addition, "THE AMITYVILLE HORROR," which Emmett/Furla Films set up with Millennium Films and Miramax/Dimension, is in post-production. Also in the early stages of pre-production is "THE ABOMINABLE SNOWMAN," which Emmett and Furla will produce with Ilya Salkind (Superman I, II, III).
About Family Room Entertainment
Family Room Entertainment Corporation, with its subsidiaries, Emmett/Furla Films Productions, Emmett/Furla Films Distribution and EFF Independent, is a publicly held company trading on the Nasdaq Bulletin Board, under the symbol "FMLY." Family Room Entertainment develops, produces and performs production-related services for the entertainment industry. Family Room Entertainment's aim is to create and produce high quality motion pictures with high profile talent that can be distributed to a worldwide audience. FMLY derives its income from producer fees, consulting and service fees as well as its participation in the profits of the various pictures it produces.
The FMLY co-founders, Randall Emmett and George Furla, believe that they have the expertise and contacts within the entertainment industry, specifically in the competitive production and distribution arenas, to profitably acquire content, package product by adding value to the content with top quality talent and produce motion pictures which are in the moderate to higher level budgets, which can be distributed to a mass worldwide audience. However, there is no assurance that any motion picture, which has not yet been released, will be released, that a change in the scheduled release dates of any such films will not occur or, if such motion picture is released, it will be successful.
Forward-Looking Statement:
Safe Harbor: Statements contained in this news release which are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause results to differ materially from those projected.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "ACT"). In particular, when used in the preceding discussion, the words "plan," "confident that," "believe," "expect," "intend to" and similar conditional expressions are intended to identify forward-looking statements within the meaning of the ACT and are subject to risks and uncertainties, and actual results could differ materially from those expressed in any forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, competitive factors, the ability to successfully complete additional financings and other risks.
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