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RESULTS OF OPERATIONS
Three Months ended September 30, 2004 versus Three Months ended September, 2003
The Company's operating revenue for the three months ended September 30, 2004 was $975,557 as compared to $133,500 for the same period ended September 30, 2003, for an increase of $$842,057. The increase was mainly attributed film revenues received for the movie "Amityville Horror after 25 years."
Costs relating to the operating revenues were $627,108 for the three months ending September 30, 2004 as compared to $188,908 for the same period ending September 30, 2003. These costs were mainly represented by film amortization and write off of film costs for the respective time period (See Note 3).
The Company's gross profit for the three month period ending September 30, 2004 was $44,719 as compared to $(549,891) for the same period ending September, 2003. The increase in Gross Profit is directly attributable to the fluctuations in film revenues and film amortization for the three months ended September 30, 2004.
Selling, general and administrative expenses were $298,723 for the Three months ended September 30, 2004 compared to $315,210 for the same period ended September 30, 2003 for a decrease of $16,487. The decrease in selling, general and administrative expenses was mainly attributable to reduction of professional and consulting fees of $ 62,384, increase in automobile costs of $ 18,311, increase in communications and telephone costs of $ 7,188, increase in rent of $12,866 and an increase in miscellaneous other general and administrative costs of $7,532.
Other income (expense) 0f $(5,007) for the Three months ended September 30, 2004 was primarily the result of interest expense of $5,494 as compared to interest expense of $179,275 for same period ending September, 2003. The decrease in interest expense was a direct result of having no note payables outstanding at September 30, 2004.
The Company reported a net income of $44,719 for the Three months ended September 30, 2004 as compared to a net loss of $(549,891) for the same period ended September 30, 2003.
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