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DGAP-Ad hoc: JACK WHITE PRODUCTIONS AG
09:20 29.12.06
Ad hoc announcement §15 WpHG
Quarter Results
Clear drop in Jack White Productions AG earnings
Ad hoc announcement transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Clear drop in Jack White Productions AG earnings
Consolidated sales fall from EUR 18.3 million for 9M 2005 to EUR 7.9
million as at Sept. 30, 2006
Loss of EUR 5.3 million posted, as compared with net income of EUR 2.6
million one year earlier
High one-time expenses relating to the former US subsidiary HoT JWP Music
Inc.
Detailed special audit of the US company
Berlin, December 28, 2006 – Jack White Productions (JWP) AG has had to
absorb a considerable decrease in sales and earnings in 9M 2006. As at
Sept. 30 consolidated sales came to about EUR 7.9 million as against EUR
18.3 million one year earlier. The key factors: lower sales figures in
Germany, Austria and Switzerland, as well as considerable shortfalls in
sales by our US subsidiary VI Music LLC, Puerto Rico, which is primarily
active in North America. Moreover, the contribution to sales sourced by HoT
JWP Music Inc., Miami, are only included in the consolidated financial
statements through June 30. Following the sale of 35% of the shares, this
portfolio company has only been included in said statements at equity since
the June 30 date.
A detailed special audit was carried out at HoT JWP Music Inc. in the
United States in order to swiftly stabilize the level of sales and clarify
open questions on the figures, and the findings were decisive for JWP AG.
This was the reason for the publication of the consolidated financial
statements as at Sept. 30, 2006 being delayed. Further disputes relating to
the purchase contract are to be feared since, even following the sale of
the participation, there are still inconsistencies as regards the interim
report as at Sept. 30, 2006.
For the first nine months of 2006, the Group posted a loss before interest,
taxes, depreciation and amortization of EUR 1.0 million as compared with
EBITDA of EUR 5.2 million one year earlier; the loss before interest and
taxes came to EUR 1.5 million as against EBIT of EUR 5.2 million for 9M
2005.
Net earnings were additionally dented by other expenses totaling just short
of EUR 5 million predominantly incurred in connection with HoT JWP Music
Inc. Moreover, the book value of the participation in the US company was
written down to zero. On balance, for 9M 2006 JWP AG reports a consolidated
net loss of EUR 5.3 million after taxes as against net income of EUR 2.6
million for the year-before period. This translates into a loss per share
of EUR 0.76 as opposed to EpS of EUR 0.37 one year before (basis: 7 million
shares).
JWP AG adjusted its targets for 2006 as a whole downwards with the
publication of its report on the first six months of the year. From today’s
viewpoint, the originally forecast increase on the year in consolidated net
earnings will not be achieved.
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Information and Explaination of the Issuer to this News:
The full interim report as at Sept. 30, 2006, will be available as a
download soon from www.jack-white.de.
Jack White Productions AG:
Founded in 1998, Jack White Productions AG is headquartered in Berlin.
Through the company, Jack White continues his 35-year success story in the
music business, producing and releasing music recordings with various
artists, and acquiring rights from other producers. The total stocks of
master rights are bundled in the back catalog, that contains all the
recordings contributed by the founder on the occasion of the IPO as well as
titles produced or acquired since. Jack White Productions AG core business
consists of exploitation of these neighboring rights and copyrights in
Germany, Austria, Switzerland and the United States. In business 2005,
Group sales came to EUR 23.3 million and EAT totaled EUR 3.26 million.
Jack White Productions AG is listed in the Prime Standard segment of the
Frankfurt Stock Exchange.
For further details please contact:
Thomas M. Stein, Jack White Productions AG, T: +49 89 9509490, F: +49 89
95094920, whitemuc@jack-white.de
Claudia Wieland, TIK GmbH, T: +49 911 9597860, F: +49 911 9597880,
info@tik-online.de
Further information is available from www.jack-white.de.
(c)DGAP 29.12.2006
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Language: English
Issuer: JACK WHITE PRODUCTIONS AG
Uhlandstr. 173/174
10719 Berlin Deutschland
Phone: +49( 0)30 882-7383
Fax: +49 (0)30 882-5903
E-mail: investorrel@jack-white.de
WWW: www.jack-white.de
ISIN: DE0005087506
WKN: 508750
Indices: GEX, Prime All Share , Prime Media Performance-Index , Prime IG Movies & Entertainment
Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin-Bremen, Stuttgart, München, Hamburg, Düsseldorf
End of News DGAP News-Service
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