TEAM Communications Group, Inc. Announces Operating Results for Third Quarter 2001;
Company's 3rd Quarter Net Loss Decreased 60% From 2nd Quarter Results
LOS ANGELES, Nov 26, 2001 (BUSINESS WIRE) -- TEAM Communications Group, Inc.
(Nasdaq: TMTV)(Neuer:TME), a leading multinational film production and
distribution company, announced operating results today for third quarter 2001.
The company reported a net loss of $880,200 or $0.06 per share for the quarter
ended September 30, 2001, as compared to a net loss of $2.2 million or $0.16 per
share for the same period last year.
Although TEAM's President Jay J. Shapiro was disappointed in the third quarter
loss, he indicated that the company's new management reorganization efforts have
resulted in a 60% decrease in cash loss, a significant improvement as compared
to the second quarter of 2001, and the preceding quarters. "We have launched our
reorganization plan for the Company and realized a profound decrease in
operating costs and change in EBITDA to an initial positive basis in 2001,"
stated Shapiro. "The Company is optimistic and believes the fourth quarter will
reflect the present trend. We look forward to increased productivity in the
fourth quarter and are committed to several actions which support our drive
toward corporate profitability," added Shapiro.
Revenue for the period ended September 30, 2001 included approximately $400,000
from Warner Chappel for music content sales and $113,000 in sales of film
library programming. Revenue for the period ended September 30, 2000 included
approximately $941,000 from "Mysterious Places," $900,000 from "Total Recall,"
and $338,000 from "Live Thru This." Gross profit margin for the three months
ended September 30, 2001 was 46% as compared to 8% for the three months ended
September 30, 2000.
The operations for the quarter ended September 30, 2001 included increased
professional and consulting costs of $248,700 (75% less than comparable period)
and interest expense of $544,100. This 25% increase in interest expense from the
third quarter 2000 is due to the additional debt financing secured by the
Company.
TEAM Communications Group, Inc. is a production and distribution company of
quality, commercial entertainment product. In addition to producing its own
programming content, the company acquires programming that others produce, as
well as film libraries for distribution worldwide. With a film library
consisting of a significant number of programming hours, TEAM distributes to
television networks, free of pay cable, satellite, and the home video market.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor"
for forward-looking statements. Such forward-looking information involves
important risks and uncertainties that could significantly affect anticipated
results in the future and, accordingly, such actual results may differ
materially from those expressed. For a description of risks and uncertainties,
please refer to TEAM Communications Group, Inc. online filings with the
Securities & Exchange Commission (at www.sec.gov).
CONTACT: TEAM Communications Group, Inc., Los Angeles
Jay J. Shapiro, 310/312-4427
or
NPPR
Nikki Pesusich, 310/551-9984
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KEYWORD: CALIFORNIA GERMANY INTERNATIONAL EUROPE
INDUSTRY KEYWORD: ENTERTAINMENT
MOTION
PICTURES
EARNINGS
SOURCE:
TEAM
Communications
Group,
Inc.
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