Network CFO
Network Director
The financial highlights for Network's fiscal 2021 include the following:
- Revenue. Network's 2021 revenue was
$3.5M (2020 –$9.7M ); - Net and Comprehensive Loss. Network's 2021 net loss was
$2.5M (2020 – income of$1.5M ),$0.03 per share (2020 – income per share$0.02 ); - Adjusted EBITDA. Network's 2021 adjusted EBITDA loss was
$1.9M (2020 – EBITDA income of$2.9M ),$0.02 per share (2020 – EBITDA income per share of$0.04 ); - Contracted Backlog. Contracted future revenues of
$16.6M with$3.0M expected to be recorded in the next six months and$13.3M expected within seven to twelve months.
The financial results for Network's three months ended Q4 2021 include the following highlights:
- Revenues of
$1.0M (2020 –$1.8M ); - Net and comprehensive loss of
$0.7M (2020 – income of$0.4M ); - Adjusted EBITDA loss of
$0.3M (2020 – EBITDA income of$0.8M ); - Net loss per share of
$0.01 (2020 – income per share of$0.01 ); - Adjusted EBITDA loss per share of
$0.00 (2020 – EBITDA income per share of$0.01 ).
Throughout the year, Network also continued production on:
- Two feature-length documentaries; and
- Three television series.
- Network delivered two projects in fiscal 2021 (I Am
Alfred Hitchcock andAnne Murray :Full Circle ); - I Am
Burt Reynolds was awarded Best Documentary from the Breck Film Fest where it held itsU.S. premiere; Tim Gamble was appointed to Network's Board of Directors. Tim was co-founder and former CEO of Thunderbird Entertainment Group;- Appointed
Tom Lombardi as a Strategic Advisor, who is tasked with monetizing our intellectual properties through emerging technologies and commerce centering on non-fungible tokens ("NFT"). Tom was appointed President ofNetwork NFT Studios inJanuary 2022 ; - Network completed a non-brokered private placement raising over
$2M with a strategic investment from HIVE Blockchain Technologies (NASDAQ:HIVE) and U.S. Global Investors Inc. (NASDAQ:GROW); - Network started trading on the OTCQB Venture Market under the symbol "NETWF";
- Network announced the acquisition of rights to adapt
Andrew McCarthy's best-selling memoir, brat: An 80's Story as a feature documentary; - The commencement of production on a 10-part series entitled Legends of Hockey: Greatness Calling 2000-20 in partnership with the
Hockey Hall of Fame and TSN; - Network announced the appointment of
Tom Brown as Chief Creative Officer andCurtis White as Business Development Executive forNetwork NFT Studios .
The Network premium brand of content delivers world-class casts and features visually cinematic, richly crafted storytelling. The Company's productions are consistently embraced by both audiences and critics alike, garnering awards, record ratings and unparalleled media coverage for Network and its partners. Newly formed
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Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. These statements are necessarily based upon management's perceptions, beliefs, assumptions and expectations, as well as a number of specific factors and assumptions that, while considered reasonable by management of the Company as of the date of such statements are inherently subject to significant uncertainties and contingencies that could result in the forward-looking information ultimately, perhaps materially, being incorrect. All forward-looking information in this news release involve known and unknown risks, uncertainties and other factors that are beyond the control of the Company and may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Except as required pursuant to applicable securities laws, the Company will not update these forward-looking statements to reflect events or circumstances after the date hereof.
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