LOS ANGELES, Jan 22, 2001 (BUSINESS WIRE) -- TEAM Communications Group, Inc., a
leading multinational television production and distribution company
(Nasdaq: TMTV); (Neuer Markt:TME), announced today that it anticipates revenue
and earnings for fiscal year ended December 31, 2000, will be below the
Company's prior expectations. The Company noted the financial results may also
be affected by the early adoption of certain new accounting requirements for
television and film companies respective to financial reporting in the United
States.
None of the potential adjustments will affect the Company's current cash
position. Additionally, TEAM will also be reviewing the possibility of canceling
certain long-term contracts for its acquired film libraries to enhance future
earnings. The Company believes that new sales for products initiated by its
corporate sales department made directly to broadcasters and other end users,
may significantly increase cash flow for 2001 and beyond. The exact scope of the
earnings adjustments related to the foregoing has not been quantified as of this
date, though the Company believes they could be significant.
The Company recently announced a commitment from Canadian Imperial Bank of
Commerce (CIBC) for the creation of a $50 million special purpose television
programming fund. TEAM Entertainment also recently announced the launch of 43
hours of primetime drama production, including Final Jeopardy for ABC, MTV's
Live Through This, Animal Planet's Call of the Wild, Lawrence Bender's Anatomy
of a Hate Crime, which debuted January 10 on MTV, and TEAM's newest dramatic
series, Vampire High.
TEAM Communications Group, Inc. (Nasdaq: TMTV);(Neuer Markt:TME) is a leading
multinational production and distribution company specializing in family,
action, adventure and reality-based programming for worldwide distribution. TEAM
Communications Group currently owns and distributes over 4,000 hours of
programming worldwide. The Company also produces a wide variety of programming
for leading U.S. and international broadcasters. TEAM maintains offices in Los
Angeles, London through its TEAM Dandelion Ltd. operations and Munich through
its TEAM Entertainment Germany (GmbH) operations. Its shares trade on NASDAQ-NMS
(TMTV) and on the German Neuer Markt (TME).
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor"
for forward-looking statements. Certain information included in this news
release (as well as information included in oral statements or other written
statements made or to be made by TEAM Communications Group, Inc.) contains
statements that are forward-looking, such as statements relating to consummation
of the transaction, anticipated future revenues of the companies and success of
current product offerings. Such forward-looking information involves important
risks and uncertainties that could significantly affect anticipated results in
the future and, accordingly, such results may differ materially from those
expressed in any forward-looking statements made by or on behalf of TEAM
Communications Group, Inc. For a description of additional risks and
uncertainties, please refer to TEAM Communications Group, Inc. filings with the
Securities and Exchange Commission, including Forms 10-K and 10-Q.
CONTACT: United States:
TEAM Communications Group, Inc., Los Angeles
Drew S. Levin, 310/312-4400
Fax: 310/312-4401
Gibt es neuere Nachrichten über Team?Das kann ja wohl nicht die Ursache für den Anstieg sein. em 1503
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