Gener8 Media Corp. Announces Third Quarter Fiscal 2013 Results and Operation Update
(via Thenewswire.ca)
VANCOUVER, BRITISH COLUMBIA, November 28, 2013 - Gener8 Media Corp. (CNSX: GNR) ("Gener8" or the "Company") is pleased to announce the release of the Company's unaudited financial results for the three and nine months ended September 30, 2013. These were released with the comparative unaudited results for the three and nine months ended September 30, 2012.
Financial Highlights:
-Net income for the three months ended September 30, 2013 was $213,060 CDN ($0.01 earnings per share). Compared to the three months ended September 30, 2012, net income increased by 965%.
-Revenue for the three months ended September 30, 2013 was $3,836,982 CND, an increase of 1,300% from the three months ended September 30, 2012. Revenue was also up 250% for the nine months ended September 30, 2013 compared to the nine months ended September 2012.
-During the nine months ended September 30, 2013, the Company reduced its operating cash expenditures by 18% compared to the nine months ended September 30, 2012 while at the same time increasing revenue by 250% as noted above.
Operational Update:
-The Company signed a Letter of Intent ("LOI") with Tianjin Fu Feng Da Movie & Television Technology Investment and Development Co. Ltd. ("FFD") to form a partnership between FFD and the Company's 3D stereoscopic conversion division. The proposed partnership would provide the Company with added capital, talent and economies of scale.
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