Big Quarterly Profit Seen From ValCom
Big Quarterly Profit Seen From ValCom
May 24, 2011 (Marketwire) --
CLEARWATER, FL -- (Marketwire) -- 05/24/11 -- ValCom, Inc. (PINKSHEETS: VLCO) reported a big gain in quarterly earnings when the media and entertainment company disclosed the financial results for the 2nd quarter of its financial year.
A key statistic in the 2nd quarter 2011 financial data is the company's total assets which grew over 200% from September 2010 to over $24 million. The increase is primarily due to the company's audio and film library and growth within its My Family TV television network (www.myfamilytv.tv).
"ValCom is starting to heat up!" stated Vince Vellardita, President and CEO of ValCom. "Our financial results are starting to show what our shareholders have waited for. This company has been dramatically undervalued as we continue to execute our business plan to increase shareholder value."
The 2nd quarter financial results showed a $.33 earnings per share, meaning that ValCom's earnings per share are 15-times where the stock is currently trading.
ValCom expects a great surge in revenues from its content library. The company has over 6,000 video and audio titles in the library. In 1st quarter 2011, an appraisal was conducted by DOS Broadcast and Appraisal Services to determine an accurate value of the content owned by the company. DOS has estimated that the value of the library exceeds $128 million. The library contains rare and unique video and audio content including 13 master recordings of Elvis Presley with The Platters; masters from Ike & Tina Turner before they were stars; and a very rare 3 Stooges film. The library also contains films starring the top names in Hollywood like Denzel Washington, Anthony Hopkins, Robert DiNiro, Jodi Foster, Russell Crowe and Mel Gibson.
In addition to utilizing the content to leverage the growth of My Family TV, the content can be licensed via various distribution channels including broadcast stations, cable networks, video on demand, and internet streaming. There is major revenue potential due to the overall expansion of new media and the growth of the international marketplace. For example, Netflix recently did a 5 year license of New Line Cinema's library of 250 titles for $750 million. ValCom has started the process of licensing the content in the syndication marketplace and has already lined up buyers.
Additional information pertaining to ValCom's quarterly results can be found in the company's 10-Q filing.
About ValCom, Inc.
Based in Clearwater, FL, ValCom, Inc. is a diversified, fully integrated, independent entertainment company that has been in operation since 1983. ValCom, Inc., through its operating divisions and subsidiaries, creates and operates full service facilities that accommodate film, television and commercial productions with its four divisions comprised of television and film production, broadcasting (My Family TV Network), distribution, and live theatre. ValCom's client list consists of all of the majors such as MGM, Paramount Pictures, Warner Bros, Disney, CBS, Sony, NBC, Phantom of the Opera, HSN, and more. For more information, please visit the company's website at http://www.valcom.tv/
Note About Forward-Looking Statements
With the exception of historical information, this press release may contain forward-looking statements as that are made pursuant to the "safe harbor" provisions as defined within The Private Securities Litigation Reform Act of 1995 (the "PSLRA"). Forward-looking statements may be identified by words including "anticipates," "believes," "intends," "estimates," and similar expressions. In addition, any other statements which contain characterizations of future events or circumstances are forward-looking statements. These statements are based upon management's current expectations as of the date of this press release. Actual results may differ materially from the expectations contained in this press release due to a number of risks and uncertainties relating to our business which are discussed in detail in the Company's periodic filings with the Securities and Exchange Commission. ValCom, Inc. does not undertake any responsibility to publicly update any forward-looking statements to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.
ValCom, Inc.
Consolidated Statements of Operations
(Unaudited)
For the three For the three For the six For the six
months ended months ended months ended months ended
March 31, March 31, March 31, March 31,
2011 2010 2011 2010
REVENUES
Advertising $ 39,261 $ -- $ 71,631 $ --
Programming 26,300 -- 117,741 --
Royalties -- -- 125,000 --
Ticket sales -- -- 89,328 --
Miscellaneous 83,638 170,971 106,349 362,156
------------- ------------- ------------ ------------
Total revenues 149,199 170,971 510,049 362,156
Expenses
Depreciation and
amortization 31,292 48,604 62,584 97,276
General and
administrative 285,899 1,105,878 904,294 1,593,003
------------- ------------- ------------ ------------
Total expenses 317,191 1,154,482 966,878 1,690,279
------------- ------------- ------------ ------------
Loss before other
income
(expenses) (167,992) (983,511) (456,829) (1,328,123)
Other income
(expenses)
Interest expense (18,751) (43,218) (37,431) (49,218)
Gain on
derivative
liabilities -- 84,709 -- 197,056
Film library
inventory
adjustment 16,621,655 (132,490) 16,621,655 (179,328)
------------- ------------- ------------ ------------
Other expenses --
------------- ------------- ------------ ------------
Total other
income
(expenses) 16,602,904 (90,999) 16,584,224 (31,490)
Net gain (loss) 16,434,912 (1,074,510) 16,127,395 (1,359,613)
------------- ------------- ------------ ------------
Weighted average
shares
outstanding 50,138,158 40,434,158 79,850,072 40,970,971
------------- ------------- ------------ ------------
LOSS PER SHARE --
basic and
diluted $ 0.33 $ (0.03) $ 0.21 $ (0.03)
============= ============= ============ ============
Investor Relations:
Ingrid Clavijo
727/953-9778
Source: Marketwire (May 24, 2011 - 11:06 AM EDT)
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