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Rainmaker Entertainment Announces Financial Results for the 2nd Quarter of 2014
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 28, 2014) - Rainmaker Entertainment Inc. (TSX VENTURE:RNK) today announced its results for the three and six months ended June 30, 2014. Rainmaker reported a loss of $587,813 ($0.03 per share) for the second quarter of 2014 compared with a loss of $582,939 ($0.03 per share) for the second quarter of 2013. For the six months ended June 30, 2014 Rainmaker reported a loss of $1.23 million ($0.07 per share) compared with a loss of $1.28 million ($0.07 per share) for the six months ended June 30, 2013.
three months ended | six months ended | ||||||||||||
$thousands, except per share amounts | 30-Jun-14 | 30-Jun-13 | 30-Jun-14 | 30-Jun-13 | |||||||||
Revenue | 2,256 | 1,970 | 4,083 | 4,213 | |||||||||
Loss from operations | (588 | ) | (692 | ) | (1,385 | ) | (1,386 | ) | |||||
Deferred income tax recovery | 0 | 109 | 110 | 109 | |||||||||
Net Loss and total comprehensive loss | (588 | ) | (583 | ) | (1,275 | ) | (1,277 | ) | |||||
Loss per share | |||||||||||||
- basic and diluted | $ | (0.03 | ) | $ | (0.03 | ) | $ | (0.07 | ) | $ | (0.07 | ) | |
The Company's revenue improved in the second quarter of 2014 due to the commencement of Rainmaker's latest service production, Bob the Builder. Comparatively, in the six months ended June 30, 2013, Rainmaker posted higher revenues, which included contributions from Escape from Planet Earth, the Company's first feature film, which was released theatrically in Q1 2013.
Michael Hefferon, President and Executive Producer, commented, "Studio production levels have increased in 2014 and will continue to do so as Bob the Builder moves into full production under the Mainframe banner, and Rainmaker begins production in September on its 28th Barbie movie with Mattel. In addition, Rainmaker has begun preproduction on a direct-to-video feature film based on a well-established film property, the details of which will be announced in the fourth quarter of 2014. Ratchet and Clank continues to move forward with the completion still expected in the first quarter of 2015."
Craig Graham, Chief Executive Officer, added, "Management's concerted efforts to cut costs and increase efficiencies in Rainmaker's production pipeline have yielded reduced operating losses and increased margins quarter over quarter."
Forward-Looking Statements
Certain information set forth in this press release contains "forward-looking statements", and "forward- looking information" under applicable securities laws. These statements relate to future events or future performance and include, but are not limited to, statements regarding our future plans and financial performance. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect", and similar expressions are often used to identify forward-looking statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific. In evaluating these statements, readers should specifically consider risks which may cause actual results to differ materially from any forward-looking statement. The forward-looking statements contained herein are based upon certain assumptions considered reasonable at the time they were prepared. Such assumptions include, but are not limited to, assumptions regarding: (i) general economic conditions, (ii) Rainmaker's future business prospects and opportunities, and (iii) Rainmaker's ability to complete any or all of its proposed production work. Should one or more of the risks or uncertainties identified herein materialize, or should the assumptions underlying the forward-looking statements prove to be incorrect, then actual results may vary materially from those described herein. In respect of Rainmakers business generally, readers should also refer to Forward-looking Statements in the Management Discussion & Analysis for year ended December 31, 2013. Readers are cautioned not to place undue reliance on forward-looking statements. Except as required by applicable securities laws, Rainmaker does not assume any obligation to update the forward-looking statements contained herein.
About Rainmaker Entertainment
Based in Vancouver, British Columbia, Rainmaker Entertainment Inc. is a multifaceted animation studio and one of Canada's largest producers of CG animation. On February 15, 2013, Rainmaker's first feature film, Escape From Planet Earth (distributed by The Weinstein Company), opened on 3200 screens across North America. Originally established as Mainframe Entertainment, the company produced the first ever CGI animation series, ReBoot, and over the course of its 15+ years of innovative history, Rainmaker has continued to break new ground in animation, telling engaging stories and creating compelling characters for all media. In addition to projects Rainmaker has produced with partners and clients including Mattel, The Weinstein Company, Hasbro, Lionsgate and Sony, Rainmaker also develops proprietary projects for both film and television. For more information, visit www.rainmaker.com.
