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Rainmaker Entertainment Announces Financial Results for the 4th Quarter and Fiscal Year End 2013
|By Marketwired .
|April 23, 2014 07:35 PM EDT
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/23/14 -- Rainmaker Entertainment Inc. (TSX VENTURE:RNK) today announced its results for the three and 12 months ended December 31, 2013. Rainmaker reported a loss of $2.9 million ($0.17 per share) for the year ended December 31, 2013 compared with a loss of $3.6 million ($0.20 per share) for 2012. For the fourth quarter ending December 31, 2013 the Company reported a loss of $0.7 million ($0.04 per share) compared with loss of $0.5 million ($0.03 per share) for the fourth quarter of 2012.
$thousands, except per share
amounts Q4 2013 Q4 2012 2013 2012
Revenue 1,727 3,178 7,818 14,205
Loss from operations (708) (526) (3,046) (3,574)
Earnings (loss) from continuing
operations (708) (526) (3,046) (3,574)
Deferred income tax recovery 0 0 109 0
Earnings (loss) and total
comprehensive income (708) (526) (2,937) (3,574)
Earnings from continuing operations
- basic and diluted $ (0.04) $ (0.03) $ (0.17) $ (0.20)
Earnings (loss) per share
- basic and diluted $ (0.04) $ (0.03) $ (0.17) $ (0.20)
The decrease in revenues in 2013 can be partially attributed to a transition from a 100% production services studio to a balanced production model consisting of service projects and owned intellectual properties, where the Company's production work related to these owned intellectual properties is capitalized as investments in film and television assets. Revenues will be recognised from sales in the market upon release of the film.
Michael Hefferon, President and Executive Producer, commented, "Our production activities continued to grow in the fourth quarter with our latest feature film, Ratchet and Clank, in conjunction with continued production on the 'Barbie' film titles with Mattel and the January 2014 announcement of the Company's next feature film, Sly Cooper. Mainframe, the Company's recently launched television division, secured production of two series of 52 x 11 minute episodes of Bob the Builder with Hit Entertainment. Production began in February 2014 with the delivery of the final episodes expected in mid 2016. Mainframe also announced its plans to reboot the iconic animated television property ReBoot, which is currently in development as a series.
Hefferon continued, "We are pleased with the progress made to date on all production fronts, as we build a strong foundation for growth in 2014 and work towards a successful targeted release of Ratchet and Clank in 2015."
Mr. Craig Graham, Chief Executive Officer, added, "The 2013 year was another challenging year however we did take significant steps this year to support the Company's goals moving forward. Some of the key accomplishments include:
-- Raise $5,986,000 of convertible debentures
-- Secured Ratchet & Clank as feature film production
-- Recruited key management personnel
We are actively pursuing new opportunities on both production service and intellectual property projects, and continue to develop our strategic co-production and distribution partnerships in Asia."
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, 2012. 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
Rainmaker Entertainment Inc., a multifaceted animation studio, is one of Canada's largest producers of CG animation. Rainmaker's first feature film Escape from Planet Earth, distributed by The Weinstein Company, enjoyed its theatrical release on February 15, 2013. Currently the studio is working on its second feature, Ratchet and Clank. Based on the popular Sony PlayStation game, this film is slated for release in 2015.
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