|By Marketwired .||
|May 29, 2014 08:00 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/29/14 -- Rainmaker Entertainment Inc. (TSX VENTURE: RNK) today announced its results for the three months ended March 31, 2014. Rainmaker reported a loss of $687,134 ($0.04 per share) for the first quarter of 2014 compared with a loss of $694,313 ($0.04 per share) for the first quarter of 2013.
$thousands, except per share amounts Q1 2014 Q1 2013 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Revenue 1,827 2,244 ---------------------------------------------------------------------------- Loss from operations (797) (694) Deferred income tax recovery 110 0 ---------------------------------------------------------------------------- Net Loss and total comprehensive loss (687) (694) Loss per share - basic and diluted $ (0.04) $ (0.04) ----------------------------------------------------------------------------
The decrease in revenues as compared to 2013 is primarily due to final delivery of Escape From Planet Earth in 2013. Despite the reduced revenues, the operating loss remained consistent with prior year, primarily due to the production and capitalization of the Ratchet & Clank film. As previous disclosed revenues and incremental earnings from Ratchet & Clank will not be recognized until the project is delivered.
Michael Hefferon, President and Executive Producer, commented, "The Company continues to increase production service levels to further improve quarterly results. The recently announced Bob the Builder series began very early pre-production and the financial impact of that project will not be fully felt until the third quarter of 2014. Production of Ratchet & Clank continues and we look forward to a timely completion in early 2015."
Craig Graham, Chief Executive Officer, added, "We continue to increase both our service and intellectual property roster while improving our production pipeline to ensure superior on-screen quality."
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
Rainmaker Entertainment Inc., a multifaceted animation studio, is one of Canada's largest producers of CG animation. Rainmaker's first produced 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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