Amcomri Entertainment Inc. (“Amcomri” or the “Company”) (CBOE:AMEN) (OTC:AMNNF) (Frankfurt 25Y0), a global producer and distributor of independent movies, tv series and documentaries, today reported its financial results for the three months ended September 30th 2023 (“third quarter” or “Q3”). All dollar amounts are in Canadian dollars unless otherwise stated.
Q3 2023 Highlights (compared to Q3 2022)
- Revenue increased 59.6% to $7.0 million;
- Adjusted EBITDA increased 159.2% to $3.6 million;
- Net income was $2.5 million compared to a loss of $0.3 million;
- Television and Documentary division (“Abacus”) acquired three major releases (Scrublands, The Boy that Never Was and The Cuckoo);
- The Film Distribution (“101 Films”) division had a slower quarter as the film industry was impacted by the work stoppages in Hollywood.
“Our third quarter was highlighted by strong growth in revenue and profitability,” said Robert Price, Chief Executive Officer of Amcomri. “Abacus had an exceptional quarter, including the acquisition of three major 2024 releases, the compulsive crime thriller, Scrublands, coming onstream, and several smaller projects being delivered. While our film business experienced both a seasonal decline and temporary setbacks due to the labour disruptions in Hollywood, the continued robust performance of our TV business has highlighted the advantage of our diversified business model.”
“We acknowledge the difficulties faced by the film industry, but we firmly believe these are cyclical. Our dedication to delivering quality content across various platforms remains steadfast. We continue to invest in a wide range of quality productions and see stronger growth opportunities, particularly on the TV side of our business. We are optimistic about the future and are committed to delivering value to our shareholders, independent storytellers and audiences alike”.