Company Shows Operating Profit as Film and Internet Strategy Takes
Hold
LOS ANGELES--(Business Wire)--
National Lampoon, Inc. (AMEX:NLN), the most widely recognized
brand in comedy, today released its financial results for the third
quarter ended April 30, 2007.
The Company reported revenues of $2,635,930 for the third quarter
of 2008, compared to $813,917 for the third quarter of 2007, an
increase of 324%, along with a net profit of $98,000, as compared with
a net loss of $1,161,000 or ($0.18) per fully diluted share for the
third quarter of fiscal 2007. Factoring in non-cash accrued stock
dividends; the company reported a net loss attributable to
shareholders of $194,000 or ($0.02) per fully diluted share. The
increase in revenue was attributable to the delivery of the company's
first in-house produced feature film, the release and distribution of
additional filmed entertainment projects, and increased marketing
activities as the Company is now more focused on Internet media. The
net loss for the third quarter also includes non-cash costs associated
with option grants, along with additional costs related to new
Internet and film production initiatives.
"This was a very exciting quarter for us, we hit a number of key
benchmarks we set over the past couple of years. Most notably, we have
finally hit operating profitability for the quarter. We also
successfully delivered our first original and owned National Lampoon
feature film, this in addition to acquiring and distributing other
third-party films through our many channels," commented Daniel Laikin,
National Lampoon Chief Executive Officer. "It's also very promising to
see the growth in our media and advertising business. Our National
Lampoon Humor Network continues to be the most trafficked humor
websites on the Internet, and we see ongoing growth across our online
advertising network business, along with our content and relationships
across the online video space start to generate revenue for the
company."
National Lampoon is currently in post production on its second
original motion picture, "National Lampoon's Ratko, the Dictator's
Son" and is next slated to start production on "National Lampoon's
301: The Legend of Awesomest Maximus."
The selected financial data including the results of operations
for the three-month and nine-month periods ended April 30, 2008
compared to 2007, and the financial positions as at April 30, 2008
compared to July 31, 2006, is summarized in the following table:
-0-
*T
Selected Financial Data
(unaudited)
Three Months Ended Nine Months Ended
April 30, April 30,
2008 2007 2008 2007
U.S. $000's, except loss per
share
Results of operations
Total revenue $ 2,636 $ 814 $ 3,947 $ 5,931
Net income (loss) 98 (1,161) (1,919) (1,171)
Preferred stock dividends ( 292) ( 290) ( 887) ( 932)
Net loss attributable to
shareholders ( 194) (1,451) (2,806) (2,103)
Basic and diluted loss per share (0.02) (0.18) (0.34) (0.28)
Net cash used in operations ( 46) (657) (952) (1,189)
Net cash used in investing
activities (132) ( 87) (172) ( 102)
Net provided by (used in)
financing activities 184 653 1,053 1,771
Financial position April 30, July 31,
2008 2007
Current assets $ 1,884 $ 509
Total assets 9,864 7,701
Current liabilities 9,352 7,705
Total liabilities 13,614 11,138
Shareholders' deficit (3,750) (3,437)
Working capital (7,467) (7,196)
*T
About National Lampoon
National Lampoon, Inc. (AMEX:NLN) has been a dominant force in the
US comedy world for almost 40 years, and is currently active in a
broad array of media and entertainment segments. These include feature
films, television programming, online and interactive entertainment,
home video, audio, and book publishing. The Company also owns
interests in all major National Lampoon properties, including National
Lampoon's Animal House, the National Lampoon Vacation series and
National Lampoon's Van Wilder. National Lampoon reaches nearly one in
four of all 18 to 24 year old college students in America today. The
Company has three core operating divisions: National Lampoon Films,
which includes production along with theatrical and video distribution
of feature films; College Marketing Division; and National Lampoon
Networks, providing humor content through a number of platforms. These
include its National Lampoon College TV network, the National Lampoon
Humor Network - the most trafficked humor sites on the web, Toga
TV.com - the company's broadband channel, the Drunk University
Network, and the National Lampoon Video Network, which includes
channels on YouTube, AOL, Yahoo, Joost, and a number of digital video
platforms across the Internet. These are all anchored by the award
winning comedy website www.nationallampoon.com
National Lampoon, Inc.
Alastair Duncan/Dawn Miller
310-300-0950 x 223/231
aduncan@LCOonline.com/dmiller@LCOonline.com
or
IR Contact:
Howard Gostfrand/David Sasso, 305-918-7000
info@amcapventures.com
www.amcapventures.com
Copyright Business Wire 2008
