MDP Worldwide Entertainment, Mark Damon's production and sales outfit which is listed on the Toronto Stock Exchange, has reported financial results for the first quarter ended December 31, 2001 reflecting the fifth consecutive quarterly profit reported by the company since Damon, its chairman and CEO, took over the helm and restructured the company.
MDP reported net income of $504,000 (US$ 319,000), or $0.003 per share on 159,119,378 weighted average shares outstanding, for the first quarter ended December 31, 2001, a significant rise from the $23,000 (US$ 15,000), or nil per share on 121,956,915 weighted average shares outstanding, reported for the corresponding period in the previous year.
Mark Damon stated, "We are extremely pleased with the very positive financial performance delivered this quarter. We have successfully completed the restructuring of the company and implemented our "go-forward" operating strategy and, with the anticipated completion of the proposed financing with Michael Jackson's Neverland Entertainment, our financial condition and financing flexibility will be further enhanced."
"The Company's operating revenues for the first quarter ended December 31, 2001 rose by nearly 6% to $3,234,000 (US$ 2,046,000), as compared to $3,060,000 (US$ 1,936,000) for the corresponding period in the preceding year," Devin Cutler, vice president of finance & controller, stated. "Operating revenues for first quarter ended December 31, 2001 were comprised primarily of licensing and material revenue from the feature film, The Musketeer, a financing fee earned from The United States of Leland, and the exploitation of the Company's extensive film library, and does not include any recognition of revenue from the Company's upcoming feature films, The Extremists and Fear.com, the latter of which is slated to be delivered late in the second quarter ending March 31st."