Mr. Michael Hefferon reports
RAINMAKER ENTERTAINMENT ANNOUNCES FINANCIAL RESULTS FOR THE 4TH QUARTER AND FISCAL YEAR END 2013
Rainmaker Entertainment Inc. is releasing its results for the three and 12 months ended Dec. 31, 2013. Rainmaker reported a loss of $2.9-million (17 cents per share) for the year ended Dec. 31, 2013, compared with a loss of $3.6-million (20 cents per share) for 2012. For the fourth quarter ending Dec. 31, 2013, the company reported a loss of $700,000 (four cents per share), compared with loss of $500,000 (three cents per share) for the fourth quarter of 2012.
HIGHLIGHTS
(in thousands of dollars, except per-share amounts)
Fourth Fourth
quarter quarter
of 2013 of 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
per share, 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-per-cent 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 recognized 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 times 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."
Mr. 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."
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."
We seek Safe Harbor.
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