06:57:38 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Rainmaker Entertainment Inc
Symbol RNK
Shares Issued 19,485,175
Close 2015-09-03 C$ 0.25
Market Cap C$ 4,871,294
Recent Sedar Documents

Rainmaker Entertainment loses $341,000 in Q3

2015-11-25 20:26 ET - News Release

Mr. Bryant Pike reports

RAINMAKER ENTERTAINMENT ANNOUNCES FINANCIAL RESULTS FOR THE 3RD QUARTER OF 2015

Rainmaker Entertainment Inc. has released its results for the three and nine months ended Sept. 30, 2015. Rainmaker reported a loss of $340,914 (two cents per share) for the third quarter of 2015 compared with a loss of $626,178 (four cents per share) for the third quarter of 2014. For the nine months ended Sept. 30, 2015, Rainmaker reported a loss of $894,767 (five cents per share) compared with a loss of $1,901,125 (11 cents per share) for the nine months ended Sept. 30, 2014.

                             FINANCIAL HIGHLIGHTS
                   ($ thousands, except per-share amounts)

                                  For the three months   For the nine months
                                           ended                 ended
                                   Sept. 30,  Sept. 30,  Sept. 30,  Sept. 30,
                                       2015       2014       2015       2014

Revenue                              $3,954     $2,726    $12,354     $6,809
(Loss) from operations                 (341)      (626)      (895)    (2,011)
Deferred income tax recovery             --         --         --        110
(Loss) and total comprehensive
(loss)                                 (341)      (626)      (895)    (1,901)
(Loss) per share,
basic and diluted                 $   (0.02) $   (0.04) $   (0.05) $   (0.11)

The company achieved a 45-per-cent increase in revenue in the third quarter of 2015 compared with 2014, and 81 per cent in the nine months ended September, 2015, compared with the nine months ended Sept. 30, 2014. The significant improvement in revenue in 2015 compared with 2014 reflects the additional production contracts of Bob the Builder and Open Season -- Scared Silly.

Loss from operations, while also showing significant improvement compared with 2014, was impacted by the expensing of debenture interest from the second quarter of 2015, and professional fees incurred as a result of the previously announced Shaftesbury transaction and unit offering. In 2014, interest on the debentures was being capitalized to Ratchet & Clank, which ceased upon its substantial completion in the first quarter of 2015.

Michael Hefferon, president and chief creative officer, commented: "We're pleased with the recent accomplishments in all aspects of our core business. The company successfully concluded the U.S. theatrical distribution deal with Focus Features for its upcoming film, Ratchet & Clank, which is expected to release across 2,500 screens in the U.S. on April 20, 2016. This included closing the prints and advertising financing necessary to release the film as well. In addition, Rainmaker has increased its service production activity with the commencement of three new direct-to-DVD animated films."

Shaftesbury Films Inc. proposed transaction and proposed offering of units

As previously announced, on Oct. 30, 2015, Rainmaker filed a final prospectus in respect of a proposed offering of units in connection with the proposed transaction to acquire all the shares of Shaftesbury Films with the B.C. Securities Commission. Rainmaker and Shaftesbury continue to work to satisfy the conditions to closing of the transaction, including completion of the prospectus offering of units. Rainmaker and Shaftesbury have agreed to extend the outside date for completion of the transaction to Dec. 15, 2015.

We seek Safe Harbor.

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