TORONTO, Nov. 24, 2014 /CNW/ - Asian Television Network International Limited (ATN) (TSX-V-SAT) Canada's Pioneer South Asian Broadcaster is pleased to announce its third quarter 2014 consolidated financial and operating results for the 3 months and nine months ended September 30, 2014, in accordance with International Financial Reporting Standards ("IFRS").
Summarized Consolidated Financial Results
Three and nine months ended September 30, 2014 and September 30, 2013
| Three months ended September 30, | Six months ended September 30, |
| 2014 | 2013 |
| 2014 | 2013 |
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Operating revenue | $6,995,882 | 6,898,085 |
| $19,612,796 | $20,575,218 |
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Administrative expenses | 577,775 | 592,460 |
| 1,592,977 | 1,710,383 |
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Marketing and distribution costs | 4,322,933 | 4,393,505 |
| 11,813,191 | 12,869,573 |
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Employee costs | 1,099,349 | 1,082,333 |
| 3,340,130 | 3,121,953 |
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Depreciation, amortization and impairments | 141,046 | 132,607 |
| 424,211 | 401,870 |
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Finance costs | 17,644 | 23,350 |
| 56,775 | 74,006 |
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Loss (gain) on exchange difference | (724) | 5,463 |
| 12,612 | 16,533 |
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Total operating expenses | 6,158,023 | 6,229,718 |
| 17,239,896 | 18,194,318 |
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Income before taxes | 837,859 | 668,367 |
| 2,372,900 | 2,380,900 |
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Income tax expense | 211,064 | 144,722 |
| 634,147 | 628,064 |
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Net income for the period | $626,795 | $523,645 |
| $1,738,753 | $1,752,836 |
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Basic and Diluted Earnings per share | $0.03 | $0.02 |
| $0.07 | $0.07 |
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For details please refer to the MD&A and the Complete Financial Statements filed with Sedar.
We are a Canadian media company with all of our operations in Canada. ATN serves Canada's diverse cultural communities with 53 premium specialty television channels. ATN offers its flagship general interest service "ATN HD", several Bollywood movie channels with hundreds of movies a month, and a variety of channels that include sports, news, music, lifestyle, spiritual and several regional language channels. ATN is Canada's pioneer of World Class Cricket. ATN operates a South Asian Radio Service on Satellite Radio across Canada and the United States. We are publicly traded on the Toronto Stock Exchange Venture (TSXV-SAT). For more information please visit www.asiantelevision.com
Neither the Toronto Venture Exchange, nor its regulation services provider (as that term is defined in the policies of the exchange), accepts responsibility for the adequacy or accuracy of this release
Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements.
The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to the Company. Additional information identifying risks and uncertainties is contained in filings by the Company with the Canadian securities regulators, which filings are available at www.sedar.com.
SOURCE Asian Television Network International Limited