ATN reports a net income of $523,645 on revenues of $6,898,085 for the 3 months ended September 30, 2013 and a net income of $1,752,836 on revenues of $20,575,218 for the 9 months ended September 30, 2013

TORONTO, Nov. 11, 2013 /CNW/ - Asian Television Network International Limited (ATN) (TSX: SAT) Canada's Pioneer South Asian Broadcaster is pleased to announce its third quarter 2013 consolidated financial and operating results for the 3 months and nine months ended September 30, 2013, in accordance with International Financial Reporting Standards ("IFRS").

Summarized Consolidated Financial Results
Three months and nine months ended September 30, 2013 and September 30, 2012.

  Three months ended September 30,   Nine months ended September 30,
  2013   2012   2013 2012  
Operating revenue $6,898,085   $6,290,447   $20,575,218 $18,984,116  
               
Administrative expenses 592,460   725,628   1,710,383 1,725,416  
Marketing and distribution costs 4,393,505   3,836,234   12,869,573 11,624,033  
Employee costs 1,082,333   890,424   3,121,953 2,374,342  
Depreciation, amortization and
impairments
132,607   149,259   401,870 233,542  
Finance costs 23,350   1,178   74,006 5,201  
Loss (gain) on exchange
difference
5,463   7,069   16,533 11,335  
Total operating expenses 6,229,718   5,609,792   18,194,318 15,973,869  
Income before taxes 668,367   680,655   2,380,900 3,010,247  
Income tax expense 144,722   205,690   628,064 811,616  
               
Net income for the period $523,645   $474,965   $1,752,836 $2,198,631  
Basic and Diluted Earnings per
share
$0.02   $0.02   $0.07 $0.09  
               

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 46 premium specialty television channels. ATN offers its flagship general interest service "ATN HD", several Bollywood movie channels with over 800 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 (TSX-V: 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



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