Alliance Media Holdings Reports Financial Results for the Three and Nine Months Ended March 31, 2018

NEW YORK, July 16, 2018 /PRNewswire/ -- Alliance Media Holdings Inc. (OTC-Pink: ADTR), a distributor, developer and publisher of interactive video games and gaming products, today announced its financial results for the three and nine months ended March 31, 2018.

Net revenues for the three months ended March 31, 2018 decreased 13% to $7.2 million from $8.2 million in the three months ended March 31, 2017.  Included in Operating Costs and Expenses for the three months ended March 31, 2108 is a $1.1 million provision for doubtful accounts on unpaid invoices for product shipped to Toys R Us. As a result, the Company lost approximately $1.8 million for the three months ended March 31, 2018 compared to a loss of $674,000 for the comparable period in 2017.

For the nine months ended March 31, 2018 net revenues decreased 11% to $27.9 million from $31.5 in the nine months ended March 31, 2017.  The Company lost approximately $2.2 million for the nine months ended March 31, 2017 compared to a loss of $836,000 for the comparable period in 2017. 

Jay Gelman, Chairman and Chief Executive Officer, said, "The Company's results for the quarter were adversely effected by the decline of the box game business and the bankruptcy of Toys R Us. The decline continues. During the fourth quarter ended June 30, 2018 we reduced our inventory to roughly $4 million. We are in default of our bank covenants but to date this has not affected our day to day banking activities. Our digital initiatives press ahead in full force."

About Alliance

Alliance Media Holdings Inc. (www.alliancemediaholdings.com) is a vertically integrated video game company. Its Alliance Distributors operating division is a full-service wholesale distributor of video games, hardware and accessories, with a special concentration in value video games.  Alliance is a licensed publisher for Sony Computer Entertainment of America, Microsoft and Nintendo, and as Alliance Digital Media® publishes both originally created and third party licensed games in console, mobile, and PC/Mac formats.  Alliance develops both original and third-party video games as Zachtronics.

Safe Harbor

Certain statements contained in this press release contain forward-looking statements including without limitation, statements concerning our operations, economic performance, and financial condition.  The words "estimate," "believe," "expect," "should" and "anticipate" and other similar expressions generally identify forward-looking statements, which speak only as of their dates.

Investors are cautioned that all forward-looking statements, which are based largely on our current expectations, involve risks and uncertainty. Actual results, events and circumstances (including future performance, results and trends) could differ materially from those set forth in such statements due to various factors, risks and uncertainties, including without limitation, risks associated with technological change, competitive factors and general economic conditions, including the related impact on discretionary consumer spending, changes in marketing and distribution strategies by manufacturers, timely development and release of video game products we produce, potential cost overruns in our development of video games, ability to protect our intellectual property rights, potential claims that we have infringed the intellectual property rights of others, market acceptance of games we develop and / or publish, ability to realize anticipated benefits of acquisitions, potential undiscovered liabilities of companies that we acquire, changes in our business or growth strategy, the emergence of new or growing competitors, various other competitive and technological factors. There can be no assurance that the results referred to in the forward-looking statements contained in this release will occur. The Company has no duty and undertakes no obligation to update any forward-looking information, whether as a result of new information, future developments or otherwise.

SOURCE Alliance Media Holdings Inc.

Related Links

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