NEW YORK, Aug. 16, 2011 /PRNewswire/ -- Target Development Group, Inc. (Pinksheets: TDGI), the parent company of entertainment distributor Hannover House, utilized cash flow, outside financing and a major SeaWorld sponsorship venture to reduce its short-term debts by $680,031 and increase shareholder equity by $1,690,967 during the three month period ending June 30, 2011. Revenues in the quarter for the Company were modest at $348,703, but excluded receivables from 20th Century Fox Home Entertainment and a classification of the SeaWorld sponsorship proceeds. Despite these significant revenue exclusions, the Company still posted in positive territory with net income of $4,246.
During the first half of 2011, the overall debt load for Target Development Group, Inc. and Hannover House has been reduced by $2,242,615, representing approximately 38% of the total debts as of 12-31-2010.
"We are successfully tackling the key issues of debt reduction and increased revenues for the company's financial health," said Fred Shefte, President. "We have made significant and substantial reductions against our debts so far this year, while simultaneously taking aggressive actions to increase revenues through strategic investment, new releases and creatively-structured distribution ventures. We have also adopted a conservative approach to the realization of revenues, which will further benefit the Company's results as these items are ultimately recognized," he continued.
The only new release item for Hannover House during the second quarter was the theatrical launch of "Turtle: The Incredible Journey" under a sponsorship and distribution venture agreement with SeaWorld Pictures. The film opened in theatres in five markets on June 24 and has been playing continuously for the past eight weeks, with a current tally of 95 play-dates in 38 markets. "Turtle: The Incredible Journey" will be released to the home video market on DVD, Blu-Ray and Video-On-Demand formats November 15, 2011. Other revenues for Q2 were derived from ongoing sales from the Company's film library.
Hannover House is a full-service entertainment company, with direct distribution reach to all of the major, USA theatre circuits, and direct sales relationships with the wholesalers and retailers comprising all of the top forty retail video accounts in America. Target Development Group, Inc. acquired Hannover House in January, 2010, through a stock swap agreement with Truman Press, Inc., the previous owner of Hannover House since 1993.
The company's complete filing for the Q2 quarter ending June 30, 2011 can be viewed on-line at: www.OTCMarkets.com
For more information contact: FRED SHEFTE, 479-751-4500 / Fred@HannoverHouse.com
SOURCE Target Development Group, Inc.