CLEARWATER, Fla., Aug. 16, 2011 /PRNewswire/ -- ValCom, Inc. (VLCO.PK) reported today that it has continued its financial growth in the 2011 fiscal year when the media and entertainment company disclosed the financial results for the 3rd quarter of its financial year.
The 3rd quarter financial results showed $.12 in earnings per share for the first 9 months of the year. In addition, the company added $300,000 in cash and increased assets from $24 million to $26 million. ValCom has close to $1,000,000 in net contracts not recognizable in 3rd quarter that will be booked in the next quarter.
A key statistic in the 3rd quarter 2011 financial data is the company's debt which was reduced by $300,000 in the quarter. The company has made the overall reduction of debt a priority in 2011.
The company also completed the valuation process of its audio and video library with DOS appraisal services. DOS worked in conjunction with ValCom's auditor to determine that the video portion of the library was worth $4 million more than originally projected ($45 million vs. $41 million). The final valuation of ValCom's combined audio and video library is $128 million.
"ValCom is on fire!" stated Vince Vellardita, President and CEO of ValCom. "The company is on solid ground and we're expanding our business on multiple fronts. We've set up several revenue streams by monetizing the ValCom library."
The company recently announced that it is developing projects that will monetize content from both its film and audio library. This includes the release of The Platters Golden Anniversary album, the release of a rare Ike and Tina Turner single on iTunes, and the development of a limited edition DVD of Michael Jackson's film with 20 minutes of unseen footage with a lot more projects to come.
For further company information, please text VLCO to 90210
About ValCom, Inc.
Based in Clearwater, FL, ValCom, Inc. is a diversified, fully integrated, independent entertainment company that has been in operation since 1983. ValCom, Inc., through its operating divisions and subsidiaries, creates and operates full service facilities that accommodate film, television and commercial productions with its four divisions comprised of television and film production, broadcasting (My Family TV Network), distribution, and live theatre. ValCom's client list consists of all of the majors such as MGM, Paramount Pictures, Warner Bros, Disney, CBS, Sony, NBC, Phantom of the Opera, HSN, and more. For more information, please visit the company's website at http://www.valcom.tv/.
Note About Forward-Looking Statements
With the exception of historical information, this press release may contain forward-looking statements as that are made pursuant to the "safe harbor" provisions as defined within The Private Securities Litigation Reform Act of 1995 (the "PSLRA"). Forward-looking statements may be identified by words including "anticipates," "believes," "intends," "estimates," and similar expressions. In addition, any other statements which contain characterizations of future events or circumstances are forward-looking statements. These statements are based upon management's current expectations as of the date of this press release. Actual results may differ materially from the expectations contained in this press release due to a number of risks and uncertainties relating to our business which are discussed in detail in the Company's periodic filings with the Securities and Exchange Commission. ValCom, Inc. does not undertake any responsibility to publicly update any forward-looking statements to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.
SOURCE ValCom, Inc.