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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Asian Television Network International Ltd | TSXV:SAT | TSX Venture | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.07 | 0.065 | 0.12 | 0 | 21:00:01 |
From Dec 2019 to Dec 2024
TORONTO, Aug. 29, 2019 /CNW/ - Asian Television Network International Limited (ATN) Toronto Stock Exchange Venture (TSXV-SAT) Canada's Pioneer South Asian Broadcaster announce its second quarter 2019 consolidated financial and operating results for the three and six months ended June 30, 2019, in accordance with International Financial Reporting Standards ("IFRS").
Summarized Consolidated Financial Results
Three and six months ended June 30, 2019 and June 30, 2018
Three months ended June 30, | Six months ended June 30, | |||||||
2019 | 2018 | 2019 | 2018 | |||||
Operating revenue | $ | 2,884,419 | $ | 3,959,427 | $ | 6,099,362 | $ | 8,168,493 |
Total operating expenses | 3,988,184 | 4,515,183 | 7,792,668 | 9,068,802 | ||||
Loss before taxes | (1,103,765) | (555,756) | (1,693,306) | (900,309) | ||||
Income tax recovery | (161,804) | (129,486) | (328,234) | (218,016) | ||||
Net (loss) income for the period | $ | (941,961) | $ | (426,270) | $ | (1,365,072) | $ | (682,293) |
Basic and Diluted Loss per share | $ | (0.04) | $ | (0.02) | $ | (0.06) | $ | (0.03) |
EBITDA | $ | (567,696) | $ | (56,153) | $ | (1,129,350) | $ | (153,673) |
One-time settlement recorded in Q2 | 552,000 | - | 552,000 | - | ||||
Adjusted EBITDA | $ | (15,696) | $ | (56,153) | $ | (577,350) | $ | (153,673) |
Declining revenues are predominantly as a result of increased internet piracy and consumers shifting towards illegal digital IPTV set-top boxes. The Company is actively involved in fighting this negative trend. FAIR PLAY CANADA, a coalition with more than 25 organizations combating the impact illegal piracy is having on our subscription and advertising revenue, has been lobbying the Canadian Radio-television and Telecommunications Commission (CRTC) to establish an independent anti-piracy, website-blocking agency, which would curtail digital media theft. As the matter was out of CRTC's jurisdiction the Government of Canada has appointed an external Broadcasting and Telecommunications Legislative Review (BTLR) panel ("Panel") to review Canada's communication legislative framework. The Panel has set the date to conclude on the matter by January 30, 2020 and also planning on making public the Company's submission in the meanwhile as well.
In addition, as part of the industry's continuing efforts to battle the pervasive problem that piracy and illegal IPTV has posed to the industry, Bell and Rogers will be requesting a site blocking order against alleged 'pirate' IPTV provider GoldTV. The order, which is planned to formally be requested in September, will request various ISPs including Bell Media, Eastlink, Cogeco Inc., Rogers, Fido, Shaw Communications Inc., TekSavvy Solutions Inc., Telus Corp., and Videotron to block the GoldTV sites.
For details please refer to the MD&A and the Complete Financial Statements filed with Sedar.
We are a Canadian media company. ATN serves Canada's diverse cultural communities with more than 50 premium specialty television channels. We are publicly traded on the Toronto Stock Exchange Venture (TSXV-SAT). For more information please visit www.asiantelevision.com
We seek safe harbor.
SOURCE Asian Television Network International Limited
Copyright 2019 Canada NewsWire
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