ATN Reports its Third Quarter for the Three and Nine Months Ended September 30, 2019

TORONTO, Nov. 28, 2019 /CNW/ - Asian Television Network International Limited (ATN) Toronto Stock Exchange Venture (TSXV-SAT) Canada's Pioneer South Asian Broadcaster announce its third quarter 2019 consolidated financial and operating results for the three and nine months ended September 30, 2019, in accordance with International Financial Reporting Standards ("IFRS").

Summarized Consolidated Financial Results

Three and nine months ended September 30, 2019 and September 30, 2018

	Three months ended September 30,		Nine months ended September 30,
	2019	2018	2019	2018
Operating revenue	$             2,994,964	$              3,765,733	$              9,094,326	$           11,934,226
Total operating expenses	3,628,992	4,134,702	11,421,659	13,203,504
Loss before taxes	(634,028)	(368,969)	(2,327,333)	(1,269,278)
Income tax recovery	-	(126,312)	(328,234)	(344,328)
Net (loss) income for the period	$               (634,028)	$               (242,657)	$            (1,999,099)	$               (924,950)
Basic and Diluted Loss per share	$                      (0.03)	$                      (0.01)	$                      (0.08)	$                      (0.04)

 

Declining revenues are predominantly as a result of increased internet piracy and consumers shifting towards illegal digital IPTV set-top boxes. While the Company is actively involved in fighting this negative trend, as part of a recent Federal Court decision, the court issued the first Canadian site blocking order against sites that predominantly facilitate copyright infringement. This marks a significant step in the right direction towards Canada's fight against piracy.

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

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