TORONTO – While revenue jumped 19% in the third quarter to $3.36 million and by 54% to $11.75 million for the first three quarters of fiscal 2007, compared to the same time frames last year, net earnings fell off thanks to increased expenses at Asian Television Network.
Expenses in the quarter and year to date, ended September 30th, rose by 60% and 74%, respectively, to $2.8 million and $8.75 million as compared to fiscal ‘06. That meant net earnings in the quarter fell to $68,000, well off the Q3 ’06 level of $527,000.
While the company experienced growth overall in subscriptions and advertising, ATN’s news release explains the lower results were, in part, due to the fact its “expectations of revenues on a cricket event were not fully realized and that was a set back,” says the release.
“However, on an overall basis, the company continues to be committed to bringing world class cricket and be involved in future events to ensure that the quality of programming is maintained,” it added.
The release also noted during the past three years, “the company brought 8 new channels to air. The first nine months of 2007 also benefited from these new channels as this was the 2nd full year for eight of the channels. The company believes that this trend will continue as it strives to achieve greater penetration in the digital tier. The company plans to continue to launch new & varied channels for its niche market,” it says.
