Subject: ERN
ATN Reports its Third Quarter for the Three and Nine Months Ended September 30, 2020
TORONTO, Nov. 25, 2020 /CNW/ - Asian Television Network International Limited (ATN) Toronto Stock Exchange Venture (TSXV: SAT) Canada's Pioneer South Asian Broadcaster announce its third quarter 2020 consolidated financial and operating results for the three and nine months ended September 30, 2020, in accordance with International Financial Reporting Standards ("IFRS").
Summarized Consolidated Financial Results
Three and nine months ended September 30, 2020 and September 30, 2019.
Three months ended September 30, | Nine months ended September 30, | |||||||
2020 | 2019 | 2020 | 2019 | |||||
Operating revenue | $ | 2,766,649 | $ | 2,994,964 | $ | 7,435,767 | $ | 9,094,326 |
Total operating expenses | 2,469,573 | 3,628,991 | 8,123,043 | 11,421,659 | ||||
Income (Loss) before tax | 297,076 | (634,027) | (687,276) | (2,327,333) | ||||
Income tax recovery | - | - | - | (328,234) | ||||
Net income (loss) for the year | 297,076 | (634,027) | (687,276) | (1,999,099) | ||||
Basic and Diluted Loss per share | $ | 0.01 | $ | (0.03) | $ | (0.03) | $ | (0.08) |
EBITDA | $ | 604,663 | $ | (275,971) | $ | 656,168 | $ | (895,791) |
Consolidated operating revenue decreased 8% of which subscription revenues increased 7% and advertising revenue decreased by 41% this quarter over same the three months ended September 30, 2019 having a positive impact on our consolidated income for the quarter. The decline of advertising revenues compared to same three month period in 2019 continues due to businesses impacted by COVID-19 restrictions although it has increased from previous quarter ending on June 30, 2020. For the nine month period ending September 30, 2020, the decline in subscription revenue continues due to declining number of subscribers who continue to migrate to illegal IPTV set-top boxes.
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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