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