SANTA MONICA, Calif., Nov. 17, 2003 (PRIMEZONE) -- Irvine Pacific Corporation, Inc. (Pink Sheets:IRVP) today reported financial results for its third quarter ended September 30, 2003, reflecting its operations which commenced in April 2003 and results following the reverse merger with Hollywood Previews, Inc.
For the three-month period, the company reported a net loss of $943,317, or $0.02 per share. Net sales were $118,500, representing initial sales of its digital media products and services.
The company reported a net loss of $2.3 million, or $0.05 per share, for the nine months ended September 30, 2003. For the same period, net sales were $156,000.
Irvine Pacific Corporation completed a reverse merger transaction on August 29, 2003, and prior only had nominal assets and liabilities and no current business operations. The financial information presented reflects the operations of its wholly owned subsidiary, Hollywood Previews, Inc. Previous year financial information for the three and nine-month period is not applicable.
"Over the past quarter, the company's focus has been centered primarily on raising capital and completing a reverse-merger. Our improvement in capitalization will better enable us to leverage the company's unique position in the rapidly emerging interactive digital multimedia publishing industry," said David MacEachern, chairman and chief executive officer.
"Our corporate objective moving forward is to begin focusing on marketing the company's cutting-edge technology and position digital publishing and media as a natural extension of more traditional forms of advertising and marketing," MacEachern said.
He highlighted two digital publishing projects the company completed during the quarter: the production of `Hits From The Diamond,' a commemorative multimedia CD-ROM commissioned by the Los Angeles Dodgers and the programming of a multimedia promotional CD-ROM for FOX's Emmy Award-winning hit series "24," starring Kiefer Sutherland.
"While the company intends to continue publishing Hollywood Preview Entertainment Magazine, which serves as a showcase for our proprietary digital publishing systems, we anticipate that in the longer term a major portion of the company's revenues will be derived from special edition and custom publications, such as the projects developed for the Los Angeles Dodgers and FOX Television. The company has identified and developed a number of new products targeted to these new markets, and we look forward to receiving and announcing new contracts in the months ahead," MacEachern said.
About Hollywood Previews
Hollywood Previews, Inc., a wholly owned operating unit of Irvine Pacific Corporation, is a pioneer in the interactive digital multimedia publishing industry. The company launched its proprietary flagship CD-ROM quarterly entertainment magazine, Hollywood Previews, in 2001, which features full-length movie previews, celebrity interviews, movie soundtracks and other behind-the-scenes video, content, promotions and contests in conjunction with advertisements. Hollywood Previews also provides digital media solutions to corporate customers who desire to associate their company, product and services with Hollywood Previews' various entertainment, sports, travel and other editorial content.
A key feature of Hollywood Previews' technology is its real time, online tracking measurement system which provides quantitative data, such as length of viewing and listening, to gauge the effectiveness of advertisements, or consumer interest in a particular movie preview, video, musical selection or product.
The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date thereof. Readers should carefully review risks described in other documents the Company files from time to time with the Securities and Exchange Commission.
Irvine Pacific Corporation
Consolidated Statements of Operations
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
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2003 2002 2003 2002
----------- ---------- ----------- ----------
Net sales $ 118,500 -- $ 156,000 --
Cost of sales 145,558 -- 177,969 --
----------- ------- ----------- -------
Gross loss (27,058) -- (21,969) --
Operating expenses 916,048 1,483,927 --
Write-off of
receivable due
from affiliate -- -- 850,173 --
Loss from operations (943,106) -- (2,356,069) --
Interest expense 211 -- 722 --
----------- ------- ----------- -------
Loss before provision
for income taxes (943,317) -- (2,356,791) --
Provision for income
taxes -- -- 800 --
----------- ------- ----------- -------
Net loss $ (943,317) -- $(2,357,591) --
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Net loss per common
share
Basic and diluted $ (0.02) -- $ (0.05) --
=========== ======= =========== =======
Average outstanding
shares
Basic and diluted 55,905,748 -- 52,905,748 --
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