NEW YORK, Aug. 29, 2002 (PRIMEZONE) -- Muller Media Inc., (OTCBB:MULM) recently reported a net loss of $ 21,000 for the quarter ended June 30, 2002 versus a net profit of $248,000 for the same quarter a year ago. Net loss for the first six months of 2002 totaled $8,500 versus a net loss of $323,000 same period a year ago. This nearly "break even" status is in line with Company projections.
On a per share basis, net income was a break even in the most recent quarter and on a year to date basis for 2002 compared with a $ 2,480 per share in the year-ago second quarter and a net loss per share of $(3,240) per share in the year to date period in 2001. Per share amounts were based on weighted average shares outstanding of 13,475,750 in the year 2002 second quarter versus 100 shares for the same period a year ago.
The 2002 earnings for the quarter and the year to date were adversely affected by a non-cash charge to earnings as a result of the issuance of 300,000 shares of common stock to consultants totaling $366,000.
Revenue for the six month period ended June 30, 2002 was $2,380,000, an increase of $25,000 as compared with the same period in 2001. The increase can be directly attributed to the distribution of a new package of motion pictures and sales fees earned on cable contracts executed in early 2002.This reflects well on the current period of planned growth which Muller is going through; despite reduced advertising budgets for the television stations which purchase Muller's film content. The Company's current offerings continue to be in great demand, and Muller has recently acquired the rights to a number of additional films and is continuing to seek new film content to offer to its customers.
Cash Flow from operations for the six months period ended June 30, 2002 improved considerably over the same period a year ago; $ 274,347 versus $150,896.
John J Adams CEO of Muller Media certified as to the financial statements, in accordance with the requirements of the Sarbanes-Oxley Act; even though this was not a requirement for a company as small as Muller Media Inc.
Muller is an entertainment company, which packages motion picture and other entertainment events and distributes them to television stations and cable networks.
This Press Release may contain statements that constitute "forward-looking statements." These forward-looking statements can be identified by the use of predictive, future-tense or forward-looking terminology, such as "believes," "anticipates," "expects," "estimates," "plans," "may," "will," or similar terms. These statements appear in a number of places in this Press Release and include statements regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) trends affecting the Company's financial condition or results of operations for its limited history; (ii) the Company's business and growth strategies; and, (iii) the Company's financing plans. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Factors that could adversely affect actual results and performance include, among others, the Company's operating history, potential fluctuations in quarterly operating results and expenses, government regulation, technological change and competition.
Consequently, all of the forward-looking statements made herein are qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated by the Company will be realized or, even if substantially realized, that they will have the expected consequence to or effects on the Company or its business or operations. The Company assumes no obligations to update any such forward-looking statements.
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