Newly Launched Medallion Venture Lifts Hannover House to Record Revenues, Profits in Q1, 2015
(firmenpresse) - SPRINGDALE, AR -- (Marketwired) -- 05/11/15 -- Hannover House, Inc. (OTC PINK: HHSE), a leading independent distributor of films, books and entertainment products, reported that revenues for the first quarter ending March 31, 2015 increased by approximately 132% and that profits grew by 170% over the same quarterly period last year. Gross Revenues for the first three months of 2015 were $1,732,208, which the company elected to lower through the application of a returns reserve and a larger hold-back for contingent liabilities. Adjusted revenues were $1,397,997 with $501,203 recorded as earnings after further deductions for deferred income taxes were applied. The company attributed the increase in revenues and profits to the launch of the new Medallion Releasing multi-studio sales venture, which combines titles from five supplier studios to increase the profile and quantity of new release titles for Hannover House.
The revenue results were posted on the Hannover House blog site, and will be included in a full 10Q filing expected to be released in the next few days for publication onto the OTC Markets site and the S.E.C. Edgar database.
Principal revenue components for Hannover House in Q1 of this year were direct sales of DVD and Blu-Ray units, video-on-demand revenues (including Netflix subscription licenses) and theatrical servicing fees. Top-selling video releases were "American Justice," "Asalto Al Cine" and "Gabrielle" through key retailers, which included Walmart, Best Buy, Target and Redbox.
"We believe that the first quarter results demonstrate the value of our multi-studio strategy with Medallion Releasing," said Eric Parkinson, C.E.O. "Throughout the remainder of 2015 the volume of releases from Hannover House and Medallion will continue to increase in pace, and we believe our revenues will follow. In addition to our core video release activities, the company also has three summer theatrical titles to drive our fourth quarter slate."
Upcoming theatrical releases are "Dark Awakening," "The Algerian," and "Bonobos: Back to the Wild." Other notable activities in motion for Hannover House include an increasing consumer presence for the upcoming, summer launch of the VODWIZ streaming portal, and a re-filing of the company's Form 10 Registration Statement, which required a temporary withdrawal following a change in auditors for the report. Hannover House and Medallion plan to release more than ninety titles to the home video and V.O.D. markets during 2015, which marks a significant increase in activities as only six new video titles were released in each of the previous two years.
Hannover House was established in 1993 as a book publisher. The company added DVD products in 2002 and has since grown its library of film and television properties to more than 250 titles. Principal executives of Hannover House are Eric Parkinson, C.E.O. (a 30-year veteran of the film distribution industry and former C.E.O. of multi-Oscar winning studio Hemdale), D. Frederick Shefte, President (a former attorney and banker), and Tom Sims, V.P. Sales (a former Walmart Video Buyer for Anderson Merchandisers and executive for Vivendi-Universal Music Group).
Hannover House is headquartered in N.W. Arkansas, in close proximity to the world's largest video retailer, Walmart Stores, Inc. Other key customers for Hannover House and Medallion video products include Best Buy, Target, Netflix, Redbox, Barnes & Noble, Family Video, dozens of Internet sites and thousands of independent video retailers, schools and libraries. Theatrical customers for Hannover House include direct distribution relationships with (listed alphabetically) AMC Theatres, Bow Tie Cinemas, Carmike Theatres, Cinemark-Century, Harkins, Laemmle, Malco, Marcus, National Amusements, Regal Entertainment Group, Santikos and Wehrenberg Theatres. Hannover House is also active in the international sales & licensing markets, and will be making announcements over the next two weeks from the Cannes Film Festival and Marche du Filme, being held in Cannes, France.
This press release may contain certain forward-looking statements within the meaning of Sections 27A & 21E of the amended Securities and Exchange Acts of 1933-34, which are intended to be covered by the safe harbors created thereby. Although the company believes that the assumptions underlying the forward-looking statements contained herein are reasonable, there can be no assurance that these statements included in this press release will prove accurate.
Eric Parkinson
479-751-4500
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Datum: 11.05.2015 - 14:20 Uhr
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