TORONTO, ON., November 13th, 2007 – Brighter Minds Media, Inc. (“Brighter Minds” or the “Company”) (TSX: BRI.V) today announced its financial results for the three and nine month periods ended September 30, 2007.
Increased Revenues, Gross Profit and Margins:
Total revenue for the three month period was US$1,840,768 as compared to US$1,255,593 for the same period in 2006, representing an increase of 47%. Gross Profit was $911,739 as compared to $426,711, representing an increase of 114%. Gross Margins for the second quarter were 50% of sales, up from 34% for the same period in 2006. Operating profit for the period was $2,859 compared to an operating loss of $253,654. Net loss for the period also improved to $115,369 compared to a net loss of $301,556.
Total revenue for the nine month period was US$4,545,758 as compared to US$3,013,105 for the same period in 2006, representing an increase of 51%. Gross Profit was $2,238,203 as compared to $950,918, representing an increase of 135%. Gross Margins for the nine month period were 49% of sales up from 32% for the same period in 2006. The operating loss improved to $242,933 compared to an operating loss of $1,144,643. Net loss for the period was $608,123 compared to a net loss of $1,264,415.
Sam Ifergan, the Chairman and CEO, commented on the results: “We are very pleased with our strong third quarter and year to date results. We were happy to reach profitability ahead of schedule and prior to the busy Q4 holiday season. We have demonstrated that our business is very scalable by growing revenues rapidly with only a marginal increase in overhead. We are now aggressively and successfully evolving our business online”.
Issuance of Stock Options
Brighter Minds also announced today that the Board of Directors granted to certain of its directors options (the “Options”) to purchase an aggregate 650,000 common shares (“Common Shares”) in its share capital pursuant to its stock option plan, in lieu of cash compensation and in recognition of their past and future contributions to the ongoing performance and success of the Company. Each of Anthony Bordon, Elaine Kierans, Peter Friedmann and Harold Wolkin have been granted 150,000 Options and Greg Bestick has been granted 50,000 Options. The Options have a five year term and can be exercised at a price of CDN $0.10 per Common Share. One-sixth of the Options vest immediately with a further one-sixth vesting each quarter during the next 18 month period. This is the first option grant for each of the directors other than Mr. Wolkin who was previously granted 140,000 options upon the completion of the Company’s predecessor’s initial public offering.
Forward-looking Statements
This document may contain forward-looking statements, relating to Brighter Mind’s operations which are based on Brighter Mind’s operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, and/or are beyond Brighter Minds’ control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. Brighter Minds disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
About Brighter Minds Media
Brighter Minds Media, Inc. is the parent company of Brighter Minds Media, LLC and is proud to offer a fun and educational line of products including software, online games, DVD games and books.. It’s products are available at major retailers across the United States and Canada. Brighter Minds is publicly traded on the TSX Venture Exchange (TSX: BRI.V) and is a Hargan Ventures (www.harganvc.com) investee company. More information about Brighter Minds can be found at www.brightermindsmedia.com.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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