TORONTO, ON., July 13th, 2007 – Brighter Minds Media, Inc. (“Brighter Minds” or the “Company”) (TSX: BRI.V) today announced its financial results for the three and six month periods ended June 30, 2007.
Increased Revenues, Gross Profit and Margins:
Total revenue for the three month period was US$1,612,330 as compared to US$873,852 for the same period in 2006, representing an increase of 85%. Gross Profit was $820,760 as compared to $167,106, representing an increase of 391%. Gross Margins for the second quarter were 51% of sales, up from 19% for the same period in 2006. Operating loss for the period was down to $37,037 compared to an operating loss of $582,369. Net loss for the period was also down to $160,433 compared to a net loss of $621,206.
Total revenue for the six month period was US$2,704,990 as compared to US$1,757,512 for the same period in 2006, representing an increase of 54%. Gross Profit was $1,326,464 as compared to $524,207, representing an increase of 153%. Gross Margins for the six month period were 49% of sales up from 30% for the same period in 2006. The Operating loss was down to $245,792 compared to an operating loss of $890,989. Net loss for the period was $492,754 compared to a net loss of $962,859.
Sam Ifergan, the Chairman and CEO, commented on the results: “We are very pleased with our strong quarterly and year to date results. The strong growth rates are a result of the execution of our operational plan across all three business segments. We are really looking forward to releasing all the new holiday products that we invested in building during the past year. These include the state of the art DVD Games such as Marvel Heroes and Jurassic Park. We have also demonstrated that our business is very scalable by growing revenues rapidly while keeping our expenses flat”.
PlayFirst, Inc. Distribution Renewal
Brighter Minds is also very pleased to announce that it has renewed its distribution agreement with PlayFirst, Inc., publishers of the leading casual game series “Diner Dash”. The Company expects to release a series of bestselling PlayFirst titles through 2007 and 2008. “This is a validation of how strong our sales and distribution channels are when a leading publisher such as PlayFirst selects our company to work with”, commented Mr. Ifergan.
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