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entertainment one ltd (ENTMF) Key Developments

Entertainment One Ltd. Reports Interim Management Statement for the Period April 1, 2014 to June 30, 2014; Provides Earnings Guidance for the Full Year of 2014

Entertainment One Ltd. reported interim management statement for the period April 1, 2014 to June 30, 2014. For the period, the company reported Group revenues were up 4% on a pro forma. Net debt at 30 June 2014 was higher than the corresponding point in the prior year, primarily as a result of increased investment in acquired content rights and productions, as well as additional drawing of existing facilities to finance the Group's recent acquisitions. Full year earnings for the financial year are expected to be in line with management expectations.

Berry Meyerowitz to Take Role of President of Entertainment One's U.S. Film and Distribution Business

Entertainment One announced that it has agreed to acquire the Phase 4 Films group of companies from President & CEO Berry Meyerowitz. Meyerowitz takes on the role of President of eOne's U.S. Film and Distribution business, and will oversee all aspects of film distribution in the U.S. and also oversee the company's North American label and kids & family content distribution businesses.

Entertainment One Ltd. Declares Inaugural Final Dividend for the Year Ended March 31, 2014, Payable on September 9, 2014; Announces Consolidated Unaudited Earnings Results for the Full Year Ended March 31, 2014

Entertainment One Ltd. announced that the directors have declared a inaugural final dividend of 1.0 pence per share, being the company's inaugural dividend for the financial year ended 31 March 2014, which is expected to result in a total payment to shareholders of £2.9 million. It will be paid on or around 9 September 2014 to shareholders who are on the register of members on 11 July 2014 (the record date). This dividend is expected to qualify as an eligible dividend for Canadian tax purposes. The dividend will be paid net of withholding tax, based on the residency of the individual shareholder. The directors did not recommend the payment of a dividend for the year ended 31 March 2013. The company announced consolidated unaudited earnings results for the full year ended March 31, 2014. For the year, the company reported revenue of £819.6 million against £629.1 million a year ago. Operating profit was £28.9 million against £13.7 million a year ago. Underlying EBITDA was £92.3 million against £62.5 million a year ago. This was driven by a full year's ownership of the Alliance business compared to only three months in the prior year, delivery of synergies and a strong underlying performance, particularly in Television. Profit before tax was £21 million against £5.5 million a year ago. Profit for the year was £19.7 million against loss for the year of £1.1 million a year ago. Earnings per diluted share were 7.0 pence against loss per diluted share 0.5 pence a year ago. The increase reflects the strong underlying EBITDA performance in the year. Adjusted earnings per diluted share were 20.9 pence against 15.9 pence a year ago. This reflects a higher adjusted profit after tax which is partially offset by the impact of a higher weighted average number of shares compared to the prior year. Net cash from operating activities was £258.3 million against £178 million a year ago, reflecting the improved underlying EBITDA and strong cash generation from the enlarged business and the Group's content acquisition and production activities. Purchase of property, plant and equipment was £2.4 million against £1.5 million a year ago. Purchase of software was £1.8 million against £1.4 million a year ago. Adjusted earnings were £58.5 million against £20.9 million a year ago. Adjusted profit before tax was £77.9 million against £53.8 million a year ago. Net debt as at 31 March 2014 was £154.9 million. Adjusted net debt was £111.1 million. The increase is driven primarily by the increase in investment in acquired content rights and productions, partly offset by strong cash flow from operating activities. Capital expenditure increased by 45% to £4.2 million against £2.9 million, driven by systems and leasehold property spending as a result of the integration of the Alliance businesses. Depreciation, which includes the amortization of software, was in line with the prior year at £2.6 million.

Entertainment One Ltd., 2014 Earnings Call, May 20, 2014

Entertainment One Ltd., 2014 Earnings Call, May 20, 2014

Entertainment One Ltd. Announces Board Changes

Entertainment One Ltd. announced board changes, effective March 31, 2014. The company appointed Allan Leighton as Non-Executive Director and Chairman, and Linda Robinson as Non-Executive Director. James Corsellis stands down as Chairman, however he remains a Non-Executive Director of the Company, retaining his considerable experience and expertise on the Board. Patrice Theroux also announces his decision to stand down from the Board in order to focus on leading Entertainment One's global film business.

 

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