Avenue Entertainment Group Inc. Reports Second Quarter Operating Results.Business Editors NEW YORK--(BUSINESS WIRE)--Aug. 15, 2000 Avenue Entertainment Group Inc. (AMEX AMEX See: American Stock Exchange :PIX) an entertainment company focused on the production of high-quality film entertainment and television content, today reported a net loss of approximately ($426,000) or a basic loss per share of ($.09) for the quarter ended June 30, 2000 as compared to a net loss of approximately ($465,000) or basic loss per share of ($.11) for the quarter ended June 30, 1999. The increased loss for the quarter ended June 30, 2000 was primarily the result of reduced revenues. Cary Brokaw, President and Chief Executive Officer, commented, "This quarter's reduced revenue was fully anticipated. With production activity increasing we expect revenues to increase significantly in the third and fourth quarters as well as the year ahead." Avenue Pictures is about to start production on "Wit," based on Margaret Edson's Pulitzer Prize-winning play starring Emma Thompson Emma Thompson (born 15 April 1959) is an Emmy-, BAFTA- and Academy Award-winning English actress, comedian, and screenwriter. She is also a patron of the Refugee Council. Biography Early life Thompson was born in Paddington, London, England. and directed by Mike Nichols for HBO Hyperbaric oxygen therapy (HBO) A form of oxygen therapy in which the patient breathes oxygen in a pressurized chamber. Mentioned in: Ozone Therapy . The company also expects one or more of the feature films developed under its three year co-financing agreement with Intermedia Intermedia - A hypertext system developed by a research group at IRIS (Brown University). will commence production by year end. Avenue Entertainment Group is a multifaceted mul·ti·fac·et·ed adj. Having many facets or aspects. See Synonyms at versatile. Adj. 1. multifaceted - having many aspects; "a many-sided subject"; "a multifaceted undertaking"; "multifarious interests"; "the multifarious entertainment company composed of four complementary units: Avenue Pictures (motion picture production); Avenue Pictures Television (television movie, cable movie and series television production); Wombat Productions (documentary and profile productions); and Avenue New Media (content creation and e-commerce). This news release may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. and Section 21E of the Securities Exchange Act of 1934, as amended. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results of operations may differ materially from those projected or suggested in the forward-looking statements. The forward-looking statements contained herein represent the Company's judgment as of the date of this report hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" , and the Company cautions readers not to place undue reliance on such statements. An unaudited summary of Avenue's revenues and results of operations for the second quarters ended June 30, 2000 and 1999 is as follows:
Quarter Ended Quarter Ended
June 30, 2000 June 30, 1999
Revenues $ 149,009 $ 198,736
Loss before income tax (425,493) (464,363)
Income tax expense 931 716
Net loss (426,424) (465,079)
Basic loss per share (.09) (.11)
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