Brilliant Digital Entertainment Announces December Quarter and Six Month 1996 Results.LOS LOS Length of stay, see there ANGELES--(BUSINESS WIRE)--March 14, 1997--Brilliant Digital Entertainment Inc., (AMEX AMEX See: American Stock Exchange :BDE See Borland Database Engine. ) announced today the results for the quarter and six months ended Dec. 31, 1996. As previously announced, the company has changed its year end from June June: see month. 30 to December December: see month. 31. Revenues for the quarter ended December 31, 1996 were $69,000 compared with $1,043,000 for the quarter ended Dec. 31, 1995. Net loss for the quarter ended Dec. 31, 1996 was $1,298,000 compared to net income of $673,000 for the comparable quarter in 1995. Loss per share for the quarter ended Dec. 31, 1996 was $0.24. Revenues for the six months ended Dec. 31, 1996 were $350,000 compared to $1,184,000 for the same period in 1995. Net loss for the six months ended Dec. 31, 1996 was $3,835,000 compared to net income of $391,000 for the six months ended Dec. 31, 1995. Loss per share was $0.77 for the six months ended Dec. 31, 1996. Since the Company has substantially changed its operations as a result of the combination of the businesses of BII BII Bank Internasional Indonesia BII British Institute of Innkeepers BII Bioindustry Initiative (US Department of State) BII Bronco II (Ford truck; predecessor of the Explorer) BII Basic Issue Item and SAND (see below), historical results of operations are not indicative of future results. Results for the six months ending Dec. 31, 1996 reflect non-recurring charges of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $2.45 million consisting of the write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of in-process research and development ($1.4 million) in connection with the acquisition of the assets of SAND, and charges taken in connection with the Company's formation of the Company's strategic relationships with Packard Bell NEC (Packard Bell, The Netherlands, www.packardbell.com) A major PC manufacturer that is the consumer brand of NEC Computers International and the home computing market leader in the U.K. and much of Western Europe. and Morgan Morgan, American family of financiers and philanthropists. Junius Spencer Morgan, 1813–90, b. West Springfield, Mass., prospered at investment banking. Creek ($1.1 million). The loss in the three months ended Dec. 31, 1996 resulted primarily from a substantial increase in operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. and development costs, and reduction in revenues from traditional children's CD-ROM CD-ROM: see compact disc. CD-ROM in full compact disc read-only memory Type of computer storage medium that is read optically (e.g., by a laser). products as the Company focused its efforts on development of its new generation of three dimensional digitally created entertainment, and expanded in anticipation of growth. As previously announced, the Company expects to continue to incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. substantial operating expenses and development costs, and continuing net losses in the first and second quarters of fiscal 1997, as it completes its development of its initial three dimensional digitally created product and begins to incur marketing costs. Depending upon the level of revenues, the Company may continue to incur losses for the remainder of the fiscal year. The company completed its initial public offering on Nov. 22, 1996. Two million shares were issued at a price of $5 per share. Brilliant is a production and development studio introducing a new generation of digital entertainment to be distributed over the Internet's World Wide Web, on CD-ROM, as television programming and for home video. The Company was formed in July July: see month. , 1996, and combines the business of Brilliant Interactive Ideas, Pty. Ltd. ("BII Australia Australia (ôstrāl`yə), smallest continent, between the Indian and Pacific oceans. With the island state of Tasmania to the south, the continent makes up the Commonwealth of Australia, a federal parliamentary state (2005 est. pop. "), an entertainment software developer and producer; and the technology of Sega Australia New Development ("SAND"), a research and development operation for leading edge software tools, acquired by the Company in September September: see month. , 1996, SAND was responsible for developing the Company's suite of proprietary software tools and production process. The Company's historical operations reflect only the operations of BII Australia. Since its founding in September 1993, BII Australia has developed and sold interactive education and entertainment CD-ROM titles primarily for children. With the completion of the acquisition of SAND, the nature and focus of the Company's business has changed significantly. Since September, 1996, the Company has focused on the development of a new generation of products for CD-ROM, the Internet's World Wide Web and for Broadcast television. While the Company intends to continue to produce traditional interactive CD-ROM titles, the Company plans to generate a substantial majority of its future revenue from the development and production of its new generation of three-dimensional three-di·men·sion·al adj. 1. Of, relating to, having, or existing in three dimensions. 2. Having or appearing to have extension in depth. 3. digitally created entertainment. Brilliant Digital Entertainment is a production and development studio, introducing a new generation of digital entertainment to be distributed over the Internet's World Wide Web, on CD-ROM, as television programming and for home video, using its proprietary state-of-the-art software tools. -0-
BRILLIANT DIGITAL ENTERTAINMENT, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
December 31,
1996
Assets
Current assets:
Cash and cash equivalents $7,590,932
Accounts receivable 109,354
Other assets 233,167
Total current assets 7,933,453
Property, plant and equipment,
net 345,069
Other assets 206,250
Total assets $8,484,772
Liabilities and stockholders' equity
Current liabilities:
Accounts payable and accrued
expenses $850,797
Deferred revenue 164,441
Notes payable, related party 83,959
Other 40,000
Total current liabilities 1,139,197
Stockholders' equity:
Common Stock 7,200
Additional paid-in capital 11,320,564
Accumulated deficit (3,954,884)
Cumulative translation
adjustment (27,305)
Total stockholders' equity 7,345,575
Total liabilities and
stockholders' equity $8,484,772
BRILLIANT DIGITAL ENTERTAINMENT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
3 mos ended 3 mos ended 6 mos ended 6 mos ended
12/31/96 12/31/95 12/31/96 12/31/95
(unaudited) (unaudited) (unaudited)
Revenue:
Royalties $58,444 $656,577 $93,699 $703,863
Development fees 10,533 212,887 254,547 306,956
Software sales -- 173,227 1,901 173,227
Total revenues 68,977 1,042,691 350,147 1,184,046
Cost of revenues:
Royalties -- 37,323 19,529 194,825
Development fees 45,990 160,889 165,540 238,739
Software sales -- -- 792 --
Total cost
of revenues 45,990 198,212 185,861 433,564
Gross profit 22,987 844,479 164,286 750,482
Operating Expenses:
Sales & marketing 1,837 23,764 970,592 35,160
General and
administrative 924,910 42,932 1,064,771 129,159
Research and
development 358,488 42,115 1,876,825 103,278
Depreciation 42,922 22,641 73,636 45,410
Total operating
expenses 1,328,157 131,452 3,985,824 313,007
Income (loss)
from
operations (1,305,170) 713,027 (3,821,538) 437,475
Other income (expense):
Gain (loss) on
foreign exchange (503) 98 (503) 16,944
Interest income 40,834 94 41,245 186
Interest expense (33,286) (40,548) (54,167) (63,965)
Total other
income (expense) 7,045 (40,356) (13,425) (46,835)
Income (loss)
before income
taxes (1,298,125) 672,671 (3,834,963) 390,640
Provision for
income taxes -- -- -- --
Net income
(loss) $ (1,298,125) $ 672,671 $(3,834,963) $ 390,640
Net income
(loss) per
share $(0.24) $0.15 $(0.77) $0.09
Common shares
used in computing
Net income (loss)
per share 5,402,641 4,557,000 4,953,299 4,557,000
CONTACT: Brilliant Digital Entertainment Mark Dyne/Michael Ozen, 818/346-3653 or Coffin Communications Group Bryan Bryan, city (1990 pop. 55,002), seat of Brazos co., E central Tex.; inc. 1872. Settled in the early 19th cent. in an area of large plantations, Bryan was long a cotton center. G. Crane crane, in zoology crane, large wading bird found in marshes in the Northern Hemisphere and in Africa. Although sometimes confused with herons, cranes are more closely related to rails and limpkins. , 818/789-0100 |
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