Brilliant Digital Entertainment Reports 162% Increase in Net Revenues for Q2, 2001 Over Q2, 2000; Company Completes $2.26 Million Funding Round.Business Editors & High-Tech Writers LOS LOS Length of stay, see there ANGELES--(BUSINESS WIRE)--Aug. 13, 2001 Brilliant Digital Entertainment Inc. (AMEX AMEX See: American Stock Exchange :BDE See Borland Database Engine. ), a leading developer of 3D technologies for rich media content creation, distribution and ad serving for the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the , today reported net revenues for the second quarter ended June 30, 2001 rose 162% to $652,000 from $249,000 in the comparable second quarter of 2000. Revenues for the six months ended June 30, 2001 were $1,042,000 compared with $436,000 for the same six-month period in 2000. Brilliant Digital reported a net loss of ($1,219,000), or ($0.08) per share, for the second quarter ended June 30, 2001, compared to a net loss of ($4,452,000), or ($0.30) per share for the second quarter of 2000. Net loss for the six months ended June 30, 2001 was ($3,354,000), or ($0.21) per share versus ($8,669,000), or ($0.61) per share for the same six-month period in 2000. The loss from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the , excluding the operations of The Auction Channel, was ($1,703,000), or ($0.11) per share, for the second quarter ended June 30, 2001, compared to a loss of ($2,074,000), or ($0.14) per share for the second quarter of 2000. Loss from continuing operations for the six months ended June 30, 2001 was ($3,377,000), or ($0.21) per share versus ($4,070,000), or ($0.28) per share for the same six-month period in 2000. During the second quarter, Brilliant Digital completed its previously announced convertible debt offering and raised $2.26 million. Investors in the offering included Mark Dyne Mark Dyne is a merchant banker based in Los Angeles. He is the Chairman and CEO of Europlay Capital Advisors. Mr. Dyne's career as a merchant banker dates back to around the year 2000. , Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , and Kevin Bermeister Kevin Bermeister has developed substantial businesses in the computers, video games and multimedia industries. He established Ozisoft in 1982, based in Sydney, Australia, which was one of the first interactive multimedia companies. , President, along with other existing shareholders. "Our improving operating performance reflects our shift in strategy which we articulated ar·tic·u·la·ted adj. Characterized by or having articulations; jointed. earlier in the year -- cost-cutting initiatives, the production and distribution of animated Web Music Videos, rich media Brilliant Banner advertising Banner Advertising A common form of advertising on the internet. The banner is an advertisement of 460x68 pixels, usually placed at the top of the page Notes: For an example, just look at the top of a page on almost any popular web site. and the licensing of our authoring tool, b3d Studio," said Kevin Bermeister, President of Brilliant Digital Entertainment. "The content that is being produced by Brilliant Digital and by outside production studios is creating demand for both our end user viewer technology (Digital Projector See data projector. ) and a greater market for the tools that are used to produce the content (b3d Studio). The further progression of this cycle will be the key driver of revenues and is necessary for our continued success." Brilliant Digital's technology has been utilized in launching Brilliant Digital's animated Web Music Videos, Internet-based music programs featuring some of today's best-selling best·sell·er also best seller n. A product, such as a book, that is among those sold in the largest numbers. best musical artists such as Sum 41, Ja Rule and Ludacris. During the past quarter, Brilliant Digital has solidified so·lid·i·fy v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies v.tr. 1. To make solid, compact, or hard. 2. To make strong or united. v.intr. a number of new and existing relationships which have expanded the accessibility of its animated Web Music Videos. Brilliant Digital distributes its animated Web Music Videos on some of the world's most active online portals, including MTV MTV in full Music Television U.S. cable television network, established in 1980 to present videos of musicians and singers performing new rock music. MTV won a wide following among rock-music fans worldwide and greatly affected the popular-music business. , Lycos, VH1 and Warner Bros BROS Brothers BROS Benefits and Retirement Operations Section (King County, Washington) BROS Barnes and Richmond Operatic Society (London, UK) . Online. Warner Bros. Online also recently ordered 30 additional webisodes of "The Multipath Adventures of Superman Adventures of Superman may refer to the following works featuring Superman:
About Brilliant Digital Entertainment Brilliant Digital Entertainment (AMEX:BDE) is a leading developer of 3D technologies for rich media content creation, distribution and ad serving for the Internet. It licenses its content creation and authoring tools and ad serving technology to the content and advertising community. The b3d Studio tools are used by studios, production houses, web content suppliers and advertising agencies to produce entertainment, advertising and music content for the Internet. These authoring tools enable the creation and delivery of interactive streaming real-time 3D graphics over the Internet. Brilliant also makes available its Brilliant Banner ad A graphic image used on Web sites to advertise a product or service. Banner ads come in numerous sizes, but are often rectangles 460 pixels wide by 60 pixels high. Also 460 x 55 and 392 x 72 sizes are commonly used. serving technology to the web based Coming from a Web server. See Web application. advertising industry. Brilliant produces 3D digitally animated interactive titles featuring popular characters and music artists that include Ja Rule, Sum 41, Ludacris, Superman Superman invincible scourge of crime. [Comics: Horn, 642–643] See : Crime Fighting Superman superhero under guise of Clark Kent, mild-mannered reporter. , Xena, KISS and Ace Ventura. Developed using Brilliant's proprietary suite of b3d software tools, the full-screen productions have small files for faster downloads. Content is distributed broadly via Internet syndication See syndication format. to partners including Yahoo, Warner Bros. Online, Road Runner road runner: see cuckoo. Road Runner thrives on outwitting Wile E. Coyote. [Comics: “Beep Beep the Road Runner” in Horn, 105] See : Cunning Road Runner and VH1.com. Find out more at www.brilliantdigital.com. Information about 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. Statements in this news release that relate to (i) the success of Brilliant's animated Web Music Videos and b3d Studio authoring tools, (ii) the expansion of Brilliant's distribution network, (iii) the creation of b3d content by outside production studios, and (iv) other projections, events or performance are forward-looking statements 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. Actual results may differ materially due to a variety of factors, including (a) consumer demand for b3d content, (b) the release of competing technology, and (c) those factors set forth in Brilliant's most recently filed Form 10-KSB and Form 10-QSB reports which are available from Brilliant Digital Entertainment's Investor Relations Investor relations The process by which the corporation communicates with its investors. department and may be obtained by calling or writing to Robin Gore, at 818/615-1500 ext. 528 or rgore@bde3d.com.
BRILLIANT DIGITAL ENTERTAINMENT, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(unaudited, in thousands)
June 30,
2001
------------------
Assets
Cash and cash equivalents $ 2,140
Accounts receivable, net 382
Other current assets 257
------------------
Total current assets 2,779
Other assets 868
------------------
Total assets $ 3,647
==================
Liabilities and stockholders' equity
Current liabilities $ 1,119
Deferred revenue 3,931
Capital financing 2,268
Long-term liabilities (233)
------------------
Total liabilities 7,085
Total stockholders' deficit (3,438)
------------------
Total liabilities and stockholders' deficit $ 3,647
==================
BRILLIANT DIGITAL ENTERTAINMENT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands)
3 months 3 months 6 months 6 months
ended ended ended ended
6/30/00 6/30/01 6/30/00 6/30/01
----------- ----------- ----------- -----------
(unaudited) (unaudited) (unaudited) (unaudited)
Revenue:
Total revenues $ 249 $ 652 $ 436 $ 1,042
-------- -------- -------- --------
Cost of revenues
and expenses:
Cost of revenues 69 384 205 417
Sales & marketing 310 223 425 520
Website development 54 20 125 87
General and
administrative 1,225 1,416 2,148 2,423
Research and
development 785 299 1,676 909
Depreciation and
amortization 76 58 147 178
-------- -------- -------- --------
Total cost of
revenues and
expenses 2,519 2,400 4,726 4,534
-------- -------- -------- --------
Income (loss)
from operations (2,270) (1,748) (4,290) (3,492)
Other income
(expense):
Export market
development grant 122 -- 122 31
Other income
(expense) 74 45 98 84
-------- -------- -------- --------
Total other
income
(expense) 196 45 220 115
-------- -------- -------- --------
Loss from
continuing
operations (2,074) (1,703) (4,070) (3,377)
Gain (loss)
from discontinued
operations (2,378) 484 (4,599) 23
-------- -------- -------- --------
Net loss before
income taxes (4,452) (1,219) (8,669) (3,354)
Provision for
income taxes (0) (0) (0) (0)
-------- -------- -------- --------
Net (loss) $ (4,452) $ (1,219) $ (8,669) $ (3,354)
======== ======== ======== ========
Comprehensive
income (loss) $ (4,517) $ (1,237) $ (8,650) (3,434)
======== ======== ======== ========
Basic and diluted
net loss per
share on continued
operations (0.14) (0.11) (0.28) (0.21)
======== ======== ======== ========
Basic and diluted
net loss per
share on
discontinued
operations (0.16) 0.03 (0.33) (0)
======== ======== ======== ========
Basic and
diluted net
loss per share $ (0.30) $ (0.08) $ (0.61) $ (0.21)
======== ======== ======== ========
Common shares
used in computing
basic (loss)
per share 14,771 16,054 14,261 16,054
======== ======== ======== ========
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