Diamond Entertainment Corporation Announces Results of Second Quarter of Fiscal 2005; Diamond's First Half Sales Increase 74% Over Last Year's First Half.WALNUT, Calif. -- Diamond Entertainment Corporation (the "Company"), dba e-DMEC, (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :DMEC DMEC Developed Market-Economy Countries (United Nations Conference on Trade and Development) DMEC Dry Mateable Electric Connection ), a leading dealer of videocassette A removable magnetic tape module for storing video data. The cassette contains supply and takeup reel (hubs) in the same housing. See VCR. and DVD DVD: see digital versatile disc. DVD in full digital video disc or digital versatile disc Type of optical disc. The DVD represents the second generation of compact-disc (CD) technology. (Digital Video Disc See DVD. Digital Video Disc - Digital Versatile Disc ) titles to the budget home video and DVD markets, today announced net income of $217,000 for the second quarter ended September 30, 2004 from a net loss of $68,000 in the same period last year. For the three months ended September 30, 2004 and 2003, net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight were $1,753,000 and $1,235,000, respectively. For the six month period ended September 30, 2004, net income was $331,000 from a net loss of $331,000 in the same period last year. Net sales for the six month period ended September 30, 2004 and 2003, were $3,165,000 and $1,819,000, respectively, an increase of 74%. "We made significant progress during the quarter in expanding our DVD and videocassette program library which contributed to our strong performance," said James Lu, Diamond's Co-Chairman and Co-CEO. "We were able to convince our major customers to increase their orders for the quarter and remain confident that they will continue to boost order levels in the second half of this year," concluded Mr. Lu.
Diamond Entertainment Corporation
Comparative Summary of Selected Financial Data
Three Months Three Months Six Months Six Months
Ended Ended Ended Ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2004 2003 2004 2003
Net Sales $1,753,000 $1,235,000 $3,165,000 $1,819,000
Operating Profit
(Loss) $241,000 $(2,000) $415,000 $(239,000)
Other Income
(Expenses) - Net $(24,000) $(66,000) $(83,000) $(92,000)
Net Income (Loss) $217,000 $(68,000) $331,000 $(331,000)
Net Income (Loss)
Per share $0.00 $(0.00) $0.00 $(0.00)
Diamond Entertainment Corporation
Selected Balance Sheet Information
Sept. 30, March 31,
2004 2004
Total Current Assets $2,639,000 $2,162,000
Total Assets $3,323,000 $2,690,000
Total Current Liabilities $3,601,000 $3,463,000
Total Stockholders' Equity (Deficit) $(278,000) $(772,000)
Total Liabilities and Stockholders' Equity $3,323,000 $2,690,000
About Diamond Entertainment Corporation Diamond Entertainment Corporation develops, markets, and distributes multiple lines of high-quality products. Diamond markets and sells videocassette and DVD (Digital Video Disc) titles to the budget home video and DVD markets through national and regional mass merchandisers, department stores This is a list of department stores. In the case of department store groups the location of the flagship store is given. This list does not include large specialist stores, which sometimes resemble department stores. , drug stores, supermarkets, and other similar retail outlets retail outlet n → punto de venta retail outlet n → point m de vente retail outlet retail n → . Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement This news announcement contains certain 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. and information relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company that are based on the beliefs of the Company or management as well as assumptions made by and information currently available to the Company or management. When used in this news announcement, the words "anticipate," "believe," "expect," "estimate" and "intend" and similar expressions, as they relate to the Company or its management, are intended to identify forward-looking statements. Such statements reflect the current view of the Company regarding future events and are subject to certain risks, uncertainties and assumptions, including the risks and uncertainties in this announcement and in the Company's Forms 10-KSB for the year ended March 31, 2004, filed June 29, 2004, Form 10-QSB for the quarter ended June 30, 2004 filed on August 20, 2004, Form 10-QSB for the quarter ended September 30, 2004, filed on November 15, 2004 and other filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or intended. In each instance, forward-looking information should be considered in light of the accompanying meaningful cautionary statements herein noted or in its SEC filings. |
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