HOLLYWOOD, CA -- 11/12/08 --
Seven Arts Pictures plc (Seven Arts) (OTCBB: SAPXF) announces its preliminary results for the 15 months ended 30 June
2008.
FINANCIAL HIGHLIGHTS
-- Revenue up 51% to $17,748,394 (£8,874,197); (2007: $11,758,578
(£5,879,289))
-- Profit After Tax increased by 107% to $4,013,560 (£2,006,780); (2007:
$1,934,260 (£967,130))
-- Basic EPS up 19% to 17.02 cents (8.51 pence); (2007: 14.36 cents (7.18
pence))
-- Repayment of approximately $8,000,000 (£4,000,000) of film finance
OPERATIONAL HIGHLIGHTS
-- 4 films delivered during the reporting period up 50% on the year ended
31 March 2007
-- OTC Bulletin Board listing
Peter Hoffman, Chief Executive, commented: "We are delighted with our
achievements to date. The growth and traction we have attained are a key
and an exciting step in achieving growth. We look forward to the future
with confidence."
A FULL VERSION OF BOTH THE CHIEF EXECUTIVE OFFICER'S STATEMENT AND THE
CONSOLIDATED PROFIT AND LOSS ACCOUNTS ARE AVAILABLE ON THE SEVEN ARTS
WEBSITE (www.7artspictures.com).
About Seven Arts
Seven Arts Pictures plc ("SAP," "7 Arts" or the "Company") was founded in
2002 as an independent motion picture production and distribution company
engaged in the development, acquisition, financing, production, and
licensing of theatrical motion pictures for exhibition in domestic (i.e.,
the United States and Canada) and foreign theatrical markets, and for
subsequent worldwide release in other forms of media, including home video
and pay and free television.
Cautionary Information Regarding Forward-Looking Statements:
Included in this news release and other information that we make publicly
available from time to time are forward-looking management comments and
other statements that reflect management's current outlook for future
periods. These statements include, among others, statements regarding the
anticipated benefits from the development, production, or acquisition of
new film projects as well as anticipated revenue from other sources and
which may be critical to the overall revenue and profits of the Company.
These statements and expectations are based on currently available
competitive, financial and economic data along with our operating plans,
and are subject to future events and uncertainties that could cause
anticipated events not to occur or actual results to differ materially from
historical or anticipated results. Among the events or uncertainties which
could adversely affect future periods are: changes in legal contingencies;
issues surrounding labor disputes with unions such as the Screen Actors
Guild, the Director's Guild, and the Writer's Guild; our use of estimates
and assumptions; and the concentration of our capital stock ownership. The
forward-looking statements in this news release should be read in
conjunction with the more detailed descriptions of the risk factors located
in our Registration Statement filed with the United States Securities and
Exchange Commission as amended on page 11 of Form 20-FR12G/A Amendment 11
(annual report pursuant to Section 13 or 15(d) of the Exchange Act) for the
year ended March 31, 2007 and as updated to March 31st, 2008 under Part 1
Item 3 Section 3.D entitled "Risk Factors". The Company undertakes no
obligation to update or revise any forward-looking statements contained in
this release as a result of new information or future events or
developments.
