EXHIBIT 99.1
SELECTED CONSOLIDATED FINANCIAL DATA.
On March 29, 2004, the new British Columbia Business Corporations Act came
into force, which allows the Company to prepare its financial statements either
under Canadian or U.S. GAAP. The Company elected to prepare financial statements
under U.S. GAAP commencing April 1, 2004. Prior to April 1, 2004, the Company's
consolidated financial statements were prepared under Canadian GAAP. The
consolidated financial statements for all periods presented in this Form 8-K
have been converted to U.S. GAAP. U.S. GAAP conforms, in all material respects,
with Canadian GAAP, except as described in the notes to the financial statements
(specifically, note 20 of the notes to consolidated financial statements
beginning on page F-27).
The Selected Consolidated Financial Data below includes the results of
Artisan from the acquisition date of December 16, 2004 onwards. Due to the
acquisition, the Company's results of operations for the year ended March 31,
2004 and financial position as at March 31, 2004 are not directly comparable to
prior reporting periods.
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YEAR ENDED MARCH 31,
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2004 2003 2002 2001 2000
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(ALL AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
STATEMENT OF OPERATIONS DATA:
Revenues............................................................... $ 375,910 $ 264,914 $ 234,770 $ 187,650 $ 184,362
Expenses:
Direct operating..................................................... 181,298 133,922 133,051 105,057 152,064
Distribution and marketing........................................... 207,045 87,403 73,763 34,426 --
General and administration........................................... 42,826 29,267 32,034 25,073 21,335
Severance and relocation costs....................................... 5,575 -- -- 1,145 1,154
Write-down of other assets........................................... 11,686 -- -- -- --
Depreciation......................................................... 3,198 1,846 1,492 4,027 3,171
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Total expenses...................................................... 451,628 252,438 240,340 169,728 177,724
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Operating Income (Loss)................................................ (75,718) 12,476 (5,570) 17,922 6,638
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Other Expenses (Income):
Interest............................................................. 14,042 8,934 8,435 7,716 3,171
Interest rate swaps mark-to-market................................... (206) 3,163 -- -- --
Other expenses....................................................... -- -- 1,351 -- --
Minority interests................................................... -- -- 91 586 889
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Total other expenses, net........................................... 13,836 12,097 9,877 8,302 4,060
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Income (Loss) Before Items Related to Equity Method Investees and
Income Taxes......................................................... (89,554) 379 (15,447) 9,620 2,578
Write-down of equity interests........................................ -- -- 24,052 -- --
Gain on dilution of equity interests................................... -- -- (2,186) -- --
Gain on sale of equity interests....................................... -- (2,131) -- -- --
Other equity interests................................................. 2,169 2,112 6,019 5,765 2,616
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Income (Loss) Before Income Taxes...................................... (91,723) 398 (43,332) 3,855 (38)
Income tax provision (benefit)......................................... 373 1,821 (61) (2,189) 1,666
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Net Income (Loss) before Accounting Change............................. (92,096) (1,423) (43,271) 6,044 (1,704)
Cumulative effect of accounting change, net of income taxes ........... -- -- -- (40,667) --
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Net Loss .............................................................. (92,096) (1,423) (43,271) (34,623) (1,704)
Modification of warrants............................................... (2,031) -- -- -- --
Dividends on Series A preferred shares................................. (387) (1,584) (1,592) (1,660) (402)
Accretion and amortization on Series A preferred shares................ (643) (1,383) (1,323) (1,072) (308)
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Net Loss Available to Common Shareholders.............................. $ (95,157) $ (4,390) $ (46,186) $ (37,355) $ (2,414)
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Basic and Diluted Loss Per Common Share................................ $ (1.35) $ (0.10) $ (1.08) $ (1.03) $ (0.08)
Weighted average number of shares used in the computation of loss per
share................................................................ 70,656 43,232 42,753 36,196 30,665
IN ACCORDANCE WITH CANADIAN GAAP:
Revenues............................................................. $ 384,891 $ 293,073 $ 270,255 $ 187,650 $ 184,361
Net Income (Loss).................................................... $ (94,172) $ 1,126 $ (46,959) $ 5,803 $ (3,597)
Basic and Diluted Income (Loss) Per Common Share..................... $ (1.35) $ (0.06) $ (1.18) $ 0.06 $ (0.15)
OTHER DATA:
Cash flow provided by (used in) operating activities................... (116,411) 17,490 (41,738) (17,916) (28,989)
Cash flow provided by (used in) financing activities................... 267,171 (22,848) 40,188 38,329 29,056
Cash flow provided by (used in) investing activities................... (149,730) 4,840 2,624 (29,688) (4,349)
BALANCE SHEET DATA (AT END OF PERIOD):
Cash and cash equivalents.............................................. 7,089 6,851 6,510 6,652 13,304
Investment in films and television programs............................ 406,170 177,689 155,591 142,178 88,571
Total assets........................................................... 762,683 340,691 337,791 366,040 271,036
Bank loans............................................................. 326,174 125,345 139,857 101,354 9,615
Total liabilities...................................................... 693,074 269,028 263,125 245,357 134,924
Redeemable preferred shares............................................ -- 28,031 26,928 26,879 26,108
Shareholders' equity................................................... 69,609 43,632 47,738 93,804 110,004
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