TORONTO, ONTARIO--(Marketwired - Aug 29, 2013) - Spackman Equities Group Inc. ("SEGI" or the "Company") (TSX VENTURE:SQG) today announced its financial results for the second quarter and the six months ended June 30, 2013.
For the second quarter ended June 30, 2013 revenue was $2.1 million and the net loss was $392,000 or $0.002 per share. For the six months ended June 30, 2013 revenue was $2.5 million and the net loss was $1.4 million or $0.009 per share.
At June 30, 2013 SEGI had $4.9 million, or $0.03 per share, in cash or cash equivalents and marketable securities. There are 148,829,183 common shares outstanding.
Commenting on the second quarter results, Charles Spackman, the Chairman and Chief Executive Officer of SEGI said, "We are very pleased with the excellent box office performance of Zip Cinema's COLD EYES and Opus Picture's SNOWPIERCER. The production fee income from COLD EYES, if received by Zip Cinema by year-end, should improve the Company's results for the remainder of the year. Production fee income to Opus from SNOWPIERCER, which has not yet been released outside of Korea, is expected be received in the second half of 2014 or later as the production fees will be paid to Opus after the film has played in over 160 countries."
The complete financial statements for the three and six months ended June 30, 2013, including Management's Discussion and Analysis of the results, are posted on SEGI's website, www.spackmanequities.com and are also available on SEDAR at www.sedar.com.
Highlights of the Second Quarter and Subsequent Events
- On June 15, 2013, Opus Pictures Co. Ltd. ("Opus"), one of the Company's Korean film production subsidiaries, acquired additional voting shares of Film Auteur, a producer of documentary programs, and Opus now owns 51.23% of Film Auteur.
- COLD EYES, the summer blockbuster film produced by Zip Cinema Co. Ltd. ("Zip") was released in Korea on July 3, 2013. Since its release, the movie sold over 5.5 million tickets at the Korean box office and grossed KRW 40 billion, making it one of the highest grossing domestic films of 2013.
- COLD EYES has been selected as the Gala Presentation for the 2013 Toronto International Film Festival to be held in September 2013.
- SNOWPIERCER, the critically-acclaimed sci-fi action film co-produced by Opus, opened in Korea on July 31, 2013, breaking the record for the best non-holiday opening ever and the fastest to reach 4 million tickets in Korean history. As of August 28, 2013, SNOWPIERCER has sold 8.9 million tickets in Korea, grossing KRW 64 billion at the box office.
- Spackman Entertainment Group Limited, which is a 65.8% subsidiary of SEGI, announced in August 2013 that it has engaged PrimePartners Corporate Finance Pte. Ltd. as full sponsor to pursue a potential listing on the Catalist board of the Singapore Exchange Securities Trading Limited. Spackman Entertainment is an entertainment holding company that owns operating businesses engaged in the independent production of theatrical motion pictures in Korea, and seeks to become a leading consolidator of film and entertainment production businesses and brands, primarily in Korea. Spackman Entertainment currently owns two operating subsidiaries, namely Zip and Opus.
About Spackman Equities Group Inc.
Spackman Equities Group Inc. ("SEGI") is an investment holding company that invests into and develops small/medium-sized growth companies that possess proprietary technologies or industry-specific know-how, primarily in Asia. SEGI also makes investments in selected publicly-traded companies that SEGI believes are attractive investment propositions. The objectives of SEGI are to (i) invest into or acquire businesses with compelling growth potential at attractive valuations, (ii) build a diversified and balanced portfolio of investments, and (iii) deliver the collective value derived from the performance of its portfolio of investments to the shareholders of SEGI. Currently, SEGI's holdings include:
|-||indirectly-held 68.2% ownership of two leading Korean movie production companies, Zip Cinema Co., Ltd. and Opus Pictures Co., Ltd., through Spackman Entertainment Group Limited and others;|
|-||100% of Spackman Entertainment Korea Inc., an investment company that invests into films produced by Opus and Zip;|
|-||indirectly-held 67.4% ownership of Upper West Inc. which owns and operates the Martini Kitchen, an entertainment café and lounge located in Seoul, Korea:|
|-||100% of SEGI Investments Limited, an investment company that invests into Korean public equities;|
Visit www.spackmanequities.com for further information.
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Included in this news release are matters that constitute "forward-looking" information within the meaning of Canadian securities law. Such forward-looking statements may be identified by words such as "plans", "proposes", "estimates", "intends", "expects", "believes", "may" or words of a similar nature. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include among others, regulatory risks, risk inherent in foreign operations, commodity prices and competition. Most of these factors are outside the control of the Company. All subsequent forward-looking statements attributable to the Company or its agents are expressly qualified in their entirety by these cautionary comments. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.