TORONTO, ONTARIO--(Marketwire - May 27, 2009) - Innovium Media Properties Corp.'s (TSX VENTURE:IN)(FRANKFURT:IH7) ("Innovium" or the "Company") first quarter 2009 results are discussed below.
Innovium had 2009 first quarter net earnings of $379,000 compared to net earnings of $214,000 in the first quarter of 2008. Interest and dividend income increased by 113% in the first quarter of 2009 compared to the first quarter of 2008, attributable to the number of interest and dividend-bearing advances Innovium has made to Seed Media Group ("Seed") vis-a-vis comparable advances as of one year earlier.
In the first quarter of 2009, the Company recorded an unrealized foreign exchange gain of $436,000 (unrealized foreign exchange gain of $214,000 for the first quarter of 2008) on its investment in Seed. Compared to the first quarter of 2008, the Company experienced a 64% increase in general and administrative costs in 2009 due primarily to engaging consultants for the purpose of accessing capital as well as the general timing of expenses quarter versus quarter.
During the first quarter, Innovium advanced an additional US$870,000 to Seed in the form of a line of credit (the "Seed Line") and converted an additional US$31,250 of accounts receivable into the Seed Line.
About Innovium Media Properties Corp.
Innovium's venture investment portfolio is devoted to Seed Media Group LLC, a private media and technology company focused on the professional and consumer science markets. Seed's award winning brands include Seed(R) (print and digital magazine) and ScienceBlogs(R) (www.scienceblogs.com). Innovium trades under the symbol IN on the TSX Venture Exchange ("TSX - V") and IH7 on the Frankfurt Stock Exchange ("FWB").
About Seed Media Group LLC
Seed Media Group (www.seedmediagroup.com) is a global media and technology company with a portfolio spanning magazines, software, digital media, conferences, museums and social media. What ties its products together is a passion for science and an advocacy of science literacy around the world. Seed Media Group is headquartered in New York City and its team collaborates from bureaus around the world.
Table of Highlights of the Financial Statements
Three months
ended
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(Expressed in thousands of Canadian dollars, except Mar. 31, Mar. 31,
per share amounts) 2009 2008
---- -----
Unrealized gains on investments $ 436 $ 214
Interest and dividend income 302 142
Agri-products revenue -- 60
Other income -- 13
General and administrative expenses 360 220
Depreciation and amortization 7 8
Foreign exchange gain (8) (13)
Earnings before income taxes 379 214
Income taxes --- ---
Net earnings $ 379 $ 214
Net earnings per share $ 0.00 $ 0.00
Cash used in operating activities
(after net change in working capital balances) $ (277) $ (389)
As at
---------------------
Mar. 31, Dec. 31,
(Expressed in thousands of Canadian dollars) 2009 2008
---- -----
Cash and cash equivalents $ 98 $ 731
Accounts receivable and other assets 33 77
Short-term investments 57 113
Total current assets $ 188 $ 921
Venture investments 13,485 11,631
Capital assets, net 142 149
Total assets $ 13,815 $ 12,701
Accounts payable and accrued liabilities $ 38 $ 11
Term loan 678 --
Total liabilities $ 716 $ 11
Shareholders' equity $ 13,099 $ 12,690
Full financial results are available on SEDAR at www.sedar.com.
For additional information contact: innovium@innovium.ca
We seek safe harbour.
FOR FURTHER INFORMATION PLEASE CONTACT:
Innovium Media Properties Corp. Neil Raymond Chairman and CEO (514) 281-0481 ceo@innovium.caor
Innovium Media Properties Corp. Jamie Macintosh President and COO (416) 862-7444 coo@innovium.caor
Innovium Media Properties Corp. Julio DiGirolamo CFO and Corporate Secretary (416) 862-7444 cfo@innovium.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider accept responsibility for the adequacy or accuracy of this release.
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