CINAR Films Inc. (Nasdaq: CINRF; Toronto and Montreal Exchanges; CIF.A, CIF.B) reported record financial results for the third quarter and past nine months ending August 31, 1998. For the third quarter ending August 31, 1998, CINAR's revenues increased 71% to $30.5 million, compared to $17.8 million in the third quarter of 1997. Net earnings increased 92% to $3.8 million, or $0.12 per share, from $2.0 million, or $0.08 per share in 1997. For the previous nine months ending August 31, 1998, revenues increased 72% to $95.2 million, compared to $55.2 million in the 1997 nine month period. Net earnings increased 68% to $12.6 million, or $0.39 per share, from $7.5 million, or $0.29 per share in 1997. (All amounts are in Canadian dollars).
Cinar's third quarter saw the deliveries of episodes on several animated series, including the Emmy Award-winning "ARTHUR", "The Country Mouse and The City Mouse Adventures", "The Adventures of Paddington Bear", and "The Babaloos", as well as the June production startup of "Mona The Vampire", a new 26 half-hour animated series being co-produced with Alphanim in association with YTV, France 3 and Canal J.
According to Ronald A. Weinberg, President and co-CEO of CINAR, "During the quarter, we delivered 34 new half-hours of animation and live-action programs, bringing the library to a total of 1,307 half-hours. We also completed our second educational acquisition, HighReach Learning...It is very gratifying to see our characters, like "The Busy World of Richard Scarry" and "Wimzie's House", transform themselves into instructional and educational products for distribution in schools. "