Current Report — Form 8-K
Filing Table of Contents
Document/Exhibit Description Pages Size
1: 8-K Form 8-K Dated August 20, 2003 4 10K
2: EX-99 Ex-99.1 Press Release Dated August 20, 2003 4 15K
EX-99 — Ex-99.1 Press Release Dated August 20, 2003
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EXHIBIT 99.1
NEWS ANNOUNCEMENT
BRILLIANT DIGITAL ENTERTAINMENT REPORTS SECOND QUARTER 2003 RESULTS
JUMP IN REVENUES PRIMARILY ATTRIBUTABLE TO PATENT LICENSE AGREEMENT AND
CONTINUING ADVERTISING AND SECURE PEER TO PEER SEARCH AND DISTRIBUTION FEES
LOS ANGELES, CA - AUGUST 20, 2003 - Brilliant Digital Entertainment, Inc.
(AMEX:BDE), a provider and developer of secure peer to peer solutions through
its Altnet subsidiary, today reported net revenues for the second quarter ended
June 30, 2003 increased 352% to $1,694,000 from $375,000 in the comparable
second quarter of 2002.
Brilliant Digital reported a net profit of $883,000, or $0.01 per share, for the
second quarter ended June 30, 2003, compared to a net loss of ($2,084,000), or
($0.09) per share for the second quarter of 2002. For the six month period ended
June 30, 2003, Brilliant Digital reported a net loss of ($53,000) or ($0.001)
per share, compared to a net loss of ($3,395,000) or ($0.16) per share for the
six month period ended June 30, 2002. The second quarter net profit and six
month net loss were favorably impacted by the recognition of $2,097,000 in
deferred revenue attributable to a February 2000 agreement with e-New Media.
"We are excited by this dramatic improvement in our operating performance. We
are beginning to see the benefits of our efforts in the distribution of secure,
digital files through Altnet's peer to peer network. We believe our continuing
efforts in this area, together with revenue from our search agreement with The
Excite Network and patent license agreement with Sharman Networks, will
contribute to the continued growth of Brilliant Digital." said Kevin Bermeister,
President and CEO of Brilliant Digital Entertainment.
- more -
BRILLIANT DIGITAL REPORTS SECOND QUARTER 2003 RESULTS page 2 of 4
ABOUT BRILLIANT DIGITAL ENTERTAINMENT
Brilliant Digital Entertainment, Inc. (AMEX: BDE) is the parent company of
Altnet Inc. and a developer of 3D rich media advertising and content creation
technologies for the Internet. The b3d rich media format is used to produce
entertainment, advertising and music content for consumers distributed over the
Internet. Find out more at www.brilliantdigital.com.
For further information about BDE, please contact Robin Gore at 818/615-1500
X528 or rgore@bde3d.com.
ABOUT ALTNET
Altnet is the first interoperable peer-to-peer platform created to give
consumers convenient access to secure content that originates from content
owners. The company's TopSearch product integrates with applications and web
sites via the Internet allowing content owners to purchase keyword search terms
or sponsored links that direct users to their secure content. By using
TopSearch, content owners are able to offer consumers for pay and promotional
content at Altnet's partner web site destinations. Altnet's payment gateway and
digital rights management solutions enable content owners to easily integrate
and receive payments for content sales. Altnet also provides cost-effective
bandwidth solutions for enterprise customers and content owners. Altnet is a
subsidiary of Brilliant Digital Entertainment (AMEX: BDE). Find out more at
www.altnet.com.
INFORMATION ABOUT FORWARD LOOKING STATEMENTS
Statements in this news release that relate to (i) future distribution of
digital files through Altnet, (ii) future revenues, and (iii) other projections,
events or performance are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Act of 1934, as amended. Actual results may differ materially due to
a variety of factors, including (a) performance under Brilliant's agreement with
The Excite Network, (b) Brilliant's ability to obtain rights to distribute third
party content through Altnet, (c) those factors set forth in Brilliant's most
recently filed Form 10-KSB and Form 10-QSB reports which are available from
Brilliant Digital Entertainment's Investor Relations department and may be
obtained by calling or writing to Robin Gore, at 818-615-1500 X528 or
rgore@bde3d.com.
(financial statements follow)
BRILLIANT DIGITAL REPORTS SECOND QUARTER 2003 RESULTS page 3 of 4
BRILLIANT DIGITAL ENTERTAINMENT, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(Unaudited, in thousands)
JUNE 30,
2003
------
ASSETS (unaudited)
Cash and cash equivalents ...................................... $ 816
Accounts receivable, net ....................................... 1,188
Other current assets, net ...................................... 1,108
------
Total current assets ........................................... 3,112
Other assets ................................................... 5,793
------
Total assets ................................................... $8,905
======
LIABILITIES AND STOCKHOLDERS' EQUITY
Total current liabilities ...................................... 7,311
Long-term debt ................................................. 142
Other long-term liabilities .................................... 720
------
Total liabilities .............................................. 8,173
Total stockholders' equity ..................................... 732
------
Total liabilities and stockholders' equity ..................... $8,905
======
BRILLIANT DIGITAL REPORTS SECOND QUARTER 2003 RESULTS page 4 of 4
BRILLIANT DIGITAL ENTERTAINMENT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
THREE MONTHS SIX MONTHS
ENDED JUNE 30, ENDED JUNE 30,
-------------------- --------------------
2002 2003 2002 2003
-------- -------- -------- --------
(unaudited) (unaudited) (unaudited) (unaudited)
Revenues ....................... $ 375 $ 1,694 $ 668 $ 2,280
Costs and expenses:
Costs of revenues ........... 136 229 188 289
Sales and marketing ......... 103 308 125 397
General and administrative .. 1,251 1,458 1,808 2,183
Research and development .... 46 123 136 307
Depreciation and
amortization ............. 14 35 31 53
-------- -------- -------- --------
1,550 2,153 2,288 3,229
-------- -------- -------- --------
Income (loss) from operations .. (1,175) (459) (1,620) (949)
Other income (expense):
Other Income ................ -- 2,097 -- 2,097
Loss on write off of
deferred fees ............ -- (206) -- (206)
Interest expense ............ (909) (549) (1,775) (995)
-------- -------- -------- --------
Total other income (expense) (909) 1,342 (1,775) 896
-------- -------- -------- --------
Net income (loss) .............. (2,084) 883 (3,395) (53)
Unrealized gain on marketable
securities .................. -- -- -- 31
Foreign currency translation
adjustment (net of tax
effects) .................... 12 -- 8 --
-------- -------- -------- --------
Comprehensive income (loss) .... $ (2,072) $ 883 $ (3,387) $ (22)
======== ======== ======== ========
Basic and fully-diluted net
income (loss) per share ..... $ (0.09) $ 0.01 $ (0.16) $ (0.001)
======== ======== ======== ========
Weighted average number of
shares used in computing
basic and fully-diluted net
income (loss) per share ..... 24,317 97,425 21,197 35,596
======== ======== ======== ========
Dates Referenced Herein and Documents Incorporated by Reference
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