ORLANDO, Fla., Nov. 21, 2003 (PRIMEZONE) -- Raven Moon Entertainment Inc. (OTCBB:RVNM) announced today that it has released its quarterly financials for period ending September 30, 2003. Raven Moon Entertainment reported increases in both revenues and gross profit for 9 months ended September 30, 2003 while decreasing its net loss.
Revenues for 9 months ended September 30, 2003 were $987,725 an increase from just $7,066 the year prior. For 9 months ended Raven Moon reported Gross Profit as $857,349, an increase from $7,066 the year before. The company has reduced its net loss by over $2 million during the same period.
For three months ending September 30, 2003 the company reduced its loss by more than $100,000 from $1,764,483 in 2002 to $1,652,566 for 2003. The company reported little revenue for the third quarter due to the production schedule for "Gina D's Kids Club."
"Our plan is to continue our aggressive production schedule for 'Gina D's Kids Club'. Our ability to complete the 15 episodes and get the program on the air is critical to our long term success and profitability," commented Joey DiFrancesco, Raven Moon CEO.
About Raven Moon Entertainment
Raven Moon Entertainment, Inc. is a diversified company involved in the production of Family Entertainment Programs and Videos, as well as related Toys, CD Music Production, E-Commerce, Internet Websites, Music Publishing and Talent Management. Raven Moon's "Gina D's Kids Club" program will be broadcasting its Christmas special nationwide on December 21, 2003 on PAX.
Safe Harbor Act Notice: This release may contain forward-looking statements that involve risks and uncertainties, including without limitation, acceptance of the company's products, increased levels of competition, product and technological changes, the company's dependence upon financing and third- party suppliers, and other risks detailed from time to time in the company's federal filings, annual report, offering memorandum, or prospectus. Specifications are subject to change without notice.