ORLANDO, Fla., March 30, 2004 (PRIMEZONE) -- Raven Moon Entertainment Inc. (OTCBB:RVNM) released its year-end financials for period ending December 31, 2003. Raven Moon reported significant increases in both revenues and gross profit while reducing its net loss by more than $2.8 million.
Raven Moon's revenues for the period ending December 31, 2003 was $1,173,832, an increase of more than $1.1 million from the year prior when revenues for period ending December 31, 2002 was just $7,069. Raven Moon's gross profit also improved significantly during the same period. Raven Moon's gross profit for period ending December 31, 2003 was $1,043,456, an increase of $1,036,387 from the year prior when gross profit was reported for the same period as $7,069.
The increase in sales and gross profit resulted from the sale of video, DVD, and CD rights to Club House Videos Inc., which was spun off from Raven Moon Entertainment. As a result of the spin off, Raven Moon has been able to expedite its revenue flow from the production of "Gina D's Kids Club" and reduce its debt. Raven Moon's net loss decreased by more than $2.8 million from period ending December 31, 2002 ($5,646,716) to December 31, 2003 ($2,753,491).
The majority of the company's expenses are a result of the ongoing production and marketing of "Gina D's Kids Club." The company just completed production on its 9th episode of "Gina D's Kids Club." Executive Producers Joey and Bernadette DiFrancesco reported that Raven Moon is on schedule to complete all 15 episodes in time for the September 2004 launch of the "Gina D's Kids Club" Television series.
"Our top priority is positioning Raven Moon for profitability. The only way to accomplish this goal is to complete the 15 episodes, secure a television syndication partner, and continue to reduce the company's debt," stated Joey DiFrancesco, Raven Moon CEO.
For Television Syndication information call Keith Jablon at (321) 217-6994, for Promotion call Peter Bennett at (212) 541-5221, for Licensing and Merchandising call David Fingeroth at (210) 703-0811 or Shelly Goldberg at (818) 609-0678 or visit www.ravenmoon.net.
For Club House Videos Inc. investor information call 1-866-THE-APPLE or 1-866-843-2775 or Marc Jablon at (407) 877-5952 for Raven Moon Entertainment, Inc.
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.