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MDP Worldwide Entertainment Inc. Reports Highest Net Profits in its History

2/18/2002

- Net Income - $5.5 million - its highest net profit ever

- Operating Revenues - $53.6 million - 427% rise

- Earnings Per Share - $0.04 per share vs. a loss of $0.26 per share

- Cash and Equivalents - $7.2 million - up nearly $6 million

- Total Assets - $74.3 million - up $54.2 million or 270%

MONTREAL, Feb. 18 /CNW/ - MDP Worldwide Entertainment Inc. ("MDP" or the "Corporation") (TSE: MDP.A and MDP.B), a leading independent film entertainment company engaged in acquisition, development, production, and worldwide distribution of feature films, reported today record net earnings and financial results for the fiscal year ended September 30, 2001.

"The record results reported by the Corporation for fiscal year 2001 clearly demonstrate that MDP has completed a remarkable operating turnaround. We have also taken significant steps to strengthen our balance sheet as evidenced by the increase in our cash position and shareholders' equity, and we have paid off virtually all bank debt," stated Devin Cutler, Vice President of Finance. Mr. Cutler further stated, "Since Mark Damon took the helm, the Corporation has undergone a dramatic transformation resulting in consistent profitability. Our financial and operating results are on par with Canadian film companies many times our size."

"We are extremely pleased with the record results delivered by MDP for 2001. We have successfully implemented our new "go-forward" operating strategy and have put the past behind us; we have divested ourselves of all money losing non-core operating businesses and have refocused our efforts and resources only on our core business, the production and distribution of larger- budgeted, mainstream theatrical motion pictures," stated Mark Damon, Chairman and CEO of the Corporation. "With the Universal Pictures theatrical release of "The Musketeer", which debuted No. 1 at the U.S. box office, MDP's new operating strategy has been initiated in the most favorable way, and we hope these results will be mirrored in our upcoming releases, "The Extremists", through Paramount Pictures, and "Fear.com", through Warner Bros."

MDP reported net income for fiscal year 2001 of $5.5 million or $0.04 per share on 151.3 million weighted average shares outstanding, as compared to a net loss of $21.2 million or $0.26 per share on 81.1 million shares outstanding for fiscal year 2000.

"MDP's financial results for the fiscal year 2001 reflect the most profitable fiscal year in the history of the Corporation and represent a major improvement in operating performance after a long history, under previous management, of extensive operating losses," added Mr. Cutler.

The Corporation's operating revenues for fiscal year 2001 rose to $53.6 million as compared to $10.2 million for fiscal year 2000, an increase of 427%. Operating revenues for fiscal year 2001 included approximately $44.3 million of revenue from the production licensing and distribution of the feature film "The Musketeer". The balance of operating revenues for fiscal year 2001 was comprised of licensing revenue earned on feature films completed in previous fiscal years and from the exploitation of the Corporation's extensive film library of over 130 titles. During fiscal year 2000, operating revenues were primarily comprised of revenues from the licensing and distribution of the feature film "Love & Sex".

The extent of the Corporation's turnaround is evidenced by the fact that production and distribution expenses for fiscal year 2001 were $44.7 million, or 83% of operating revenues, as compared to $17.6 million, or 173% of operating revenues for fiscal year 2000.

General and administrative expenses for fiscal year 2001 were $4.0 million as compared to $5.2 million for fiscal year 2000, a decrease of over 23%. A significant portion of this decrease was due to the streamlining of corporate overhead and implementation of various cost-containment measures designed to improve efficiency.

Cash and equivalents as at September 30, 2001 rose sharply to $7.2 million from $1.2 million as at September 30, 2000. This increase in financial liquidity was due to markedly increased profitability, accelerated collection of amounts due under license agreements, stepped-up efforts and corporate policies to collect past due payments, and the partial recoupment of monies previously advanced on the feature films "The Musketeer" and "The Extremists".

Accounts receivable increased to $28.1 million as at September 30, 2001 from $8 million as at September 30, 2000. This increase was due primarily to amounts due from film license agreements earned and recognized during the fiscal year for the feature film "The Musketeer".

The Corporation's bank debt decreased to under $0.2 million as at September 30, 2001 from $4.1 million as at September 30, 2000. This decrease in bank debt (which has subsequently been repaid in full) was due primarily to the paydown of production loans for the feature films "Love & Sex" and "Grizzly Falls".

Shareholder's equity increased substantially to $5.4 million as at September 30, 2001 from just under $0.3 million as at September 30, 2000, an almost twenty-fold increase.

Net cash provided by operating activities jumped to $25.6 million for fiscal year 2001 from $12.6 million for fiscal year 2000, an increase in cash flow of 103%.

Average return on total assets for fiscal year 2001 was 11.4%. Average return on shareholder's equity for fiscal year 2001 was 194%.

Book value per share rose to $0.034 as at September 30, 2001 from $0.002 as at September 30, 2000.

Debt-to-equity ratio as at September 30, 2001 was 12.7 to 1, down from a ratio of 83.4 to 1 as at September 30, 2000.

The Corporation is currently administering worldwide distribution of its impressive slate of three major theatrical feature films including: the big- budget romantic action adventure film, "The Musketeer", released domestically by Universal Pictures in September of 2001 and debuting at No. 1 in the US box office during its opening weekend, which is directed by Peter Hyams ("End of Days" and "The Presidio") and features an ensemble cast including Tim Roth ("Rob Roy" and "Planet of the Apes"), Mena Suvari ("American Beauty", "American Pie" and "American Pie 2"), Catherine Deneuve ("Indochine"), Stephen Rea ("The Crying Game"), Nick Moran ("Rules of Engagement") and Justin Chambers ("The Wedding Planner") as D'Artagnan; the action adventure epic film, "The Extremists", currently in post production and expected to be completed early in the third quarter of fiscal year 2002, which is directed by Christian Duguay ("The Art of War") and features Devon Sawa ("Final Destination"), Bridgette Wilson-Sampras ("The Wedding Planner"), and Rufus Sewell ("Dangerous Beauty"); and the cyber horror thriller "Fear.Com", currently in post production and expected to be completed early in the third quarter of fiscal year 2002, which is directed by William Malone ("The House on Haunted Hill") and features Stephen Dorff (Blade), Natascha McElhone ("The Truman Show"), and Stephen Rea ("The Crying Game").

In addition, the Corporation is co-financing and distributing internationally "The United States of Leland", an emotional drama which features Academy Award winner Kevin Spacey ("Usual Suspects", "American Beauty", "K-Pax", and "The Shipping News"), Don Cheadle ("Traffic", "Swordfish"), Chris Klein ("American Pie 2", "Rollerball"), and Lena Olin ("Chocolat", "The Unbearable Lightness of Being"), currently in principal photography, and "The I Inside", a dramatic thriller, which will commence production during the third quarter of fiscal 2002

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