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MDP Worldwide Entertainment Inc. Reports Rise in First Quarter Net Profits

2/28/2003

- Net Income - $0.575 million, a 14% increase over the First Quarter of last year
- Operating Revenues - $7.7 million, a 240% increase over the First Quarter of last year
- Earnings Per Share - $0.001 per share
- Cash and Equivalents - $24.5 million, a four-fold increase over December 31, 2001
- Total Assets - $63.4 million
- Shareholders' Equity – $33.8 million, a five-fold increase over December 31, 2001

MDP Worldwide Entertainment Inc. ("MDP" or the "Corporation") (TSE: MDP.A and MDP.B), a leading independent film entertainment company engaged in the acquisition, development, production, and worldwide distribution of theatrical feature films, reported today net earnings and financial results for the three month period ended December 31, 2002.

"We are extremely pleased with the financial results delivered by MDP for the first quarter of the fiscal year," stated Mark Damon, Chairman and CEO of the Corporation. "These results indicate that we have continued to successfully implement our operating strategies over the last two years and are now gearing up our slate of mid to larger budgeted theatrical films to obtain our goal of eight to ten such projects per year."

MDP’s current slate of feature films in varying stages of production include the poignant drama "The United States of Leland" which stars an all-star cast including two-time Academy Award winner Kevin Spacey, Don Cheadle, Ryan Gosling, Chris Klein and Lena Olin. The film debuted at the 2003 Sundance Film Festival and will be released throughout North America by Paramount Classics; "The I Inside", a taut psychological thriller directed by Roland Suso Richter ("The Tunnel") and starring Ryan Philippe, Sarah Polley, Piper Perabo and Stephen Rea. The film is currently nearing completion and will be released in North America by Dimension Films, a division of Miramax Films; "11:14", a dark comedy starring Academy Award winner Hilary Swank, Rachael Leigh Cook, Barbara Hershey and Patrick Swayze; and the dramatic thriller “Monster”, based on the true story of serial murderer Aileen Wournos and starring Charlize Theron, Christina Ricci and Bruce Dern. The film is currently shooting in Florida.

Recently announced titles in pre-production include “10 Again”, a modern remake of the mega box office hit “10” which will be written and directed by Blake Edwards (“Pink Panther”, “Breakfast at Tiffanys”), and the compelling youth drama “Havoc” which was written by Academy Award winner Stephen Gaghan and will be directed by two-time Academy Award winner Barbara Kopple.




"With the conclusion of the recent $27 million private placement transaction with Music Box Entertainment Limited, and with the successful completion of a $39.8 million Co-production arrangement with VIP Medienfonds GmbH for our upcoming slate of films, MDP has been afforded the financial resources to enact its aggressive strategic operating goals and to produce and distribute the volume and level of feature films necessary to ensure the Corporation's position as one of the leading independent film entertainment companies in Hollywood," added Mr. Damon.

"The financial results reported by the Corporation for the three month period ended December 31, 2002 display the positive momentum that has been achieved by the Corporation. Operating revenues for the three-month period ended December 31, 2002 were $7,694,000, a significant increase of $4,460,000 over operating revenues for the three-month period ended December 31, 2001. Cash and equivalents as at December 31, 2002 were $24,453,000, a four-fold increase over cash and equivalents as at December 31, 2001, and represented 39% of total assets. In addition, our debt-to-equity ratio continues to markedly improve, the ratio being 0.88 to 1 as at December 31, 2002 as compared to a ratio of 9.2 to 1 as at December 31, 2001, ” stated Devin Cutler, Vice President of Finance. Mr. Cutler further stated, "These results illustrate the improving financial trends experienced by the Corporation as it enacts its operating goal of eight to ten mid to larger budgeted theatrical feature films. Our financial and operating results are on par with other leading Canadian film companies many times our size."

Shareholders' equity increased to $33.8 million, as at December 31, 2002, from just over $6 million, as at December 31, 2001.


Certain statements in this report may constitute forward-looking statements. Such forward-looking statements involve risks, uncertainties and other factors which may cause actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

MDP Worldwide Entertainment Inc. is a leading independent film entertainment company engaged in the acquisition, development, production and worldwide distribution of feature films. The Corporation currently has offices in Montreal and Los Angeles.

Ticker symbols: MDP.A & MDP.B (TSE)

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