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MDP Worldwide Entertainment Inc. Reports Second Consecutive Year of Net Profits

2/17/2003

- Net Income - $2.9 million
- Operating Revenues - $37.1 million
- Earnings Per Share - $0.014 per share
- Cash and Equivalents - $23.7 million - up over $16 million
- Total Assets - $80.9 million - up $6.6 million
- Shareholders’ Equity - increases over five-fold to over $33 million


MONTREAL, Feb. 17 /CNW/ - 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 fiscal year ended September 30, 2002.

“We are extremely pleased with the financial results delivered by MDP for 2002,” stated Mark Damon, Chairman and CEO of the Corporation. “We have continued the successful operating strategies implemented last year and are now in the process of gearing up our slate of mid to larger budgeted theatrical films to obtain our goal of eight to ten such projects per year.”

"With the conclusion of the recent private placement transaction with Limerick Assets Limited (d.b.a. Music Box Entertainment Limited), MDP has received a significant equity infusion, which has afforded it the financial and liquid 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.

“In the extremely difficult world of independent film production and distribution, MDP is now well positioned to forge ahead of its competitors and rise to the forefront of the independent film world,” Mr. Damon continued. “With our newly enhanced capital base and years of expertise in the business, MDP’s aggressive business strategy invites us to be daring, while continuing to operate by the prudent financial and business strictures that have always governed our film activities. One must remember that the independent film world provides the Academy of Motion Pictures with the greatest number of award nominations. With our forthcoming slate of high quality feature films, MDP believes it will be ultimately rewarded not only by critical recognition, but also with even greater profitability. Since I have taken over the reigns of MDP, our financial goals and objectives for the Corporation have been consistently met. We are only just now beginning to realize MDP’s true potential, and shareholder value should be significantly enhanced by the successful implementation of our business strategy.”

"The financial results reported by the Corporation for fiscal year 2002 clearly demonstrate that 2001 was no fluke and that MDP has continued its remarkable operating turnaround. We have also further enhanced our balance sheet as evidenced by the significant increase in our cash position and shareholders' equity," stated Devin Cutler, Vice President of Finance. Mr. Cutler further stated, "The Corporation has undergone a dramatic transformation resulting in consistent profitability. Our financial and operating results are on par with other leading Canadian film companies many times our size."

During fiscal year 2002, the Corporation theatrically released “Extreme Ops” (a.k.a. “The Extremists”) through Paramount Pictures on over 1,700 screens in North America. The Corporation also released “FearDotCom” through Warner Bros. on over 2,500 screens in North America.

MDP reported net income for fiscal year 2002 of $2.9 million or $0.014 per share on 213.3 million weighted average shares outstanding, its second consecutive profitable year.

The Corporation's operating revenues for fiscal year 2002 were $37.1 million. Operating revenues for fiscal year 2002 included approximately $30.1 million of film revenue from the production, licensing, and distribution of the feature film "Extreme Ops". The balance of operating revenues for fiscal year 2002 was comprised of licensing revenues earned on feature films completed in previous fiscal years and from the exploitation of the Corporation's extensive film library of over 130 feature film titles.

Production and distribution expenses for fiscal year 2002 were $32.4 million, or 87% of operating revenues.

General and administrative expenses for fiscal year 2002 were $4.5 million.

Cash and equivalents as at September 30, 2002 rose sharply to $23.7 million from $7.2 million as at September 30, 2001. This significant increase in financial liquidity was due primarily to the issuance of over 260 million shares of Class C Convertible Preferred Shares to Limerick Assets Limited for over $27 million, as well as partial repayment of amounts advanced to the production of “Extreme Ops” and accelerated internal collection efforts, especially in the area of film licensing royalties.

Trade receivables were $30.3 million as at September 30, 2002 and were primarily comprised of amounts due from film license agreements earned and recognized during the current fiscal year for the feature film "Extreme Ops".

The Corporation's bank debt was $9.4 million as at September 30, 2002. This bank debt (which has subsequently been reduced significantly) was due primarily to production loans for the feature films ”The United States of Leland”, “11:14”, and “The I Inside”.

Shareholders’ equity increased exponentially to $33.4 million, as at September 30, 2002, from just over $5.4 million, as at September 30, 2001, an almost five-fold increase. This increase was primarily attributable to the issuance of Class C Convertible Preferred Shares to Limerick Assets Limited.

Net cash provided by operating activities amounted to $27 million for fiscal year 2002.

Average annual return on shareholders’ equity for fiscal year 2002 was a strong 15%.

The debt-to-equity ratio improved dramatically, as at September 30, 2002, from 1.4 to 1, down from a ratio of 12.7 to 1, as at September 30, 2001.

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", which Universal Pictures released domestically on 2,500 during fiscal year 2001 and which debuted #1 at the U.S. box office during its initial opening weekend. The film was 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, "Extreme Ops", released domestically by Paramount Pictures in November 2002 on over 1,700 screens, which was 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 "FearDotCom", released domestically by Warner Bros. in September 2002 on over 2,500 screens, which was 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 "The United States of Leland", an emotional drama featuring two time 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"), which debuted at the Sundance Film Festival and is being released domestically by Paramount Classics; "The I Inside", a taut dramatic thriller directed by Roland Suso Richter (“The Tunnel”)and starring Ryan Philippe (“Gosford Park”), which is being released by Dimension Films (a division of Miramax) and is currently finishing post-production; “11:14”, a dark comedy starring Hilary Swank (“Boys Don’t Cry”), Rachael Leigh Cook (“Josie and the Pussycats”), and Patrick Swayze (“Ghost”, Dirty Dancing”); “Monster”, a gripping drama based on a true story starring Charlize Theron (“Devil’s Advocate” “Astronaut’s Wife”) and Christina Ricci (“Sleepy Hollow”, “The Addams Family”) that is currently shooting; and “Havoc”, a youth drama scheduled to commence production in Spring of 2003.


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)

Investor contact: Devin Cutler, Vice President Finance; Tel.

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