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MDP Worldwide Reports Second Quarter Net Profits

5/30/2003

-Operating Revenues - $13.7 million, a 78% increase over Previous
Quarter
-Income before Taxes - $1.8 million, an 181% increase over Previous
Quarter
-Net Income - $1.1 million, an 84% increase over Previous Quarter
-Earnings Per Share - $0.003 per share
-Cash and Equivalents - $22.3 million or 32% of total assets
-Debt/Equity Ratio – 1.11:1 as compared to 7.5:1 in the Previous Fiscal
Year
-Annual Return on Shareholders Equity – 10%

MONTREAL, May 29 /CNW Telbec/ - 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 of operations for the three and six month period ended March 31, 2003.

"We are extremely pleased with the solid financial performance delivered for the second quarter of this fiscal year",stated Mark Damon, Chairman and CEO of the Corporation. "The current results of operations clearly indicate a significant improving trend over the first quarter results as we continue to successfully implement our operating strategies and gear up for our future slate of mid to higher budgeted theatrical feature films”.

MDP's current slate of high quality feature films includes the poignant drama "The United States of Leland" which features an all-star cast including two-time Academy Award winner Kevin Spacey, Don Cheadle, Ryan Gosling, Chris Klein and Lena Olin. The film initially debuted at the 2003 Sundance Film Festival and will be domestically released this year by Paramount Classics; "The I Inside", a taut psychological thriller directed by Roland Suso Richter and starring Ryan Philippe, Sarah Polley, Piper Perabo and Stephen Rea. The film was recently completed and will be domestically released by Dimension Films, a division of Miramax Films; The just completed dark comedy "11:14", starring Academy Award winner Hilary Swank, Rachael Leigh Cook, Barbara Hershey, Patrick Swayze, Ben Foster and Colin Hanks; and the compelling dramatic thriller "Monster", based on the true story of serial murderer, Aileen Wournos, and starring Charlize Theron, Christina Ricci and Bruce Dern. Ms. Theron is featured in the role of Aileen Wournos and is currently being mentioned by several leading publications for award consideration.

Recently announced feature films going into production this year include "10 Again", a modern remake of the mega box office hit "10" which will be written and directed by acclaimed filmmaker Blake Edwards ("Pink Panther", "Breakfast at Tiffanys"), the dark comedy “The Upside of Anger” starring Kevin Costner and three time Academy Award nominee Joan Allen; 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.

"The financial results as reported by the Corporation for the second quarter ended March 31,2003 continue to illustrate the sound financial strength of the Corporation and its prospects for continuing future success. Operating revenues for the second quarter ended March 31, 2003 were $13,673,000, a significant increase of $9,408,000 or 220% over operating revenues for the comparable quarter ended March 31, 2002," stated Devin Cutler, Vice President of Finance.

Cash and equivalents as at March 31, 2003 were $22,327,000, an over six-fold increase as compared to March 31, 2002, and represented 32% of total assets. In addition, the Corporation’s debt-to-equity ratio was 1.11 to 1 as at March 31, 2003 as compared to a ratio of 7.5 to 1 as at March 31, 2002.

“These financial results cleary illustrate MDP’s continual improving financial performance as it implements its operating goal of producing and distributing larger budgeted theatrical feature films. Our financial results of operations are on par with other leading Canadian film companies many times our size," continued Mr. Cutler.

Shareholders’ Equity increased dramatically to $32,831,000 as at March 31, 2003 as compared to $7,482,000 as at March 31, 2002, while annual return on shareholders equity was 10% as at March 31, 2003.

Mr. Damon further noted that as a vote of confidence in the strong future outlook of the Corporation the Board of Directors had recently announced the commencement of a normal course issuer bid of its Class A Multiple Voting Shares and of its Class B Subordinate Voting Shares listed on the Toronto Stock Exchange (“TSX”). Under this program MDP may acquire up to 102,047 Class A Multiple Voting Shares and 7,853,920 Class B Subordinate Voting Shares representing approximately 5% of its issued and outstanding Class A Multiple Voting Shares and Class B Subordinate Voting Shares respectively as of May 7, 2003, through the facilities of TSX. As of May 7, 2003, there were 2,040,959 Class A Multiple Voting Shares and 157,078,419 Class B Subordinate Voting Shares issued and outstanding. Class A Multiple Voting Shares and Class B Subordinate Voting Shares may be repurchased by the Corporation at market price at the time of acquisition. The Board of Directors currently considers that the repurchase of the Corporation’s shares is a prudent use of its capital resources based upon the current market price which it believes does not adequately reflect the underlying value of MDP.


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)
www.mdpworldwide.com
/For further information: Devin Cutler, Vice President of Finance and
Controller, /
(MDP.A. MDP.B.)
CO: MDP Worldwide Entertainment Inc.
ST: Quebec
IN: ENT FLM
SU: ERN
-30-

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