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MDP Worldwide Entertainment Inc. Reports Third Quarter Net Profits

8/29/2003

- Income before Income Taxes - $0.9 million, a 12% increase over 3rd quarter of 2002
- Net Income - $0.5 million
- Operating Revenues - $4.9 million
- Earnings Per Share - $0.001 per share
- Cash and Equivalents - $22.4 million, a seven-fold increase over the 3rd Quarter of 2002
- Total Assets - $67.4 million, an 18% increase over 3rd Quarter of 2002
- Shareholders' Equity - $31.1 million, an almost three-fold increase over 3rd Quarter of 2002

MONTREAL, August 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 for the three month period ended June 30, 2003.

“The Corporation continues to exhibit strong fiscal health and has implemented an impressive pipeline of product while maintaining satisfactory levels of profitability and, at the same time, maintaining tight controls over operating overhead,” stated Devin Cutler, the Vice President of Finance and Controller.

“Although we experienced a slight decrease in 3rd quarter net income as compared to the same period last year,” Mr. Cutler added, “this was due primarily to an increase in our provision for income taxes. Our net income before taxes for the 3rd quarter actually increased by approximately 12% as compared to the same period last year.”

Cash and equivalents increased by almost $20 million, to $22,387,000 as at June 30, 2003 as compared to $2,645,000 as at June 30, 2002.

Shareholders’ Equity increased almost three-fold, to $31,091,000 as at June 30, 2003 as compared to $8,332,000 as at June 30, 2002.

MDP's current slate of feature films includes 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 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 which will debut at the Toronto Film Festival; 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 finishing post-production.

Recently announced titles in production and pre-production include "The Upside of Anger", a romantic comedy which will star Academy Award winner Kevin Costner (“Dances with Wolves”, “Tin Cup”, “Bull Durham”, “Open Range”) and three time Oscar nominee Joan Allen (“The Ice Storm”, “Faces/Off”, “Pleasantville”), 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, and "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").

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, or Pierre Kurland, Director of Financial Reporting, /
(MDP.A. MDP.B.)
CO: MDP Worldwide Entertainment Inc.
ST: Quebec
IN: ENT FLM
SU: ERN
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