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M8 Entertainment Reports Profitable Annual Results for 2004

2/25/2005

M8 Entertainment Inc. ("M8" or the "Corporation") (TSE: MEE.MV.A and MEE.SV.B), a leading Canadian film entertainment company engaged in the financing, development, production, and worldwide licensing of theatrical feature films, reported today financial results of operations for the fiscal year ended September 30, 2004. In addition, it reported restated financial results of operations for the fiscal year ended September 30, 2003.

The restatement of the results of financial operations for the fiscal year ended September 30, 2003 were made necessary by an adjustment to Future Income Tax Benefits arising from a loss for income tax purposes in 2003 instead of a previously estimated taxable income for that year. The effect to net earnings for the year ended September 30, 2003 is an increase from a previously reported $4.2 million to $6.8 million.

For the fiscal year ended September 30, 2004, net earnings were $3.0 million, a drop of $3.8 million as compared to the restated net earnings for the fiscal year ended September 30, 2003. Earnings before income taxes were $138,000 for the year ended September 30, 2004, as compared to $5.4 million for the preceding fiscal year.

Operating revenue increased to $45.1 million for the fiscal year ended September 30, 2004 as compared to $32.4 million for the preceding fiscal year. This represents an increase of 39%.

"The decrease in earnings before income taxes was a result of an increase in distribution costs associated with promotion and advertising costs incurred in conjunction with the release of Monster, as well as a revision of estimates for worldwide distribution of certain of the Corporation's already-produced films that resulted in an acceleration of amortization of film costs," stated Devin Cutler, Vice President of Finance and Controller of the Corporation. "Nevertheless, the operating revenues of the Corporation rose significantly for the year on the strength of the release of Monster and sales of The Upside of Anger, slated for release in March of 2005. In addition, the Corporation expects to reap significant benefits from its tax loss carryforwards from previous years, which will blunt the tax effect of profits of the Corporation in subsequent fiscal years."

Total assets of the Corporation increased by $43.5 million, from $61.3 million as restated as of September 30, 2003 to $104.8 million as of September 30, 2004. Likewise, total liabilities of the Corporation increased by $42.8 million, from $25.4 million as of September 30, 2003 to $68.2 million as of September 30, 2004.

"Both the increase in assets and the increase in liabilities of the Corporation as of September 30, 2004 reflect the formidable slate of films that the Corporation has invested in over the last year," continued Mr. Cutler. " This is indicated in the rise in Film Costs, from $26.2 million at the end of fiscal year 2003 to over $58.6 million as of the end of fiscal year 2004. Likewise, notable increases in Bank Loans and Contractual Obligations reflect the financing undertaken by the Corporation to fund the production of its slate of films."

Shareholder's Equity increased by $0.6 million for the year, from $36.0 million as restated at September 30, 2003 to $36.6 million as at September 30, 2004. However, Shareholder's Equity would have increased by an additional $2.4 million if the effects of exchange rate fluctuations between the US Dollar, which is the primary functional currency of the Corporation's continuing business operations, and the Canadian Dollar, which is the reporting currency for the Corporation's consolidated financial statements, were removed. During fiscal 2004, the US Dollar fell by nearly 7% against the Canadian Dollar, resulting in a cumulative currency translation adjustment, which reduced 2004 Shareholders' Equity by a total of $6.8 million.

"The equity infusion provided by Limerick Assets Limited in fiscal 2002 has enabled the Corporation to put an exceptionally strong slate of films in place," stated Sammy Lee, Chairman of the Corporation. "With the impending release of The Upside of Anger, starring Kevin Costner and Joan Allen, by New Line in March of 2005 and with a slate of films that includes Santa's Slay, made in association with Brett Ratner and starring Goldberg, Lovewrecked, starring Amanda Bynes, Havoc, starring Anne Hathaway and Bijou Phillips, Running Scared, starring Paul Walker and directed by Wayne Kramer, and Man About Town, starring Ben Affleck and Rebecca Romijn, we are confident that the investment we have made in these films during fiscal 2004 will provide the basis for ongoing success in the coming years."

"We are extremely pleased that the Corporation has been able to assemble such a strong slate of films to build on the recent success of Monster, which won the Academy Award for Best Actress and received substantial critical acclaim during the year," stated Jenna Sanz-Agero, President of the Corporation. "The Corporation is focused now on properly exploiting this strong slate of films, ensuring that commercially and critically viable films are introduced into the pipeline to follow the current slate, and that the Corporation keeps a firm eye on overhead and film costs in order to operate as efficiently and profitably as possible."

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