Brighter Minds Media, Inc.
TSX VENTURE : BRI

Brighter Minds Media, Inc.

May 30, 2006 13:25 ET

Brighter Minds Media Inc. Announces 95% Growth in Revenue For Q1

TORONTO, ONTARIO--(CCNMatthews - May 30, 2006) -

Not for dissemination in the United States of America

Company delivers $883,660 in revenue for first quarter of 2006

Brighter Minds Media Inc. (TSX VENTURE:BRI) today announced its financial results for the period ended March 31, 2006. Total revenue for the period was $883,660 (US Dollars) as compared to $453,034 (US Dollars) reported for the period ended March 31, 2005, representing an increase of 95%.

"The strong results we posted in the first quarter of 2006 show that we are executing well on our business strategy and that we are on track to meet our aggressive growth plans for 2006 and beyond", stated Vivian Antonangeli, President & CEO of Brighter Minds Media Inc. (the "Company"). "Our ability to achieve such tremendous growth in this period sets the stage for even greater growth in revenues and profitability in the remainder of the year." Historically, the first quarter is the slowest period of the year for the Company. The Company historically has earned approximately 50% of its annual revenues in the last four months of the year with sales driven by an increase in retail activity around the back-to-school period in September and the Thanksgiving and Christmas holiday seasons in October through December.

Gross profit for the period was $357,101 as compared to $195,446 for the comparable period in 2005, representing growth of 83%. Net loss for the period was $341,653 compared to a net loss of $278,693 for the comparable period in 2005. The increased net loss was attributable to an increase in the allowance for product returns and an increase in operating expenses related to marketing expenses to build the Company's relationships with retailers and distributors.

In the first quarter of 2006, the Company continued to invest in establishing strong distribution relationships with leading mass and specialty retailers in North America and internationally. Management believes this will allow the Company to continue to accelerate its growth in the remainder of 2006 and beyond. The Company is currently leveraging its expertise in the development of Edutainment products, its brand relationships and its distribution network to establish a foothold in the fast-growing Casual Gaming and DVD Games categories to compliment the Company's existing software and book product lines. In the third quarter of 2006, Brighter Minds Media Inc. will launch its initial titles for the DVD Games market. Importantly, the Company has been successful in increasing the quantity and breadth of brand licenses for its products, recently signing agreements with leading owners of children's content including Universal Studios, Marvel Entertainment and Cartoon Network properties.

About Brighter Minds Media:

Brighter Minds Media Inc. is parent company for Brighter Child Interactive, LLC and Brighter Minds Children's Publishing. Brighter Minds Media Inc. is proud to offer a fun, innovative line of products including software, books, workbooks, flashcards and interactive DVD Games. Brighter Minds Media Inc. prides itself on the creation, publication, and distribution of multimedia materials for the entire family. Brighter Minds Media Inc. is publicly traded on the TSX Venture Exchange (TSX:BRI.V) and is a Hargan Ventures (www.harganvc.com) company. More information about Brighter Minds Media Inc. can be found at www.brightermindsmedia.com.

Forward-Looking Statements

Certain statements included herein, including those that express management's expectations or estimates of our future performance, constitute "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. We caution that such forward-looking statements involve known and unknown risks, uncertainties and other risks that may cause our actual financial results, performance, or achievements to be materially different from our estimated future results, performance or achievements expressed or implied by those forward-looking statements. Numerous factors could cause actual results to differ materially from those in the forward-looking statements, including without limitation, our ability to achieve increased market acceptance for our product offerings and penetrate new markets; our ability to maintain our current growth; fluctuations in our revenues and operating results due to seasonal variations; our ability to expand product lines; our ability to compete successfully; our ability to develop relationships with third-party licensors; interruption of our distribution network due to outside sources; our dependence on key customers, including mass retailers; reliance on third-party service providers; adequately protecting our intellectual property rights; our dependence on the expertise of our key personnel; our access to sufficient capital to fund our future requirements; and our limited history as a public company. This list is not exhaustive of the factors that may affect any of our forward-looking statements. Investors are cautioned not to put undue reliance on forward-looking statements. All subsequent written and oral forward-looking statements attributable to Brighter Minds or persons acting on our behalf are expressly qualified in their entirety by this notice. We disclaim any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or otherwise.

Certain of the assumptions made in preparing forward-looking information and management's expectations include: maintenance of our existing customers and contracts, our ability to market our products successfully to anticipated customers, the impact of increasing competition, the growth of certain key markets including DVD Games and web downloadable games, the retention of our key personnel, our ability to obtain rights to additional properties, that our products will continue to be accepted by our target markets, our ability to obtain financing on acceptable terms and that there will be no significant changes in the regulation of our business.




Contact Information

  • Brighter Minds Media Inc.
    Vivian Antonangeli
    President & CEO
    (614) 430-3021 ext.106
    or
    Brighter Minds Media Inc.
    Sam Ifergan
    Chairman & Interim CFO
    (416) 923-0660 ext.229