Lombardi Media Corporation

December 29, 2006 16:45 ET

Lombardi Media Corporation Reports Changes to Financial Statement Presentation

TORONTO, ONTARIO--(CCNMatthews - Dec. 29, 2006) - Lombardi Media Corporation (TSX VENTURE:LC)(the "Corporation") announced today that it has changed the presentation of its Consolidated Statements of Operation and Retained Earnings. In particular, "Income before under noted items" will be changed to "Earnings before Interest, Amortization & Income taxes", and "Amortization" will now include the amortization of direct-response advertising. Reporting amortization in this manner significantly increases Earnings before Interest, Amortization & Income taxes, but ultimately has no effect on Net Earnings. In prior periods, this was included in the Direct Mail Advertising under general expenses.

The decision to announce the matter referred to above was made by the Audit Committee of Lombardi Media Corporation's Board of Directors, upon the recommendation of management and the Corporations auditors. The Corporation has also reclassified certain comparative figures for 2005 in order to conform with the financial statement presentation of 2006.

Lombardi Media Corporation is a publishing and direct marketing company. The Company publishes consumer newsletters, books and information databases in print and on-line format for approximately 250,000 customers in addition to providing a broad range of direct marketing services to the Canadian direct marketing industry.

The TSX-Venture Exchange has neither approved nor disapproved of the information contained herein.

Contact Information

  • Lombardi Media Corporation
    Carlo Cucullo
    (905) 760-9929 X230