C2W MUSIC LIMITED (MUSIC)

Six months Results as at June 30, 2017:-

• C2W recorded revenue within the second quarter of US$2,876 relative to US$5,117 in 2016. For the six months the company recorded revenue of US$2,876 a 46% decline compared to $5,356 reported in 2016.
• C2W spent US$13,799 on total expenses compared to US$23,024 last year, a 40% decline; this as administrative expenses totaled US$13,799  compared to US$12,480 reported for June 2016. C2W reported no ‘Song Writing Camps & Development Expense’ for the period (2016: US$10,544).
• Operating loss for the six months amounted to US$10,923 relative to US$17,668 recorded for the prior year’s corresponding period.
• The company booked Finance Cost of US$3,256 for the six months relative to US$3,319 the for the prior year’s corresponding period.  The company booked no Sponsorship Income (2016: US$11,180) for the six months ended June 30, 2017. The company however booked US$1,500 for management and consulting fee (2016: Nil).
• Loss for the period was US$12,679, this compares with the US$9,807 loss booked for the same period the year prior. No taxes were recorded for the period. For the quarter the company recorded loss of US$6,068 compared to loss of US$4,459 in 2016.
• Loss per share amounted to US0.0032 cents with the Jamaican dollar equivalent of J0.41cents for the period, compared to the 2016 loss per share of US0.0025 cents (J0.31 cents) for the comparable period of 2016. The trailing earnings per share amounted to US 0.01 cents. The number of shares used in our calculations is 400,000,000.

 

Balance sheet

• As June 30, 2017, assets totalled US$292,871, 13% more than the US$259,625 recorded last year. The increase was mainly due to C2W recording US$20,670 for Receivables compared to US$5,000 recorded as at June 30, 2016.
• Shareholder’s equity closed at US$54,435 up from US$14,735 the prior year’s period. This resulted in a book value per share of US$0.014 cents (J1.76 cents).