What an April for Peace Arch Entertainment Group Inc. (AMEX: PAE)! Over the past month, shares of the company have risen from $1.36 to $2.85, representing an increase of about 110 percent. Plus, share volume has jumped to record levels. This can be attributed to a barrage of good news including record revenues, film festival awards and a deal with Sony Pictures.
On April 13, 2007, Peace Arch announced outstanding operating results for its second quarter of fiscal 2007, ending Feb. 28, 2007, highlighted by its unprecedented growth in revenue to $20.3 million from $3.7 million in the same period last year. The company also posted second quarter earnings of $2.2 million, or 6 cents per share, compared to a net loss of $700,000, or 4 cents per share, in the same period last year.
On April 17, 2007, Peace Arch announced that its comedy “Delirious” won the Istanbul Film Festival’s Special Jury Prize, The Silver Tulip Award. “We feel very confident that ‘Delirious’ will continue to gain recognition on the international film festival circuit and grab the attention of possible acquisition and distribution partners,” said John Flock – president of Peace Arch – in a press release.
On April 26, 2007, Peace Arch announced that Sony Pictures Entertainment acquired the exclusive distribution rights outside North America for DVD, television, mobile and new media distribution for five feature films. The films are the dramas “The Good Shepherd” (Christian Slater) and “The Keeper” (Dennis Hopper), along with the horror-thrillers “5ive Girls” (Ron Perlman), “Dead Mary” (Dominique Swain), and “Living Death” (Kristy Swanson).
Peace Arch produces and acquires feature films, television and home entertainment content for distribution to worldwide markets.
Shares of the company closed up 11 cents (4 percent) at $2.86 per share on volume of 261,300.
Market News First contacted Peace Arch and will follow-up with a feature story on this interesting company.