TORONTO, May 15, 2024 /CNW/ - Boat Rocker Media Inc. ("Boat Rocker" or the "Company") (TSX:BRMI), an independent, integrated global entertainment company, today reported its financial results for the three months ended March 31, 2024 ("first quarter" or "Q1"). The Company's consolidated financial statements and accompanying notes and Management's Discussion and Analysis ("MD&A") for the three months ended March 31, 2024 and 2023 are available under the Company's profile on SEDAR+ (www.sedarplus.ca). All dollar amounts are expressed in Canadian currency, unless otherwise noted. Certain metrics, including those expressed on an adjusted basis, are non-IFRS measures (see "Non-IFRS Measures" below). Selected Financial Highlights Q1 revenue of $51.3 million versus $79.8 million in Q1 2023, a decrease of 35.7%. Q1 Adjusted EBITDA1 of $3.2 million versus a loss of $1.8 million in Q1 2023, an increase of 279.7%. Net loss of $2.5 million in Q1 versus a net loss of $9.5 million in Q1 2023, an improvement of $7.0 million. Debt-free2 with total cash at March 31, 2024 of $98.2 million, including $35.9 million of Cash Available for Use3. "The media and entertainment industry continues to seek its footing post-strikes but as our solid Q1 earnings demonstrate, there are signs of resilience," said John Young, Chief Executive Officer, Boat Rocker Media. "We saw strong output levels from our Canadian unscripted business and positively trending earnings in our Representation segment. We have also seen incredible response to our recently launched scripted series American Rust: Broken Justice which premiered in Amazon Prime Video's Top 10, while Palm Royale premiered as Apple TV+'s #1 show. Alongside our premieres and productions, we continue to focus on building for the long-term through investment in IP while retaining healthy cash reserves." ______________________________ 1  This is a Non-IFRS measure. For more information on non-IFRS financial measures, see "Non-IFRS Measures" and "Reconciliation of Non-IFRS Measures" below and see "Non-IFRS Financial Measures" in the MD&A for the three months ended March 31, 2024. 2  The Company currently has no corporate term debt, only interim production financing (including through two borrowing base facilities) in the ordinary course of operations. 3  This is a Non-IFRS measure. For more information on non-IFRS financial measures, see "Non-IFRS Measures" and "Reconciliation of Non-IFRS Measures" below and see "Non-IFRS Financial Measures" in the MD&A for the three months ended March 31, 2024.  Selected Content Highlights Television Scripted Palm Royale, starring Kristen Wiig, Ricky Martin, with Laura Dern, Allison Janney, and extra special guest star Carol Burnett, premiered as the #1 show on Apple TV+'s Top 10. American Rust: Broken Justice, starring Jeff Daniels and Maura Tierney, premiered in Amazon Prime Video's Top 10 television series and movies. Beacon 23, starring Lena Headey and Stephan James, premiered in Amazon Prime Video Canada's Top 10 television series. Season two of Beacon 23 also premiered on MGM+ in the U.S. on April 7th. Orphan Black: Echoes is premiering on ITVX in the UK on May 16th and on June 23rd on AMC, AMC+, and BBC America. Production is underway in Ireland on Video Nasty, a new scripted series co-production with Deadpan Pictures. Co-producing international live action scripted series Mix Tape with Ireland's Suboptica and Australia's Aquarius Films for Binge/Foxtel in Australia. Boat Rocker will also distribute the series internationally. Unscripted Downey's Dream Cars, starring Oscar-winner Robert Downey Jr., secured two Daytime Emmy nominations for Sound Mixing/Sound Editing and Lifestyle Program. Season two of Canada's Ultimate Challenge premiered on CBC on April 28th. War Game was selected as the closing night film at the Doc10 Chicago film festival. Partnered with Shark Teeth Films to distribute three upcoming unscripted shows, Secrets in the Ice season four and new factual series Discovered By Disaster and Secrets in the Dark. Kids and Family The Next Step season nine premiered on YTV and CBBC on May 13th. Production continues on Dino Ranch season three (Disney+, CBC), The Sunnyridge 3 (Disney EMEA), and The Loud House season eight (Nickelodeon). Representation Nine Untitled clients participated in films selected for the 77th Cannes Film Festival including Uma Thurman (Oh Canada), Demi Moore (The Substance), Hunter Schafer (Kinds of Kindness), and Diane Kruger (The Shrouds). Client Laura Dern to join George Clooney and Adam Sandler in a new untitled Netflix film directed by Noah Baumbach. Untitled clients' work was recognized with 10 2024 Tony Award nominations including Jessica Lange, Best Leading Actress in a Play in Mother Play, LaChanze in Best New Play nominee Jaja's African Hair Braiding and Best New Musical nominee The Outsiders, and Leslie Odom Jr., Best Leading Actor in a Play in Purlie Victorious. Selected Financial Information (Amounts in thousands CAD) Three months ended March 31, 2024 2023 % change Revenue Television 30,393 54,460 (44) % Kids and Family 12,625 15,671 (19) % Representation 8,294 9,629 (14) % Total revenue 51,312 79,760 (36) % Net income (loss) (2,486)