Seven Arts Entertainment Inc. Announces Results of Operations for the Quarter Ended September 30, 2012 and Resignation of David Michery From the Board of Directors
LOS ANGELES, Nov. 19, 2012 (GLOBE NEWSWIRE) -- Seven Arts Entertainment Inc. (OTCQB:SAPX) ("Seven Arts" or the "Company") today announced its results of operations for the quarter ended September 30, 2012. The Company reported a gross profit of $281,385 on total revenue of $1,157,038 for the quarter ended September 30, 2012, compared to a gross profit of $113,397 on revenues of $592,541 for the quarter ended September 30, 2011. The increase was due to the accrual of the sales of DMX's album "Undisputed" released September 11, 2012 through the end of the quarter. The Company's net loss increased to $1,357,621 from $982,288 because of an increase of interest expense to $969,058 from $413,800.