Orlando, FL 3/14/12 (StreetBeat) -- Hannover House, Inc., the rebranded name for Target Development Group, Inc. (Pinksheets: TDGI), posted significant gains in both revenues and bottom line results for the 12-month period ending December 31, 2011. Revenues for 2011 grew from 2010's total of $911,422 to $4,319,087 for 2011, and bottom line (pre-tax) profits grew from $404,559 in 2010 to $1,400,684 for 2011, the company reported."While these gains are significant, we must acknowledge that 2010 was a build-up year for acquisitions and infrastructure and we were starting from a modest revenue base," said Fred Shefte, President. "We expected 2011 to be significantly better than the results for 2010, just in the same way that we anticipate that our enhanced release activities for 2012 will have significant gains over 2011. We think that what's most notable is our ability to generate bottom line profits on modest revenues due to our limited overhead and efficient marketing strategies," he concluded.
Theatrical releases for Hannover House during 2011 included: "Turtle: The Incredible Journey" (90 playdates), "All's Faire In Love" (95 playdates) and "Cook County" (7 playdates). Video releases for Hannover House during 2011 included: "Twelve," "Chelsea on the Rocks," "Boggy Creek" and "Turtle: The Incredible Journey." During the first quarter of 2012, Hannover House has released three new titles to the domestic home video market, "All's Faire In Love," "Edgar Allan Poe's Requiem for the Damned" and "Pink Skies," as well as announced a multipack product line featuring the Family Movie Night (four films), the Martial Arts Marathon (nine films), the Horror Hits (four films), the Gladiators Pack (four films), the Jules Verne Classics (three films) and the Antonio Aguilar Colecion (four films). During Q2 of 2012, the company will be releasing "Cook County," "Humans Vs. Zombies" and "Buried Alive" to home video, in addition to launching the theatrical releases of "Toys in the Attic," "The Weather Station" and "Asalto Al Cine." Hannover House has at least one new title slated for home video release during each month of 2012.
The 2011 results include voluntary write-downs of $515,400 in questionable accounts receivable, prepaid wages and producer recoupments, under auditor's advisement. The company also voluntarily reduced the valuation of its film library during 2011 by $1,928,585 in order to remove discontinued or underperforming titles. The company has not yet added back into the Library Report the valuations for titles acquired during 2011.
The Hannover House stock is currently trading at $.03 per share, reflecting a price-earnings ratio of approximately 10.3X. The entertainment industry sector average price-earnings ratio is 20.5X, with some companies, such as Lionsgate, trading at more than 50X.
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