*Salter Street rev skyrockets in ’99

Salter Street Films has posted a 43% jump in revenues for its 1999 fiscal year ending Oct. 31.

(For comparative purposes, 1998 revenues have been restated to reflect the inclusion of tax credits in revenues).

The company reports revenues of $49.7 million for fiscal 1999, up from $34.7 million in fiscal 1998. Net income increased to $4.2 million ($0.59 per share) in ’99 from $2.9 million ($0.48 per share) in 1998. Salter’s 1999 investments generated a net profit of $3.6 million ($0.50 per share) for the company. ebitda for the year was $6.8 million, rising from $3.5 million in 1998.

The company credits much of its success in ’99 to significant progress in its strategy to penetrate the u.s. market.

Salter the delivered 186 half-hours of programming (59 half-hours in the fourth quarter), as compared to a delivery of 194 half-hours in 1998.

Salter’s fourth quarter saw revenues rise to $17 million (up from $16.5 million in Q4 ’98), its ebitda grow slightly to $2.7 million (from $2.5 million in Q4 ’98), and net income drop to $1.8 million ($0.25 per share) from $2.3 million ($0.31 per share) in 1998.

*Keystone Q3 dip

Vancouver’s International Keystone Entertainment has posted results for its third quarter, ended Oct. 31, 1999. Keystone’s consolidated revenue for the period dropped to $1.2 million from $6.6 million in 1998. The ebitda for the three-month period was $422,000 compared with $1.4 million for Q3 ’98. Its net earnings for Q3 ’99 were $302,000, down from the $1.3 million earned in 1998. Earnings per share for the period were $0.03, compared with $0.25 per share for the same quarter in 1998.

Keystone says the decrease in film distribution revenue in Q3 ’99, compared with Q3 ’98 is primarily related to film delivery timing. The company did not deliver a film during Q3 ’99, but did recognize revenue in Q3 ’98 thanks to delivery of the successful film Air Bud: Golden Receiver.

*Cancom offers 7 million new shares

Cancom has completed a new issue offering of close to seven million common shares for $18.25 per.

Estimated net proceeds from the issue are $117.6 million, $27 million of which Cancom will use to repay amounts owing by Star Choice (a wholly owned subsidiary) to Shaw Communications. The balance will be used by Cancom to support the growth of its direct-to-home business and general corporate purposes.

As part of the offering, Shaw has acquired an additional 1,917,808 common shares of Cancom, bringing its holding to 8,793,132 common shares, or about 35% of the outstanding common shares in the satellite distribution company.

Shaw’s common share interest in Cancom is for investment purposes and it does not intend to purchase any more Cancom shares or securities, at this time, other than as part of the proposed split of WIC Western International Communications.

*Telescene unit sale raises $9.9 million net

telescene Film Group has completed the sale of a short-form prospectus in all Canadian provinces for an offering of 1.5 million units priced at $7.25 each, for total gross proceeds of $10.9 million. The net proceeds are $9.9 million.

Each unit consists of one class b subordinate voting share and one half of a share purchase warrant. A full warrant entitles the holder to acquire one additional class b share at a price of $8.50 a share for a period of three years.

The Montreal company says approximately $8 million of the net proceeds will be used to finance program development and production. The balance, $1.9 million, will be used for working capital, acquisitions and investments.

tfg.b stock dipped below $7 in recent holiday-period trading on the Toronto Stock Exchange, slightly higher than its 52-week low of $6.75.

Griffiths McBurney & Partners and Research Capital Corp. are underwriting the new offering.

*Astral dividend

Astral Communications has declared a semi-annual dividend of $0.15 per share for class a non-voting and class b subordinate voting shares payable Feb. 1 to shareholders of record at the close of business Jan. 14.