CBMJ Posts Quarterly Report - Completes 59.7M Share Reduction

Rhea-AI Summary

Conservative Broadcast Media and Journalism (CBMJ) released its quarterly report on November 16, 2022. The company reported a loss of $0.01 per share and an operating loss of $159K, alongside a non-cash charge of $3.5M. As part of the strategic move to downsize, CBMJ completed the sale of its e-commerce business, returning 59.76 million shares and reducing its outstanding share count to 359.4 million. The company aims to refocus on its web business, which includes client services, database management, and consulting.

Positive

• Completion of the e-commerce business sale, allowing for a strategic focus on core web services.
• Reduction of issued and outstanding shares to 359.4 million, potentially increasing shareholder value.

Negative

• Reported loss of $0.01 per share.
• Operating loss of $159K and non-cash charge of $3.5M, indicating financial stress.

Powder Springs, GA, Nov. 17, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – Conservative Broadcast Media and Journalism posted its quarterly report Wednesday 11/16/2022.  

During the quarter, the company completed the sale of the e-commerce business, retired the shares and reported a loss of ($.01) per share.  As part of the sale, the company returned 59.76M shares of common stock, reducing its issued and outstanding share count to 359.4M. The float remained unchanged at 92M.

The operating loss for the quarter was $159K.  The company took a non-cash charge of $3.5M. 

The company will continue focusing on its web business www.flagandcross.com , its client services, data base management, email list rentals, web development and consulting business. 

Commenting on the quarter, Mark Schaftlein, CEO, stated: "We materially downsized the business exiting the e-commerce business to enable us to restart our growth opportunities in other areas. With the share reduction completed, we now have those opportunities." 

About CBMJ: (CBMJ) Conservative Broadcast Media and Journalism is a Digital Media Company based in Metro-Atlanta that specializes in reaching a conservative/libertarian/religious audience.  CBMJ owns an active database of email subscribers, and publishes the marquis monetized political/news website www.flagandcross.com . CBMJ also distributes the increasingly popular TV, radio, and social media segment "The Schaftlein Report" hosted by economic analyst, political commentator Mark Schaftlein. https://schaftleinreport.com/ .

Forward-Looking Statements: This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain, based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters disclosed at www.otcmarkets.com . These risks and uncertainties could cause the company's actual results to differ materially.

Conservative Broadcast Media & Journalism
Mark Schaftlein
877-704-6773

FAQ

What is the loss per share reported by CBMJ in Q3 2022?

CBMJ reported a loss of $0.01 per share for Q3 2022.

What was the operating loss for CBMJ in its latest quarterly report?

The operating loss for CBMJ in the latest quarterly report was $159K.

How many shares did CBMJ return after selling its e-commerce business?

CBMJ returned 59.76 million shares after the sale of its e-commerce business.

What is the significance of CBMJ's share count reduction?

The reduction of shares to 359.4 million could potentially increase shareholder value.

What strategic focus will CBMJ pursue after downsizing?

CBMJ aims to focus on its core web business, including client services and consulting.