CBMJ Subsidiary Patriot.TV Grows Revenue by Over 400%, Upgrades Technology, While Reducing Liabilities by 14% Significantly Strengthening its Financial Position

Rhea-AI Summary

CBMJ announced a significant improvement in its financial position during Q1 2024. The company reported a revenue increase of 409%, reaching $384K compared to $94K in Q1 2023, with an operating margin of 50%. CBMJ also reduced its liabilities by 14% and upgraded its technology and production capabilities. The flagship streaming service, Patriot.TV, contributed to these gains. Despite the positive developments, the company posted a mild loss per share of ($0.03), mainly due to non-cash expenses like stock-based compensation. As of May 16, 2024, Brannon Howse parted ways with Patriot.TV. The company announced new leadership, with Marc Garabedian as COO and Anni Cyrus overseeing content production. CEO Mark Schaftlein expressed optimism about future growth.

Positive

• Revenue increased by 409%, from $94K in Q1 2023 to $384K in Q1 2024.
• Achieved an operating margin of 50%.
• Reduced liabilities by approximately 14%.
• Upgraded platform technology and increased production capabilities.
• Successful launch and foundation building of Patriot.TV.
• New leadership with experienced executives Marc Garabedian and Anni Cyrus.

Negative

• Reported a mild loss per share of ($0.03).
• Non-cash expenses such as stock-based compensation, amortization, and depreciation accounted for 74% of total expenses.

VENICE, FL / ACCESSWIRE / May 23, 2024 / Conservative Broadcast Media & Journalism (CBMJ) announced in its most recently filed financials that during Q-1, the Company has significantly improved its financial position.

Specifically, it posted a revenue gain of 409% (384K in Q-1 of 2024 versus $94K in Q-1 of 2023). This revenue increase was accompanied by an operating margin of 50%.

The Company also successfully upgraded its platforms technology and increased its production capabilities by investing in infrastructure upgrades. CBMJ was also successful in reducing its liabilities by approximately 14%. The Company reported a mild loss per share of ($.03). The contributing non-cash expense items of stock based compensation, amortization and depreciation accounted
for 74% of total expenses.

The revenue increases and infrastructure upgrades during the first quarter are attributed to the successful launch of Patriot.TV, its flagship streaming service.

Additionally, after having successfully built the foundation of Patriot.TV and delivering a robust lineup of show hosts, as he was brought in to do, Brannon Howse and Patriot.TV parted ways effective 5-16-2024.

"On behalf of the Board of Directors, we wish to thank Mr. Howse and express our appreciation for his contribution in the early development of Patriot.TV. We wish him further success in his next venture." - stated General Michael Flynn.

The company's CEO Mark Schaftlein announced that two key members of his executive management team, Industry veterans Marc Garabedian and Anni Cyrus will handle daily activity of Patriot.TV. Garabedian, newly appointed COO will manage technology, advertising and operations while Cyrus will direct all content production delivery through show hosts and social media.

Marc Garabedian has had a trailblazing career spanning over four decades carving an extraordinary path in the media industry since the mid-1980s, leaving an indelible mark as a visionary executive, producer and business owner. With an eye for innovation and a knack for strategic partnerships, Garabedian's career has been defined by groundbreaking achievements and solid relationships.

"We are thrilled to have two highly talented individuals spearhead our growth as we add enhancements to grow a world class conservative streaming media platform." stated Schaftlein.

About Patriot.TV: Patriot.TV is a leading media broadcast platform wholly owned by CBMJ dedicated to providing cutting-edge, informative content across television, radio, and online platforms. With a focus on truth, freedom, and empowering narratives, Patriot.TV is at the forefront of shaping the future of media consumption. Visit www.patriot.tv for more information.

About CBMJ: (OTC PINK:CBMJ) Conservative Broadcast Media and Journalism is a media and web-based Patriot Company.

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.

CONTACT:
Mark Schaftlein
877-704-6773

SOURCE: Conservative Broadcast Media & Journalism, Inc.

View the original press release on accesswire.com

FAQ

What was CBMJ's revenue growth in Q1 2024?

CBMJ's revenue increased by 409%, reaching $384K in Q1 2024 compared to $94K in Q1 2023.

What is the operating margin of CBMJ in Q1 2024?

CBMJ achieved an operating margin of 50% in Q1 2024.

How much did CBMJ reduce its liabilities by in Q1 2024?

CBMJ reduced its liabilities by approximately 14% in Q1 2024.

What were the main contributors to CBMJ's expenses in Q1 2024?

Non-cash expenses like stock-based compensation, amortization, and depreciation accounted for 74% of CBMJ's total expenses in Q1 2024.

What changes were made in CBMJ's leadership in May 2024?

As of May 16, 2024, Brannon Howse parted ways with Patriot.TV, and Marc Garabedian and Anni Cyrus were appointed to oversee daily activities and content production, respectively.