Alliance Atlantis Reports First Quarter Financial Results

Alliance Atlantis Reports First Quarter Financial Results

TORONTO, May 16 /PRNewswire-FirstCall/ --
Financial Highlights:
- Consolidated Revenue $265 million - up 25% compared to prior year's
quarter
- Consolidated EBITDA $39 million - up 17% compared to the prior year's
quarter despite underperformance from Motion Picture Distribution
- Consolidated Net earnings $23.2 million ($0.52 per share) compared to
Net loss of $2.0 million ($0.05 per share) in the prior year's
quarter
- Outstanding performance from Entertainment on strength of CSI
franchise - EBITDA contribution $31 million compared to $7 million in
the prior year's quarter
- Interest expense decreased $9 million compared to prior year's
quarter - reflects new capital structure and lower cost of debt
capital
- Consolidated Net debt $386 million - compared to $429 million in
previous quarter
- Management reconfirms financial guidance released on March 31, 2005

Operating Highlights:
- HGTV and Food Network Canada delivered their largest audiences of any
season since their respective launches(1)
- Specialty Networks attract record audiences during 31 Days of
Great TV initiative
- Canadian broadcast premiere of The Real Da Vinci Code on History
Television becomes highest-rated program to air in network's history

Alliance Atlantis Communications Inc. today announced financial and operating results for the first quarter ended March 31, 2005.

"We are very pleased with the operating accomplishments for the first three months of 2005," said Michael MacMillan, Chairman and Chief Executive Officer. "Broadcasting delivered strong results and we are particularly pleased with the results from Entertainment, where the CSI franchise continues to deliver as expected."

Three months ended March 31, 2005 compared to three months ended
March 31, 2004

For the three months ended March 31, 2005, consolidated revenue increased to $264.8 million compared to $211.6 million in the prior year's period representing a 25% increase. Broadcasting contributed $62.5 million - up 12%; Motion Picture Distribution generated $100.3 million, representing an increase of 5%; and Entertainment's revenue contribution was $101.7 million - up a strong 70% compared to the prior year's quarter.

The CSI franchise accounted for 88% of Entertainment's first quarter revenue (2004 - 63%) and all of first quarter gross profit (2004 - 82%).

Consolidated EBITDA(x) for the three months ended March 31, 2005 was $38.7 million compared to $33.1 million in the prior year's period. Broadcasting recorded $16.1 million compared to $17.5 million in the prior year's quarter; Motion Picture Distribution recorded a loss of $1.7 million compared to a positive contribution of $16.3 million in the prior year's quarter; and on the strength of the CSI franchise, Entertainment's EBITDA contribution was $31.2 million compared to $6.9 million in the prior year's quarter.

Operating earnings(x) (which exclude income taxes, discontinued operations - net of tax, investment gains and losses and foreign exchange gains and losses) were $31.2 million for the three months ended March 31, 2005 - compared to $4.2 million in the prior year's period. Net operating earnings(x) were $24.2 million in the quarter, representing the previously described operating earnings (net of $7.0 million of taxes), compared to net operating earnings of $0.6 million recorded in the same period last year (net of $3.6 million of taxes). On a diluted per share basis, net operating earnings were $0.55 compared to $0.01 in the prior year's period.

Net earnings for the three months ended March 31, 2005, were $23.2 million - compared to Net losses of $2.0 million in the same period last year. Diluted earnings per share were $0.52 based on a weighted average 44.2 million shares outstanding compared to diluted loss per share of $0.05 based on a weighted average 42.9 million shares outstanding in the prior year's period.

Operating Highlights

"In each of our businesses we continue to maintain our strategic direction, execute innovative campaigns and capture audiences in record numbers," said Mr. MacMillan. "Our core Broadcast business continues its record of sustained growth. As well, the CSI franchise is achieving outstanding results as we expected. Results from Motion Picture Distribution reflect an underperforming first quarter release slate and the fact that certain print and advertising expenses were required to be booked in the first quarter with corresponding revenue to be recorded in the second quarter and beyond. Motion Picture Distribution management remains confident in their outlook and has reconfirmed their 2005 financial guidance."

Broadcasting

For the quarter ended March 31, 2005, both advertising and subscriber revenues were up over the prior year's period. In the first quarter of 2005, subscriber revenues increased by 10% over the prior year's period and total advertising revenue was up 15%. Advertising revenue for our English channels (excluding contra and web sales) was up 21%. EBITDA for the first quarter was modestly impacted due to the timing of advertising revenues within the year compared to the amortization of program rights. For the full year, Broadcasting expects to meet its EBITDA guidance that was released on March 31, 2005.

Our channels led the television industry in audience growth for the first three months of 2005, with a combined audience growth of 17% among adults 25-54 - almost three times faster than the specialty industry average of 6%(2). During winter 2005, Showcase Action had the largest Adult 25-54 audiences of all Canadian New Specialty networks(3).

The strong audience numbers in the first quarter were also driven in part by our participation in the industry-wide initiative, 31 Days of Great TV, which ran during the month of January. Our digital channels attracted record audiences during this period, and during the 31 Days Of Great TV, Showcase Action had the third highest audience of all Canadian Specialty Networks in digital homes(4).

The Canadian broadcast premiere of The Real Da Vinci Code on History Television attracted 628,000 viewers (2+), making it the highest-rated program to air in the network's history(5). In addition, the phenomenal success of The Million Pound Property Experiment Marathon, which aired on HGTV in March, set new records for HGTV including the highest-rated single day (6a-6a) of programming in the network's history(6).

Motion Picture Distribution(xx)

The first quarter results for Motion Picture Distribution primarily reflects the underperformance of theatrical releases in the quarter and the timing of the release of Sin City in Canada and Downfall in the UK.

Consistent with Canadian GAAP, the Partnership expensed the majority of theatrical print and advertising costs related to these titles in the current period. Both of these titles have outperformed management's expectations but revenue will not be recognized until the second quarter and beyond. As with other major motion picture distributors, the Partnership's 2005 theatrical slate is weighted toward the second half of the year.

Results for the remainder of 2005 are expected to reflect a strong slate of theatrical and DVD releases in each territory. In Canada, the Partnership expects significant contributions from Sin City as well as Monster in Law starring Jane Fonda and Jennifer Lopez and the summer comedy Wedding Crashers starring Owen Wilson and Vince Vaughn. Momentum Pictures' slate of theatrical releases includes the acclaimed Downfall, Broken Flowers starring Bill Murray and The Dark starring Sean Bean. In Spain, the Partnership will release In Good Company and Valiant, an animated feature from the producers of Shrek. Valiant has already been received positively in the UK and France and will be distributed by Disney in North America.

Management of the Partnership advised in their quarterly press release and conference call, that they expect a strong theatrical and DVD slate in each of Canada, the UK and Spain for the balance of the year. Partnership management remains confident in their outlook and reconfirmed their 2005 financial guidance that was released on March 31, 2005.

For further details on the Partnership's first quarter financial results and the 2005 theatrical release slate noted above, please refer to the Movie Distribution Income Fund press release dated May 10, 2005.

Entertainment

The CSI franchise, comprised of CSI: Crime Scene Investigation, CSI: Miami and CSI: NY continues to drive Entertainment and deliver outstanding results for Alliance Atlantis. 22 episodes of the CSI franchise were delivered in the first quarter of 2005 compared to 16 in the prior year's period.

The Company continues to leverage the CSI franchise internationally, and international sales of CSI: Crime Scene Investigation, CSI: Miami and CSI: NY remain strong and continue to grow. The CSI franchise has also delivered outstanding results through weekend syndication and second-window cable sales in the U.S. market. CSI: NY continues to be the highest-rated new series on CBS, attracting nearly 14 million viewers each week.

Closing Comments

"In 2005, Alliance Atlantis marks its tenth anniversary as a leading specialty broadcaster," said Mr. MacMillan. "I believe that the first quarter of 2005 has laid the foundation for solid results for the year, and we remain focused on our goal of continuing to deliver growing audience numbers and improved returns for our shareholders."

Annual General Meeting

The Company's Annual General Meeting of Shareholders will be held in Toronto, at the Design Exchange, 234 Bay Street, Toronto, on June 15, 2005 at 10 am.

About Alliance Atlantis Communications

In 2005, Alliance Atlantis Communications Inc. celebrates its 10th anniversary as a leading specialty broadcaster, continuing to offer Canadians recognizable, high-quality brands boasting targeted, high-quality programming across 13 specialty channels. The Company co-produces and distributes a limited number of television programs in Canada and internationally, including the hit CSI franchise, and holds a 51% limited partnership interest in Motion Picture Distribution LP, Canada's leading motion picture distribution business. The Company's common shares are listed on the Toronto Stock Exchange - trading symbols AAC.A, AAC.NV.B and on NASDAQ - trading symbol AACB. The Company's Web site is www.allianceatlantis.com.

Certain statements and information included in this release constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Alliance Atlantis to be materially different from any future results, performance or achievements expressed or implied in such forward-looking statements. The words or phrases "guidance", "expect", "anticipate", "estimates", and "forecast" and similar words or expressions are intended to identify such forward-looking statements. Additional discussion of factors that could cause actual results to differ materially from management's projections, estimates and expectations is contained in the Company's periodic reports and registration statements filed with the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission. Alliance Atlantis undertakes no duty to update or revise its forward-looking statements, including its earnings outlook, because of new information, future events or otherwise.

This earnings release contains the unaudited consolidated balance sheets, earnings statements and statements of cash flows for the three months ended March 31, 2005 and the three months ended March 31, 2004.

----------------------------------
(1) Source: NMR Mo-Su 6a-6a Ad 25-54 AMA HGTV 10/97 - current, Food
10/2000 - current
(2) Source: NMR - Winter 2005 vs. Winter 2004 (Ad 25-54 Mo-Su 6a-6a AMA)
wk 19-31 2005 vs. wk 19-31 2004
(3) Source: Nielsen Media Research, Average Minute Audience, 01/03/05 -
03/27/95
(4) Source: Nielsen Media Research, 49 English Language Canadian New
Specialty Networks + 26 English Language Canadian Specialty Networks
launched pre 2001 among Digital Cable & Satellite Households only,
Mon-Sun 6a-6a, Adult 25-54 Jan 3-30/05
(5) Source: Nielsen Media Research: Average Minute Audience, Viewers 2+,
2 play cumulative (9pm + 1am), (03/23/05)
(6) Source: Nielsen Media Research, Average Minute Audience, Adults
25-54, October 17, 1997-March 27, 2005)

(x) Non-GAAP financial measures

The Company uses EBITDA, direct profit (loss), operating earnings
(loss), and net operating earnings (loss) to gain a better
understanding of the results of the business. These non-GAAP
financial measures are not recognized under Canadian or United
States GAAP. These non-GAAP financial measures are provided to
enhance the user and investor understanding of the Company's
historical and current financial performance and its prospects for
the future. Management believes that these measures provide useful
information in that they exclude amounts that are not indicative of
the Company's core operating results and ongoing operations and
provide a more consistent basis for comparison between years. The
Company uses EBITDA, direct profit (loss), operating earnings
(loss), and net operating earnings (loss) to measure operating
performance. The Company has defined EBITDA, calculated using
figures determined in accordance with Canadian GAAP, as earnings
(loss) before under noted, which are earnings before amortization,
interest, equity losses in affiliates, minority interest, unusual
items, investment gains and losses, foreign exchange gains and
losses, income taxes and discontinued operations, net of tax. Direct
profit (loss) is defined as revenue less direct operating expenses,
as defined in note 13 to the Company's unaudited interim
consolidated financial statements. Operating earnings (losses) has
been defined as earnings (loss) from operations before under noted
and discontinued operations, which are earnings before investment
gains and losses, foreign exchange gains and losses, income taxes
and discontinued operations, net of tax. Net operating earnings are
defined as operating earnings, net of an applicable portion of
income tax.

Net debt is defined as the Company's revolving credit facility,
senior subordinated notes and term loans, net of cash and cash
equivalents.

While many in the financial community consider EBITDA, operating
earnings and net operating earnings to be important measures of
operating performance, they should be considered in addition to, but
not as a substitute for, earnings (losses) before under noted,
earnings (loss) from operations before under noted and discontinued
operations, net earnings, cash flow and other measures of financial
performance prepared in accordance with Canadian GAAP which are
presented in the attached unaudited interim consolidated financial
statements. In addition, the Company's calculation of EBITDA,
operating earnings (loss) and net operating earnings (loss) may be
different than the calculation used by other companies and therefore
comparability may be affected. A reconciliation of these non-GAAP
financial measures to the most directly comparable measures
calculated in accordance with Canadian GAAP is presented on pages 23
to 25 of the Company's Management's Discussion and Analysis.

(xx) Alliance Atlantis holds a 51% limited partnership interest in Motion
Picture Distribution LP (the "Partnership"), a motion picture
distributor in Canada, the U.K. and Spain. The balance of the
Partnership is owned by Movie Distribution Income Fund
(TSX: FLM.UN).

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March 31, 2005
Consolidated Financial Statements and
Supplemental Information
For the Three Months Ended
March 31, 2005 and 2004
(Unaudited)

-------------------------------------------------------------------------

The interim Consolidated Financial Statements for the three month periods
ended March 31 have not been reviewed by an auditor.

Alliance Atlantis Communications Inc.
Management Report
-------------------------------------------------------------------------

The accompanying unaudited interim consolidated financial statements and supplemental information of Alliance Atlantis Communications Inc. ("the Company") are the responsibility of management and have been approved by the Board of Directors. The unaudited interim consolidated financial statements and supplemental information have been prepared by management in accordance with Canadian generally accepted accounting principles. The unaudited interim consolidated financial statements and supplemental information include some amounts and assumptions based on management's best estimates which have been derived with careful judgement.

In fulfilling its responsibilities, management of the Company has developed and maintains a system of internal accounting controls. These controls are designed to ensure that the financial records are reliable for preparing the financial statements. The Board of Directors of the Company carries out its responsibility for the financial statements through its Audit Committee. The Audit Committee reviews the Company's unaudited interim consolidated financial statements and recommends their approval by the Board of Directors.

May 16, 2005

W. JUDSON MARTIN RITA A. MIDDLETON
Senior Executive Vice President Senior Vice President, Finance -
Chief Financial Officer Corporate Group

Alliance Atlantis Communications Inc.
Consolidated Balance Sheets
(unaudited)
-------------------------------------------------------------------------
(in millions of Canadian dollars)

March 31, December 31, March 31,
2005 2004 2004
-------------------------------------------------------------------------
Assets
-------------------------------------------------------------------------
Cash and cash equivalents 100.1 55.0 101.8
-------------------------------------------------------------------------
Accounts receivable 322.9 372.2 245.2
-------------------------------------------------------------------------
Investment in film and television
programs (note 3):
-------------------------------------------------------------------------
Broadcasting 188.1 185.2 180.5
-------------------------------------------------------------------------
Motion Picture Distribution 184.4 186.8 151.0
-------------------------------------------------------------------------
Entertainment 207.5 195.3 263.4
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Development costs 0.6 1.2 3.2
-------------------------------------------------------------------------
Property and equipment 42.7 43.7 50.2
-------------------------------------------------------------------------
Assets related to discontinued
operations (note 10) - - 6.7
-------------------------------------------------------------------------
Investments 15.8 16.4 18.1
-------------------------------------------------------------------------
Future income taxes 120.4 128.4 86.2
-------------------------------------------------------------------------
Other assets 21.8 23.9 30.3
-------------------------------------------------------------------------
Broadcast licences 108.7 108.7 109.3
-------------------------------------------------------------------------
Goodwill 209.6 212.6 152.5
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1,522.6 1,529.4 1,398.4
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Liabilities
-------------------------------------------------------------------------
Accounts payable and accrued
liabilities 518.2 528.1 497.2
-------------------------------------------------------------------------
Income taxes payable 48.2 57.2 38.2
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Liabilities related to discontinued
operations (note 10) - - 3.1
-------------------------------------------------------------------------
Deferred revenue 33.0 40.4 21.5
-------------------------------------------------------------------------
Term loans (note 5) 486.2 483.6 78.2
-------------------------------------------------------------------------
Senior subordinated notes (note 6) - - 393.4
-------------------------------------------------------------------------
Minority interest 60.1 67.4 44.8
-------------------------------------------------------------------------
1,145.7 1,176.7 1,076.4
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Shareholders' Equity
-------------------------------------------------------------------------
Share capital and other (note 7) 730.6 725.7 720.3
-------------------------------------------------------------------------
Deficit (349.3) (372.5) (404.2)
-------------------------------------------------------------------------
Cumulative translation adjustments (4.4) (0.5) 5.9
-------------------------------------------------------------------------
376.9 352.7 322.0
-------------------------------------------------------------------------
1,522.6 1,529.4 1,398.4
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Commitments and contingencies (note 12)

The accompanying notes form an integral part of these unaudited interim
consolidated financial statements.

Alliance Atlantis Communications Inc.
Consolidated Statements of Earnings (Loss)
For the three months ended March 31,
(unaudited)
-------------------------------------------------------------------------
(in millions of Canadian dollars - except per share amounts)

2005 2004
-------------------------------------------------------------------------
Revenue
-------------------------------------------------------------------------
Broadcasting 62.5 55.9
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Motion Picture Distribution (note 13) 100.3 95.4
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Entertainment (note 13) 101.7 59.9
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Corporate and Other 0.3 0.4
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264.8 211.6
-------------------------------------------------------------------------
Direct operating expenses 186.5 145.6
-------------------------------------------------------------------------
Direct profit
-------------------------------------------------------------------------
Broadcasting 32.3 31.9
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Motion Picture Distribution (note 13) 10.2 21.5
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Entertainment (note 13) 35.5 12.3
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Corporate and Other 0.3 0.3
-------------------------------------------------------------------------
78.3 66.0
-------------------------------------------------------------------------
Operating expenses
-------------------------------------------------------------------------
Selling, general and administrative 39.7 30.1
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Stock-based compensation (0.1) 2.8
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39.6 32.9
-------------------------------------------------------------------------
Earnings (loss) before undernoted and discontinued
operations
-------------------------------------------------------------------------
Broadcasting 16.1 17.5
-------------------------------------------------------------------------
Motion Picture Distribution (note 13) (1.7) 16.3
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Entertainment 31.2 6.9
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Corporate and Other (6.9) (7.6)
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38.7 33.1
-------------------------------------------------------------------------
Amortization, including development costs charges 3.7 6.5
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Interest (note 8) 5.5 14.6
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Minority interest (1.7) 7.8
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Earnings from operations before undernoted and
discontinued operations 31.2 4.2
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Investment gains (note 9) - (0.3)
-------------------------------------------------------------------------
Foreign exchange losses 1.3 2.6
-------------------------------------------------------------------------
Earnings before income taxes, and discontinued
operations 29.9 1.9
-------------------------------------------------------------------------
Provision for income taxes 6.7 3.1
-------------------------------------------------------------------------
Net Earnings (Loss) before discontinued operations 23.2 (1.2)
-------------------------------------------------------------------------
Discontinued operations, net of tax (note 10) - (0.8)
-------------------------------------------------------------------------
Net Earnings (Loss) for the period 23.2 (2.0)
-------------------------------------------------------------------------
Earnings (Loss) per Common Share before
discontinued operations
-------------------------------------------------------------------------
Basic (note 11) $0.53 $(0.03)
-------------------------------------------------------------------------
Diluted (note 11) $0.52 $(0.03)
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Earnings (Loss) per Common Share
-------------------------------------------------------------------------
Basic (note 11) $0.53 $(0.05)
-------------------------------------------------------------------------
Diluted (note 11) $0.52 $(0.05)
-------------------------------------------------------------------------
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The accompanying notes form an integral part of these unaudited interim
consolidated financial statements.

Alliance Atlantis Communications Inc.
Consolidated Statements of Deficit
For the three months ended March 31,
(unaudited)
-------------------------------------------------------------------------
(in millions of Canadian dollars)

2005 2004
-------------------------------------------------------------------------
Deficit - beginning of period (372.5) (402.2)
-------------------------------------------------------------------------
Net earnings (loss) for the period 23.2 (2.0)
-------------------------------------------------------------------------
Deficit - end of period (349.3) (404.2)
-------------------------------------------------------------------------
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The accompanying notes form an integral part of these unaudited interim
consolidated financial statements.

Alliance Atlantis Communications Inc.
Consolidated Statements of Cash Flow
For the three months ended March 31,
(unaudited)
-------------------------------------------------------------------------
(in millions of Canadian dollars)

2005 2004
-------------------------------------------------------------------------
Cash and cash equivalents provided by (used in)
-------------------------------------------------------------------------
Operating activities
-------------------------------------------------------------------------
Net earnings (loss) for the period 23.2 (2.0)
-------------------------------------------------------------------------
Items not affecting cash
-------------------------------------------------------------------------
Amortization of film and television programs:
-------------------------------------------------------------------------
Broadcasting 25.3 21.1
-------------------------------------------------------------------------
Motion Picture Distribution 29.0 17.8
-------------------------------------------------------------------------
Entertainment 37.4 44.3
-------------------------------------------------------------------------
Development costs charges 0.6 2.8
-------------------------------------------------------------------------
Amortization of property and equipment 2.6 2.9
-------------------------------------------------------------------------
Amortization of other assets 0.9 2.0
-------------------------------------------------------------------------
Investment gains - (0.3)
-------------------------------------------------------------------------
Minority interest (1.7) 7.8
-------------------------------------------------------------------------
Future income taxes 8.0 (1.5)
-------------------------------------------------------------------------
Unrealized net foreign exchange losses 0.8 6.5
-------------------------------------------------------------------------
Stock-based compensation 0.7 0.4
-------------------------------------------------------------------------
Investment in film and television programs:
-------------------------------------------------------------------------
Broadcasting (28.2) (21.4)
-------------------------------------------------------------------------
Motion Picture Distribution (26.2) (15.4)
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Entertainment (49.1) (61.1)
-------------------------------------------------------------------------
Development cost expenditures - (2.8)
-------------------------------------------------------------------------
Net changes in other non-cash balances related
to operations 22.3 8.2
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Discontinued operations - 0.5
-------------------------------------------------------------------------
45.6 9.8
-------------------------------------------------------------------------
Investing activities
-------------------------------------------------------------------------
Property and equipment (1.6) (0.9)
-------------------------------------------------------------------------
Long-term investments 0.6 -
-------------------------------------------------------------------------
Other - 0.4
-------------------------------------------------------------------------
(1.0) (0.5)
-------------------------------------------------------------------------
Financing activities
-------------------------------------------------------------------------
Repayment of long-term debt - (1.2)
-------------------------------------------------------------------------
Distributions paid to minority interest (3.7) (3.5)
-------------------------------------------------------------------------
Issue of share capital 4.2 2.5
-------------------------------------------------------------------------
Discontinued operations - (0.7)
-------------------------------------------------------------------------
0.5 (2.9)
-------------------------------------------------------------------------
Change in cash and cash equivalents 45.1 6.4
-------------------------------------------------------------------------
Cash and cash equivalents - beginning of period 55.0 95.4
-------------------------------------------------------------------------
Cash and cash equivalents - end of period 100.1 101.8
-------------------------------------------------------------------------
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The accompanying notes form an integral part of these unaudited interim
consolidated financial statements

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SUPPLEMENTAL INFORMATION

For the Three Months Ended March 31, 2005 and March 31, 2004

(unaudited)

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Alliance Atlantis Communications Inc.
Supplemental Information
For the three months ended March 31,
(unaudited)
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2005 2004
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Production Deliveries
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Motion Pictures (number of films): - 1.0
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Television hours:
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CSI Vegas/Miami/New York 22.0 16.0
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Drama - 8.5
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Kids - 8.5
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22.0 33.0
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Fact - 11.0
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Broadcasting Paid
Subscribers March 31, December 31, September June 30,
(millions) 2005 2004 30, 2004 2004
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Showcase Television (100%) 6.2 6.2 6.1 6.1
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Life Network (100%) 5.6 5.6 5.9 5.9
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HGTV Canada (67%) 5.7 5.6 5.1 5.1
-------------------------------------------------------------------------
History Television (100%) 5.8 5.7 5.6 5.5
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The Food Network (51%) 4.4 4.4 4.3 4.2
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Series+ (50%) 1.3 1.3 1.3 1.2
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Historia (50%) 1.3 1.3 1.3 1.2
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Showcase Action (100%) 1.2 1.1 1.1 1.0
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Showcase Diva (100%) 1.1 1.0 1.0 0.9
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IFC - The Independent Film
Channel Canada (100%) 1.0 1.0 0.9 0.9
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Discovery Health Channel
(65%) 0.8 0.8 0.8 0.7
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BBC Canada (50%) 0.9 0.9 0.8 0.8
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BBC Kids (50%) 1.0 0.8 0.7 0.4
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National Geographic Channel
(50%) 0.9 0.8 0.8 0.8
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37.2 36.5 35.7 34.7
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Source: Alliance Atlantis Communications Inc.

CONTACT: W. Judson Martin, Senior Executive Vice President,
and Chief Financial Officer, Tel: (416) 934-6932, E-mail:
judson.martin@allianceatlantis.com; Jennifer Bell, Director,
Corporate & Public Affairs, Tel: (416) 934-7854, E-mail:
jennifer.bell@allianceatlantis.com

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