Intertainment Media Inc. (CVE:INT) (PINK:ITMTF) had a promising trading session before Christmas in reaction to their newest financial update.
INT stock stacked up 15.85% gain on Friday after the share price bounced support at 40 cents per share. The move was also complimented by an 8.5 million in trading volume, which was nearly 5 times the average 1.8 million.
The stir was caused by financial statements filed by Intertainment on December 23. The company showed they still have a strong capital position and stable revenues, although the situation was slightly worse than the previous quarter:
o Working capital decreased 14.6% to $21.55 million;
o Revenues were 22% lower at $1.26 million, and 35% of revenues came from two customers, making the business economically dependable;
o Net loss was three times that recorded in September 2010 and totaled over $3.7 million;
o Most of the loss also registered on the cash flow statement, setting back their cash account by nearly $3.5 million;
It seems though that this filing only reminded traders that Intertainment is in a rather favorable financial position. Situation with income was worse than last year and the company just seems to be burning the recently secured cash at the current business stage.
