Daily News Tuesday, November 14, 2006
Asian Television Reports Q3 Growth
Asian Television Network International Limited is a leading broadcaster of specialty television programming.
The Company has a total of thirteen licensed television channels in operation
most of which are dedicated to multi lingual television programming. The
Company's operations reach beyond the niche markets. The Company broadcasts
and is dedicated to bringing world-class cricket as well as an English
language news channel.


The financial statements for the third quarter indicate a continuing
growth and increase in revenues and earnings, a trend set and sustained since
March 31 2002, when the turnaround occurred and the performance of the Company
turned from red to black.
The following Tables are prepared to provide a summary of the latest

Third quarter Third quarter
of 2006 of 2005
September 30, September 30,
2006 2005 Increase

Total revenue 2,822,267 2,065,988 756,279 36.6%
Earnings before income tax 825,191 601,886
EBITDA 1,052,530 747,685 304,845 40.8%

Earnings per share 4.4 cents 3.1 cents
Cash flows from operations 972,732 650,749
Operating and administration
expenses 1,769,737 1,318,303 34.2%

Nine months Nine months
Sept. 30, 2006 Sept. 30, 2005
YTD YTD Increase

Total revenue 7,639,422 4,966,063 2,673.359 53.8%
Earnings before income tax 1,983,708 1,142,459
EBITDA 2,611,432 1,558,889 67.5%
Earnings per share 10.8 cents 6.5 cents
Cash flows from operations 2,360,208 1,253,071 88.3%
Operating and administration
expenses 5,027,990 3,407,174

Liquidity and Capital Resources

The Company's focus has been and continues to be to strike a fine balance
between continuing expansion of its operation and deployment of new capital
and debt reduction. It has stayed on that course over the past few years. The
continuing growth of the Company and its revenue and earnings together with
the availability of its past tax losses have helped in providing the necessary
cash flow. The policy of controlled expansion in tandem with measured debt
reduction has now put the Company in a comfortable position of having a
capacity of raising new capital through institutional lenders, if and when it
found it necessary to do so to pursue its business plans.


We anticipate for the 4th quarter of 2006 that EBITDA will continue to
show significant growth as the company benefits from stabilized expenses while
subscription and advertising revenue show greater than average growth.


The essence for continued growth of subscription revenue is the number of
channels carried by multiple cable and satellite carriers. We now have 8 of
our 13 channels available nation wide and all 13 channels available in
southern Ontario. The Company continues to search for opportunities to expand
the availability of our niche market channels.


The Company has continued with its plans of growth through engaging the
market on new fronts and gaining a better penetration of the market through
continuing enrichment of its programming which is the heart of this industry.
The Company has during this third quarter signed an agreement and launched on
October 2, 2006 STAR PLUS programming segments on its ATN channel. STAR PLUS
is India's No. 1 satellite channel and has redefined Hindi television
entertainment. STAR is a wholly owned subsidiary of News Corporation, a Rupert
Murdoch Company. The company's commitment to bring quality entertainment to
our viewers will also result in adding long-term value to our business.
However the Company will carefully analyze these investments as their cost
continues to rapidly increase to ensure we obtain an appropriate return on
investment. The company looks forward to obtaining substantial fiscal results
by continuing to develop new growth opportunities within our core markets and
at the same time expanding our operating efficiencies throughout the years


The company will launch very soon a sports channel. This will enable ATN
to continue to diversify and enhance the interest in the programming we offer
on our existing 13 channels across Canada. We plan to continue the launch in
2007 of other channels that offer impressive new programming. The future
launch of more channels shall ensure effective and optimal use of our
resources, while achieving more penetration in our niche market ATN will
continue to grow and increase it's future profitability by delivering new,
compelling, creative and interesting programming that reflects the diversity
of our community as well as increasing and diversifying the number of our
advertisers in our niche markets across Canada. The company is in an enhanced
position for cost control as it has already invested in the basic
infrastructure to support these channels.


The effective income tax rate of 0.0% for the year is lower than the
statutory rate of 36.1% due mainly to loss carry forwards and unused capital
cost allowances. All will be realized in future years, as the company is
confident for it's future profitability. We realized these loss carry forwards
in 2005 and are utilizing this asset starting in 2006.The income tax expense
of $716,118 is a non cash, non payable item.


This MD&A; also contains forward looking statements and include statements
based on current expectations, estimates, forecasts and projections about
economies and markets in which we operate and our beliefs and assumptions
regarding these economies and markets, and the growth based on expectations of
a continuing demographic trend and linguistic shifts and a continuing launch
of new channels and the continuing synergies of the Company's channels as a

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