French group Bac Majestic released third quarter results this week reporting revenues of Euros 49.2m - a 28.6% drop from the same period last year.
In a statement the company noted that the decrease in earnings was down to the "new strategic orientation" of the group with fewer films being released. Bac's boutique distributor Mars Films was taken over by StudioCanal last year.
Indeed, easily the hardest hit area for Bac was theatrical distribution which recorded a 69.4% drop.
While 2002 benefited from The Pianist's strong run, Bac has released only 19 films in 2003 compared with 34 the previous year. Recent releases include animated fable The Dog, The General And The Birds, Takeshi Kitano's Zatoichi and Woody Allen's Life And Everything Else.
Video sales were up 39.7% to Euros16.9m through subsidiary Wild Side Video which has performed well since launching nearly two years ago.
Television sales also jumped, with a more than 100% rise in revenues to Euros14.5m. Bac noted in its press release that healthy and increased sales for first window pay-TV to Canal Plus were responsible.
The company also announced a replacement for chief executive Alain Mamou-Mani who left Bac last week. Bac's financial director Michel Carre takes over.