MDP WorldwideEntertainment, Mark Damon's production and sales outfit which is listedon the Toronto Stock Exchange, has reported its highest ever financial resultsfor the year ending Sept 30,2001. MDP reports a net profit of $3.6m onoperating revenues of $53.6m, a rise of 427% from the previous fiscal year.
Earnings pershare were up $0.03 as opposed to a loss of $0.17 the previous year. Vicepresident of finance Devin Cutler was pleased to point out in a statement issuedyesterday that the results represented 'a major improvement in operatingperformance after a long history, under previous management, of extensiveoperating losses.'
Cutler is referring to the Montreal-based BehaviourCommunications which Damon took control of in March 2000 by converting $5.7mowed him by Behaviour into shares representing a 60% stake. Behaviour, formerlyMalofilm, was at one time one of Canada's leading entertainmentoperations which after being bought out from founder Rene Malo in 1996 expandedrapidly including the partnership and acquisition of MDP which for a whilebecame Behaviour Worldwide. But with expansion, the company's share pricetumbled.
'We haveput the past behind us,' said Damon. 'We have divested ourselves ofall money losing non-core operating businesses and have refocused our effortsand resources only on our core business, the production and distribution of larger-budgeted,mainstream theatrical motion pictures.' MDP enjoyed a hit withUniversal's domestic release of The Musketeer which grossed $27.1m last September andhas high hopes for two other releases - The Extremists, released through Paramount domestically,and Fear.com,released through Warner Bros - this year.
'Ourfinancial and operating results are on par with Canadian film companies manytimes our size,' said Cutler.
Meanwhile Damonhas been aggressively pursuing new projects and has recently boarded three- The United States Of Leland produced by Kevin Spacey's Trigger Street Productions andstarring Ryan Gosling, Chris Klein, Don Cheadle, Jena Malone, Lena Olin andSpacey himself; Havoc,a provocative screenplay by Traffic Oscar winner Stephen Gaghan which hasScarlett Johanssen in talks to star and The I Inside, a time travel thriller being written byMichael Cooney from his play Point Of Death.