ContentFilm chairman Alton Irbysaid that the company has seen at "encouraging results" after its acquisitionof the Fireworks International library and restructuring. Since the Fireworksdeal closed in July, that TV and film library has generated $10 million in cashflow and $4.5 in new contractual sales.
Speaking at the company's annualgeneral meeting, Irby noted that ContentFilm International had shifted itsfocus from selling its self-produced films to acquiring the sales rights forthird-party productions.
During the past year, Content hasacquired sales rights to 12 features, at various stages of production, whichIrby estimated represent a total production value of $100 million. Recent acquisitionsinclude Peter Greenaway's Nightwatching,Paul Verhoeven's Black Book, andMichael Traeger's The Moguls. Irbysaid that going forward, he expected ContentFilm International to continue toacquire more higher-budget films.
The company's overhead is down afterstreamlining its offices and also seeing the exit of COO Douglas Tulley. Thosemoves will result in annual savings of about $750,000.
Irby also noted that the company'snet debt has been reduced by more than $8 million since July's restructuring.