Senator Entertaiment has posted a net loss of Euros 59.5m for the first nine months of 2002 - a massive reversal compared with last year's Euros6.9m net profit
The company also announced the reduction of its management board by one member as part of its cost-cutting and restructuring programme.
The quarterly report explained that the net loss was largely a result of Euros 95m depreciation on intangible and other assets, including Euros 31m due to the disappointing US box-office results for Death To Smoochy, Trapped and Enigma
The first nine months saw the group's revenues drop year-on-year by almost half - 47.7% - to Euros 60.6m from Euros 115.9m, with the bulk of turnover coming from license trading (63%), followed by film production (22%) mainly from projects delivered by its subsidiaries and theatrical distribution (15%) "well below expectations".
Meanwhile, Senator revealed that, as part of this year's cost-cutting and restructuring programme, Dr. Werner Franke, who had been responsible for Corporate Development/Corporate Affairs, Mergers & Acquisitions and Law, had stepped down from his position on the management board. Franke he will continue to advise Senator through his newly created Berlin-based law and tax film Franke.
Concern about Senator's latest quarterly results, which were not published until after the end of trading on Friday evening (Nov 29), resulted in the share price slipping by 14.6% to 47 cents.