IM Internationalmedia AG, the corporate parent of Intermedia, has announced its second consecutive positive quarterly result - scoring EBITA of Euros 4.3m for the first quarter 2003 as compared to a negative Euros 5.4m in the first quarter of 2002. The results come just as Intermedia prepares to launch its biggest ever picture Terminator 3: Rise Of The Machines here this weekend.
Sales revenues increased 21% over the same period in the previous year to Euros 80.6m. The company's cash position now stands at Euros 21.7m during the quarter, down from Euros 34.7m in the previous quarter due to investments in the pre-production of Alexander, Laws Of Attraction and The Aviator from sister outfit IEG.
The good results show the benefits of a major cost-cutting drive at Intermedia, according to Intermedia chairman Moritz Borman and CFO Andreas Konle speaking from Munich yesterday. "We've cut our overhead through the sales joint venture with Summit and cut down on our overhead development deals," explained Konle.
"We have reached a plateau now," said Borman confidently. "We have only four deals left with Mark Johnson Productions, C2 Pictures, Spitfire Pictures and Outlaw Productions. "We have a first-look deal with C2 which we made when we went into business on T3 and obviously was also meant to include T4. And judging by the studios' reaction to T3 when we screened it to them five weeks ago, T4 looks like it will happen." Obviously any decisions about T4 will be made after the film opens in July.
IM's EBIT for the first quarter was Euros 3.9m, an increase of Euros 10.7m from the previous year and earnings after tax were Euros 1.1m, an increase of Euros 6.9m from the same period last year.
The company's outstanding bank loan balance was reduced by Euros 42.7m from the previous quarter 2002 to Euros 178.1m in the first quarter.
Borman said that overages from IEG's Traffic and Intermedia's The Wedding Planner contributed in the quarter. He added that Alexander starring Colin Farrell and Anthony Hopkins is ready to start shooting in the summer under director Oliver Stone with a budget well in excess of $100m.
"Oliver is in London at the moment working on sets and costumes and has started CGI work to go with material he has shot in India."