Internationalmedia,the corporate parent of Los Angeles-based Intermedia and IEG, has confirmed itspreliminary fourth quarter and year-end 2002 figures (Screendaily Mar 14), withseveral slight changes.
Fourth quarterrevenues were Euros 103.2m, with the company recording a Euros 3.1m operatingprofit (EBITA).
Revenues for thefiscal year ending Dec 31 2002 were Euros 259.7m, while Internationalmedia'scash position for 2002 was Euros 56.4m.
The company'soperating loss (EBITA) for 2002 was Euros 28.5m. A one-off non-cash write-downof goodwill assets of Euros 68.4m has resulted in an operating loss (EBIT) for2002 of Euros 98.7m.
Operating loss was the result of lower than expectedfinancing fees, international exchange rates, the postponement of film startsand releases from 2002 to 2003, an increased number of pictures in activedevelopment and corporate restructuring expenses.
The Euros 68.4m write-downdoes not affect the company's operations, cash position or liquidity.
Corporaterestructuring resulted in a Euros 29m decrease in the company'sexpenditure for 2003.
Company executives expect financial performance in 2003to improve, given its bigger release slate, expanding film library, large assetof pre-financed development and production costs for future releases,significant reduction in overheads and 50% ownership of the recently launchedsales company IS Film Distribution.
Intermedia andIEG produced five picture for US release in 2002, which included Gangs OfNew York, Adaptation andThe Quiet American.
The 2003 slatefeatures seven pictures, among them: Terminator 3: Rise Of The Machines, starring Arnold Schwarzenegger; Basic, starring John Travolta; Mindhunters,starring Christian Slater; and Suspect Zero, which stars Aaron Eckhart.
Six more titlesare set to go into production this year, including: Oliver Stone's Alexander, starring Colin Farrell; MartinScorsese's The Aviator,starring Leonardo DiCaprio; and Laws Of Attraction, which stars Pierce Brosnan and JulianneMoore.