Intermedia is predicting a massive surge in revenues in the final quarter after announcing results for the first nine months that leave the company more than Euros 217m short of its target of Euros 355m in sales for the entire year.
The Neuer Markt-listed powerhouse said that revenues of Euros 137.7m in the first nine months were on target as fourth quarter revenues would come from the delivery of Adaptation, The Quiet American, Plague Season, National Security and The Discovery Of Heaven. Hitting Euros 355m would be a massive leap for the company, which generated revenues of Euros 149.7m last year but has ramped up dramatically after floating.
Iris, Wise Girls and Harrison Ford title K-19: The Widowmaker drove revenues in the third quarter. But significantly, only around 30% of territories are sold on K: 19, one of the biggest budget productions on Intermedia's slate. K-PAX was largely responsible for revenues of Euros 62.2m in the first half of the year.
Boerse Online noted that "at first sight" the figures were disappointing because they were apparently below the forecasts for the year. Analysts had on average expected sales of Euros 109m for third quarter, almost Euros 35m higher. The share price rose by 3.12% to Euros 25.47 at the beginning of trading today (Nov 16).
Additional revenues are expected to be generated in the final quarter from production fees on films including Mindhunters and The Life Of David Gale. Overages from the box-office success of The Wedding Planner have also started to come in.
Intermedia spent Euros 4.6m on development costs during the first nine months this year.
Martin Blaney in Berlin contributed to this report