Telescene productions give boost to bottom line
First quarter net earnings up 842%
|
More Articles:
Most Viewed:
Summit's 'Twilight' dilemma(7406 views)Spirit Award nominations announced(5418 views)Nicole Richie lands ABC project(1473 views)Steven Seagal Lawman(1359 views)'Hurt Locker' tops Gotham Awards(1245 views) |
Net earnings for the first quarter ended May 31 were C$970,000 ($650,000), or 7¢ per share, up a whopping 842% from the $69,000 the company earned in the previous year's first quarter. Gross revenues took a similar leap to $7.2 million compared with $1.8 million for the same period in 1998.
According to Telescene exec VP-chief operating officer Paul Painter, the increase reflects the fact that the company's revenues for the quarter are solely production-related -- the fruit of 28 half-hour episodes of "Student Bodies," "The Hunger," "Big Wolf on Campus" and "Misguided Angels" delivered during the quarter. The previous year's numbers, on the other hand, came exclusively from library sales.
"This is a very lumpy business," Painter said. "But as you get a little bit bigger, it stabilizes. Now we have four or five shows going on at the same time, and we expect it to be between four and six shows in the future."
During the quarter, the company began principal photography on "The Lost World" series in Australia, and on the pilots "Fearless" and "Matthew Blackheart," for the Action Adventure Network. It was also in post-production on a second AAN movie for DirecTV, "Dr. Jekyll and Mr. Hyde."
Painter said he expects the company to maintain the growth curve of 25%-35% that the company established last year.
