Civilian pockets profit
Co. sees gains despite a 54% drop in gross sales
That result was achieved by stringent cost-cutting and corporate restructuring, combined with strong operating performances from the Film Consortium and sales company the Works.
Civilian confirmed that it has acquired the 25% it did not already own in the Works from BBC Films.
Non-exec chairman David Elstein is stepping down and will be replaced by Crispin Barker, the second largest shareholder with a 23% stake. Non-exec director Marc Samuelson and exec director Tim Willis are also quitting.
Civilian's 2002 profit was achieved despite a 54% drop in gross sales to $10.4 million, from $22.7 million in 2001. That figure gives a misleading impression of its operating performance because it is distorted by sale-and-leaseback deals on the company's movies.
Stripping out the S&L impact, the underlying operating sales were approximately $3.9 million, up 15% on the previous year.
The Film Consortium, one of three U.K. companies that has access to lottery coin, reported a best-ever operating profit of $707,000. The Works also made an operating profit, although the figure was not published.
"I'm delighted to announce this positive outcome for the year," said Civilian managing director Chris Auty. "It is a tribute to the dedication and focus of the directors and staff that we have been able to significantly improve profitability, cutting costs while increasing the level of activity, both in production and in sales."
