TORONTO -- MDP Worldwide Entertainment, the Montreal-based film company riding high on the success of "Monster," posted a sizable revenue increase Monday.
Revenues for the first quarter, ended Dec. 31, jumped 30% from the same quarter a year ago to C$10 million ($7.5 million), thanks primarily to "Monster."
Net earnings for the quarter were $373,000, a slight dip from $428,000 a year earlier. Company blamed the drop on an income tax increase.
"The theatrical release of 'Monster' has been an across-the-board success, resulting in an Academy Award win, enormous amounts of critical acclaim and continuing commercial success at the North American box office," said Sammy Lee, vice chairman of the board. "We now expect to continue this positive momentum with our strong future slate of films, as we continue to focus on making high-quality films with commercial appeal."
U.S. rights to MDP comedy "The Upside of Anger" were recently picked up by New Line. Company also has horror comedy "Santa's Slay," romantic comedy "Red Lips, White Lies" and youth drama "Havoc."
Production and distribution costs for the quarter were up 37% at $6 million, due primarily to the cost of the "Monster" P&A push. Under current accounting rules, P&A can no longer be amortized throughout the anticipated revenue stream of the film.
MDP Worldwide Entertainment is the parent company of California-based Media 8 Entertainment (formerly MDP Worldwide), which was renamed after Limerick Assets took it over in 2002. At a shareholders meeting skedded for later this month, parent company MDP Worldwide Entertainment will hold a vote to change MDP's moniker to M8 Entertainment.
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