Change is beneficial for ContentFilm
Sales up 75% to $19.8 mil
Content reported an operating profit of £386,000 ($713,000) for the year ended March 31, compared with a loss of $12 million in the previous year. Sales were up 75% to $19.8 million.
But restructuring costs meant the company logged a net loss of $6.5 million after tax and exceptional items.
Last year, Content pulled out of film production and U.K. theatrical distribution, resulting in an exceptional charge of $4.2 million. It then acquired the Fireworks Intl. TV library and sales operation, headed by Greg Phillips, to add to its film sales business run by Jamie Carmichael.
On Friday, Content unveiled a U.S. DVD distribution arm created by acquiring the video arm of UAV and merging it with Jeff Sagansky and Kerry McCluggage's Allumination Filmworks. Sagansky and McCluggage will have a 15% stake in Content, with McCluggage as CEO of the U.S. arm.
UAV and Allumination have U.S. distribution rights to 400 movies and 4,000 hours of TV programming.
"We now own over 2,000 hours of TV programming and over 100 feature films," said chairman Alton Irby.
The company intends to use its strengthening balance sheet and stock price on London's Alternative Investment Market to buy more content for its film and TV libraries and to build up its DVD distribution business.
