Behaviour shrinks losses in 2nd quarter

Revenues up slightly from $14.1 to $15.3 million

MONTREAL — Behaviour Communications had a small increase in revenue and a net loss during its second quarter, it was reported Thursday by the Montreal-based entertainment company.

Behaviour also announced the official closing of its recent deal to acquire MDP Worldwide (Daily Variety, March 27, 1998), with some changes to the terms of the agreement in order to access certain tax benefits.

MDP CEO Mark Damon, who is also MDP’s majority shareholder, and other shareholders will now receive $5.9 million in cash, up from $5 million in the original deal, along with a package of class-B shares and a $3.5 million note convertible into class-B shares. The overall deal is now worth $20.6 million, compared to $19.3 million in the initial announcement.

The MDP takeover is effective March 26, 1998 and is reflected in Behaviour’s second-quarter balance-sheet. In addition, a restructuring charge of $1 million has been reported in the second-quarter to reflect the future costs of integrating the operations of Behaviour’s two Los Angeles film units, MDP Worldwide and Image Organization.

Revenues up

The company’s revenues for the quarter ended March 31 were $15.3 million, up slightly from $14.1 million in the same period last year. Behaviour reported a net loss of $1.4 million or $0.05 per share, compared to a loss of $16.2 million or $1.60 per share for the second quarter last year. The losses included the $1 million one-time charge related to the MDP acquisition.

The upswing in revenue was primarily due to increases in revenue from production and the interactive decision. Filmline Intl., wholly owned by Behaviour, accounted for most of the production gains, delivering three new episodes of the “Highlander VI” series and two features, “Noose” with Denis Leary and the Aidan Quinn starrer “This Is My Father.”

Distribution revenues were down substantially to $2.1 million, compared to $4.7 million last year. The dip reflects Behaviour’s relative inactivity in terms of new releases theatrically.

Behaviour chairman Richard Szalwinski is a big booster of new media products, but the company’s new media division posted a loss of $420,000.

More Biz

  • China's iQIYI Takes Further Step to

    China's iQIYI Takes Further Step Towards IPO (Report)

    MONTREAL — Behaviour Communications had a small increase in revenue and a net loss during its second quarter, it was reported Thursday by the Montreal-based entertainment company. Behaviour also announced the official closing of its recent deal to acquire MDP Worldwide (Daily Variety, March 27, 1998), with some changes to the terms of the agreement […]

  • Leah Remini Scientology A&E

    Leah Remini Defends Paul Haggis, Suggests Scientology May Be Behind Misconduct Claims

    MONTREAL — Behaviour Communications had a small increase in revenue and a net loss during its second quarter, it was reported Thursday by the Montreal-based entertainment company. Behaviour also announced the official closing of its recent deal to acquire MDP Worldwide (Daily Variety, March 27, 1998), with some changes to the terms of the agreement […]

  • Killer Content Blasts Weinstein Co. Sale

    Killer Content Blasts Weinstein Co. Sale Process and 'Optical Rebranding' Effort

    MONTREAL — Behaviour Communications had a small increase in revenue and a net loss during its second quarter, it was reported Thursday by the Montreal-based entertainment company. Behaviour also announced the official closing of its recent deal to acquire MDP Worldwide (Daily Variety, March 27, 1998), with some changes to the terms of the agreement […]

  • Alex Pall, left, and Andrew Taggart,

    Merriweather Post Pavilion’s Roof Collapses

    MONTREAL — Behaviour Communications had a small increase in revenue and a net loss during its second quarter, it was reported Thursday by the Montreal-based entertainment company. Behaviour also announced the official closing of its recent deal to acquire MDP Worldwide (Daily Variety, March 27, 1998), with some changes to the terms of the agreement […]

  • Oprah interview Time's Up

    'Time's Up' Members Tell Oprah Winfrey the Campaign Continues

    MONTREAL — Behaviour Communications had a small increase in revenue and a net loss during its second quarter, it was reported Thursday by the Montreal-based entertainment company. Behaviour also announced the official closing of its recent deal to acquire MDP Worldwide (Daily Variety, March 27, 1998), with some changes to the terms of the agreement […]

  • James Cameron Wonder Woman

    James Cameron Calls Eliza Dushku 'Brave' for Revealing 'Heartbreaking' Assault

    MONTREAL — Behaviour Communications had a small increase in revenue and a net loss during its second quarter, it was reported Thursday by the Montreal-based entertainment company. Behaviour also announced the official closing of its recent deal to acquire MDP Worldwide (Daily Variety, March 27, 1998), with some changes to the terms of the agreement […]

  • Christine Vachon, Pam Koffler, Adrienne Becker'Only

    Abigail Disney, Killer Content Partner to Launch Female-Led Level Forward Studio

    MONTREAL — Behaviour Communications had a small increase in revenue and a net loss during its second quarter, it was reported Thursday by the Montreal-based entertainment company. Behaviour also announced the official closing of its recent deal to acquire MDP Worldwide (Daily Variety, March 27, 1998), with some changes to the terms of the agreement […]

More From Our Brands

Access exclusive content