Group banks on 'Net strategy to distribute, market film library
NEW YORK — Overseas Film Group said higher interest expenses tipped it into the red for the latest quarter as it posted a net loss of $48,000 compared with a profit of $211,000 a year earlier.
Revenue at the Los Angeles-based independent film distributor fell 23% to $6.5 million.
Interest expenses at the company, which is always looking for fresh cash, rose 38% to $491,382.
The company’s Sigourney Weaver starrer “Map of the World” will debut at the Toronto Film Festival next month. “Relative Values” is upcoming, and “All Forgotten” and “Partners” are in post-production.
Overseas Film Group is also banking on its Internet strategy to distribute and market its growing film library. The company recently inked a deal with Broadcast.com to broadcast film over the Internet and jointly promote and market videos, DVDs and other merchandise.