AMSTERDAM — Fox Kids Europe (FKE) nearly halved its net losses and jacked up its revenues by some 50% in the company’s first half-year earnings report, the first since it launched onto the stock exchange here on Nov. 18.
The pan-European kids net — which also owns rights to the Saban library, one of the world’s biggest libraries of children’s programming — reported combined revenues of $52.3 million for the six-month period ending Nov. 30, 1999, up from $34.9 million a year earlier.
FKE chairman and CEO Ynon Kreiz told Daily Variety the rise was due to “growth in every single market and in both channel operations and program distribution.”
Future growth predicted
Adding that “Spider-man would be proud of the web we’re spinning across Europe these days,” Kreiz predicted strong future growth in the company’s Internet and online activities, concluding, “You can also expect to see more acquisitions in these areas in the future.”
Revenues in program distribution jumped year on year by 74% to $33.8 million, and in channel operations by 47% to $16.8 million. Net losses were pared down from $9 million year on year to $4.5 million as a result of scalability and cost-reduction efforts, Kreiz added.
Only FKE’s merchandising arm, the consumer products division, failed to turn in impressive results. It reported a drop in revenue from $3.9 million to $1.6 million, a situation that Kreiz predicted would be remedied in the next 12 months when Saban Consumer Products Europe is integrated with FKE’s ops.