HOLLYWOOD — Higher administration costs and debt-reduction efforts caused Overseas Filmgroup to post a broadened second-quarter loss Tuesday, and reduced film sales lowered quarterly revenue as well.
Additionally, the Los Angeles-based film distributor took a one-time charge of $15.6 million for the effect of implementing certain accounting changes. But the charges were back-dated to January and thus affected only first-quarter and first-half numbers.
In the second quarter, Overseas reported a loss of $666,705, compared with red ink of $47,714 in the same period last year.
Revenue from film releases, which included the Helen Mirren topliner “Greenfingers” in the latest quarter, slid 48% to $6.5 million.
“We have begun aggressive implementation of our strategic plans meant to invigorate new high-profile, commercial product flow,” chairman-CEO Christopher Cooney said. “And we have activated new revenue centers including director distribution of home video and television commercial production.”
Upcoming film releases include the Jessica Lange starrer “Colette.”