German company's revs sink to $7.57 mil
LONDON — German licensing player Advanced Medien has posted first-half losses of 8.45 million euros ($7.69 million), compared with a profit of $1.10 million for the same period last year.
Company revenues sank to $7.57 million from $17.34 million. Advanced blamed legal costs from a lawsuit with an unnamed licensing company as well as writedowns.
Advanced is facing more legal costs after director Wolfgang Petersen filed suit earlier this month for breach of contract. Advanced, which has a deal with Petersen to bankroll joint production company Red Cliff Prods., denies the allegations.
Advanced maintains it still has 180 days to pay the remaining $2 million on a $5 million letter of credit it had agreed to provide. Petersen asserts that development costs of $1.3 million also are due, but Advanced claims they already have been paid.