COLOGNE — Film rights dealer Advanced Medien, struggling to stay listed on Frankfurt’s Neuer Markt, is hurting more than it expected from the industry’s depressed mood and has revised its profits forecast for 2001.
Company said the third quarter results dragged down to a loss of 10.25 million euros ($9 million), against red ink of $500,000 in the corresponding period of 2000. Year-to-date sales have halved to $11 million, but sales for the quarter were actually up 13% on the year-earlier period at $3.7 million.
Advanced said that it expects sales for the full year of $16 million- $18 million.
Company won an injunction that prevented its expulsion from the Neuer in September and gave it six months to hit profits. Companies may be forced from the exchange if their shares trade below 1 euro for a certain period or if they face insolvency.
(Bloomberg contributed to this report.)