Labadie happy with pic perfs
PARIS — French film group Bac Majestic has posted 2000 revenues of 78.94 million euros ($70.61 million), up 28% on 1999.Profits, though, slid to $179,000, down from $1.34 million in 1999, due to “a more rigorous amortization policy” on recoupment on acquired films. “Bac Majestic is in a very good situation,” company chief Jean Labadie told Daily Variety. “What has been hurting some of the German companies is that their revenues have been rising but not their EBITDAs (earnings before interest, taxes, depreciation and amortization), which shows they invested too much in the films they bought. “But our films have done well for us. We are simply being more prudent in our amortization, which has an effect on the accounts.” Revenues from film distribution, which accounts for 62% of the company’s earnings, were up 32% to $64.25 million. Exhibition revs rose 36% to $36.89 million, video revs leapt 43% to $8.31 million, but revs from television were down 3% to $13.21 million. Some 20% of Bac Majestic was listed on the French stock market last July. The company’s French distrib unit, Bac Distribution, is a joint venture 80% owned by StudioCanal.