LONDON — In a welcome break from a run of disappointing annual figures, German kidvidder TV Loonland said Thursday that its revenues for 2000 reached DM145.1 million ($67 million), surpassing its projections by 9% and upstaging its 1999 revenues over tenfold.
Earnings before interest and tax increased to $9.7 million from $3.3 million in 1999, while profits hit $7.3 million.
“These great results in our first year on the stock exchange gives us the possibility to expand our position as a leading independent major,” company honcho Peter Volkle said.
TV Loonland has a cash position of some $29.3 million-$33.8 million. Shares closed up 2.82% at $22.23 Thursday.
“It’s especially good when you consider that accountants are being really strict at present,” Merrill Lynch analyst Bernard Tubeileh told Daily Variety.
TV Loonland is expected to announce a major TV deal in Eastern Europe during next week’s Mip TV market.