Company's 9-month revs drop 50%
BERLIN — A poor box office year and postponement of numerous films have taken their toll on German producer-distributor Senator, which posted a nearly 50% drop in nine-month revenues and a €59.5 million ($59 million) loss.
Company said delays in the production of international projects accounted for a drop in revenue to $60 million, compared with $115 million last year, while writedowns of $94 million deepened its losses.
“Crush” and “Rat Race” bombed at the box office in the third quarter, meeting similar fates as other Senator pics released earlier in the year. Flops “The One,” “The New Guy” and “Black Hawk Down” will do little for the group’s fourth-quarter earnings.
Last month Senator slashed its full year’s revenue targets to around $75 million.
It is now looking to hedge its bets by strengthening less risky business operations, such as world sales, from which it expects positive figures in 2003.