'Boogey,' 'Miracle' should lift company out of red
A correction was made to this article on Aug. 21, 2003.
COLOGNE — German producer-distrib Senator Entertainment will remain in the red this year but expects upcoming productions from Sam Raimi and Soenke Wortmann to improve its fortunes in 2004.
Although it lowered its operating loss in the first half, net loss remained on par with that of the year-earlier period at E10.5 million ($11.6 million).
Revenues fell from $33.4 million to $28.6 million, with licensing pulling in $11.8 million and production $13.8 million. Through subsid X-Filme Creative Pool, Senator participated in the success of Teutonic B.O. hit “Good Bye, Lenin,” which sold more than 6 million tickets.
“We still suffered under past output deals with Revolution and others, but we’ll be back in the black by the fourth quarter,” CEO Hanno Huth told Daily Variety after an annual shareholders meeting Wednesday.
Company forecast sales of $55 million-$65 million for the full year and growth of 40%-50% in 2004, sparked by its Ghost House Pictures alliance with Raimi, who’s presently finishing “Boogey Man” in New Zealand.
Huth also has high hopes for Wortmann’s soccer drama “Das Wunder von Bern” (The Miracle of Bern), which won an audience award at Locarno and will hit theaters in October.