PARIS — French cinema group Bac Majestic saw first quarter revenues drop 28% drop to € 23 million ($30 million), which the group attributed to fewer distribution deals.
Company, which is slowly exiting exhibition to concentrate on TV and theatrical distribution, said the sales figures “were in line with targets.”
Bac’s theatrical distrib sales fell 73% to $7 million, as it distributed only five pics compared with 10 during the same period in 2002. Best performer was Coline Serreau’s “18 Years Later,” which made $9 million in France.
Company said the drop was mainly due to its loss of distrib Mars Films, which Canal Plus bought out.
Bac’s video and TV distribution spiked. Video distrib sales, through its subsid Wild Side Video, rose 62%, to $6.8 million, while TV distribution revs jumped a whopping 141% to $11.3 million.
“We’re particularly happy with the strong showings in video, and the dynamism of our filial Wild Side Video,” said Bac managing director Alain Mamou.
Bac found itself in a dire financial position at the end of 2001 and spent the following year paying back debt and sorting out a messy legal situation with Miramax.