BERLIN — While Internationalmedia’s first-quarter revenue plunged 74% to E8 million ($10.4 million), the company was back in the black with a net profit of $1.8 million vs. a $5.4 million loss a year earlier, the film group said Wednesday.
Positive result stems from the start of production on new films, which have generated financing fees.
In addition, quarterly overhead fell 18% to under $3.6 million and writedowns on film development totaled just under $2.2 million compared with $5.6 million in 2004.
Martin Schuermann replaced Moritz Borman as CEO in April; Borman will continue to develop projects for the company.
Internationalmedia is producing “Basic Instinct 2: Risk Addiction” and Robin Williams starrer “RV.”