Earnings bolstered by exchange rates
BERLIN — While German distrib Intertainment saw first-quarter sales drop from E1.1 million ($1.3 million) to $82,000, net profit rose 31% to $2.57 million.
Sales for the quarter were limited to the exploitation of older film licenses, company said, adding that exchange rates were mainly responsible for the improvement in earnings.
Intertainment’s bottom line was bolstered by $4.4 million from legal damages stemming from its court victory last year against Elie Samaha and Franchise Pictures over inflated film budgets. Total damages amounted to $122 million.
Intertainment is still seeking $100 million from Comerica in connection to the case.
Samaha, meanwhile, has asked for a new trial.