BERLIN — German film group Internationalmedia saw revenues slip 25% last year to E187 million ($243 million) but still managed to narrow its net loss by 75% to $29.4 million, company reported Thursday.
Company, which last year released “Alexander,” “Suspect Zero,” “If Only” and “Mindhunters,” attributed its shrinking revenues to a difficult market, adding that it had expected a better performance from Oliver Stone’s “Alexander” in the U.S. Internationalmedia topper Moritz Borman said the pic performed much better internationally, opening at No. 1 in 39 countries and grossing $139 million outside the U.S.
Internationalmedia, parent company of Intermedia, also blamed exchange rates, which further squeezed overall revenues.
Lower writedowns on film development costs, down 14% to $26 million, and a 30% cut in overhead expenditures to $16.7 million helped reduce annual losses.
Looking forward, Borman said securing and strengthening the group’s liquidity was the top priority. Production of new films would help solve that problem. He added that revenue growth would only be possible in 2006.
Internationalmedia’s share price, which has ranged between 57¢ and 89¢ since the beginning of the year, dropped more than 5% Thursday before stabilizing at 72¢.