Internationalmedia hits new lows

Earnings Brief

BERLIN — While Internationalmedia‘s first-quarter revenue plunged 74% to E8 million ($10.4 million), company was back in the black with a net profit of $1.8 million vs. a $5.4 million loss in the period last year, 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.

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