German company posts 75% drop in revenue

Helmer Andrew O’Connor’s feature “Magicians” didn’t work its magic on Internationalmedia numbers. The Munich-based parent of Intermedia on Tuesday posted a e4.7 million ($6.4 million) net loss and a 75% drop in revenue to $14.7 million for the first half.

The British comedy is the firm’s only release so far this year. While revenue in the first six months was mainly generated from library titles, company said that had no positive impact on the overall bottom line even though it is “cash-flow positive.”

Internationalmedia sales unit IM Global closed sales of around $40 million at the Cannes Film Market, which has provided a solid basis for new productions. Company has more than $30 million in it coffers, the large part of which has already been assigned to new productions.

Upcoming films include Richard Shepard’s drama “The Hunting Party,” starring Richard Gere, and “One Missed Call,” Eric Valette’s remake of the Japanese horror film.

Internationalmedia shares fell 27.6% to 28¢ on Tuesday.

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