BERLIN — Internationalmedia, German parent of Intermedia, has forecast a “positive result” for 2002 despite posting a loss of 11.9 million euros ($10.4 million) for 2001, compared to a profit of $24 million the previous year. Sales were down 4% to $126 million.
The film group lost chief exec Florian Bollen on Monday after failing to take over Spyglass Entertainment, triggering a disastrous crash in its share price (Daily Variety, March 5). However, its shares gained more than 25% in early trading Thursday after the company said it had bolstered its position in the market despite the loss.
One analyst said the company’s losses were greater than expected, adding that the boost was a common occurrence for shares that had previously collapsed.
Internationalmedia lost 63% of its value when the Spyglass merger fell through. Observers said the American company was concerned about the group’s accounting procedures, while U.S. sources put the blame on personality clashes.
Counted on merger
Internationalmedia, which appointed former deputy chairman Moritz Borman as new chairman and CEO earlier this week, had been counting on the merger to catapult it into the major league of Hollywood film producers.
“The decrease in revenues and the loss are primarily the result of deferring the date of revenue and earnings recognition of three of our films and of one-time effects,” Borman said. “But despite the negative figures, we hold a stronger position on the market than we did one year ago.”
Company, which owns London-based Intermedia and Pacifica Film in Los Angeles, has backed recent pics like “The Wedding Planner,” “Enigma” and “K-PAX,” as well as upcoming Harrison Ford starrer “K-19: Widowmaker”; it is also producing “Terminator 3: The Rise of the Machines,” starring Arnold Schwarzenegger.