VCL Film + Median loses money

Co. has cut liabilities from $100 mil to $20.5 mil

BERLIN — German home entertainment group VCL Film + Medien posted a full-year loss for 2002 of 10 million euros ($11.5 million) while sales fell 62% to $42 million.

Company, which has become a minor player in the local DVD and video market, posted an $80 million loss last year due to a massive writeoff related to its acquisition of Scandinavian distrib Scanbox.

VCL has restructured since then and cut liabilities from about $100 million to $20.5 million.

Execs are expecting a further drop in sales this year to around $30 million but hope the company will be back in the black with an annual gross profit of some $1.7 million.

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