You will be redirected back to your article in seconds

Winchester reports lackluster results

Sales fall 22%; losses climb to $18.5 million

LONDON — Sales fell and losses deepened at Winchester Entertainment in the past financial year, but the sales company claims to be on the slow road to recovery.

Winchester reported a 47% worsening of its net loss to £11 million ($18.5 million) for the year ended March 31, with sales down 22% to $8.53 million.

But most of the damage was done in the first half of last year, with second-half losses accounting for only $3.68 million.

“There is reason to believe that our interim results announced in December 2002 marked the low point in the company’s fortunes,” said Winchester chairman Huw Davies. “The remedial action taken to address the losses of the last two years is beginning to show results.”

Winchester recently announced an agreement to buy Cobalt Pictures, the London- and L.A.-based sales and financing venture.

It also struck two significant deals on U.S. projects from the slate it has been developing with Wind Dancer and the Donner Co. Paramount has optioned “The Daughter, Queen of Sheba” and Stratus Film Co. has optioned the romantic comedy “Forever and a Day.”

In the U.K., Winchester is setting up several productions including “Harv the Barbarian” and a movie version of the cult sci-fi sitcom “Red Dwarf.”

Winchester has cut back its children’s TV activities to focus largely on the feature business. International film sales generated $5.5 million in the past year, led by Gavin Grazer’s U.S. heist comedy “Scorched.”

Davies forecasts that Winchester will reduce its loss in the current year. The company has $8.4 million in cash and puts its own net asset value at $24.3 million.

Winchester’s stock price, which has been rallying strongly in the past couple of weeks, rose another 5% on the results, bringing the company’s market capitalization to $8 million.

More Film

  • Alamode Acquires Lone Scherfig’s ‘The Kindness

    Alamode Acquires Lone Scherfig’s Berlin Opener ‘The Kindness of Strangers’

    Munich-based Alamode has taken German and Austrian rights to Lone Scherfig’s “The Kindness of Strangers,” ahead of the picture’s opening-night gala screening at the Berlin Film Festival next month. Alamode acquired the rights from London-based HanWay Films, which is handling worldwide sales. Entertainment One is distributing the film in Canada and SF Studios in Scandinavia. [...]

  • Voltage Pictures to Produce Airborne Thriller

    Voltage Pictures to Produce Airborne Thriller 'Blackwing' (EXCLUSIVE)

    Voltage Pictures will produce and fully finance screenwriter David Loughery’s latest thriller “Blackwing,” Variety has learned exclusively. The company will introduce “Blackwing” to buyers at the upcoming European Film Market at the Berlin Film Festival, which opens Feb. 7. Nicolas Chartier and Dominic Rustam are producing, and Jonathan Deckter is executive producing for Voltage Pictures. [...]

  • ‘Metro Exodus’ Opens Up Post-Apocalyptic Russia

    ‘Metro Exodus’ Author On Film, Possible TV Series, Expansive New Game

    Since the launch of the post-apocalyptic survival first-person shooter “Metro 2033” in 2010, the series has kept its action confined to the tunnels running underneath Russia. “Metro Exodus,” due out next month, takes the gameplay to the surface for the first time, going above ground with sprawling levels against a changing backdrop of weather conditions [...]

  • Berlin Film 'The Ground Beneath My

    Berlin Competition Film 'The Ground Beneath My Feet' Sold to Germany's Salzgeber (EXCLUSIVE)

    Salzgeber has acquired the German rights for Berlin Film Festival competition title “The Ground Beneath My Feet” from sales agent Picture Tree International. Variety has been given exclusive access to the film’s trailer. Salzgeber will release the film, directed by Marie Kreutzer, mid-May. Picture Tree describes the movie as a “contemporary female-led drama touching on [...]

  • Donald Glover'Atlanta' TV show premiere, Arrivals,

    Childish Gambino Surprises Beverly Hills Crowd With Reimagined 'Redbone'

    Donald Glover made an unexpected appearance at Film Independent’s “An Evening With…” series on Tuesday, held at the Wallis Annenberg Center for Performing Arts in Beverly Hills and presented by the HFPA. Joining “Black Panther” composer and Childish Gambino collaborator Ludwig Göransson, who was the subject of a Q&A conducted by “The Treatment” host Elvis Mitchell, [...]


    Film News Roundup: Glenn Close Selected for Oscar Wilde Award

    In today’s film news roundup, Glenn Close gets an honor, AFI names its Directing Workshop for Women participants and Teri Polo gets cast in a Christmas drama. CLOSE HONOR Glenn Close will be honored on Feb. 21 by the US-Ireland Alliance at the 14th Annual Oscar Wilde Awards, held at J.J. Abrams’ Bad Robot in [...]

  • Jason Reitman Ghostbusters

    Jason Reitman to Direct Secret 'Ghostbusters' Movie

    Sony Pictures is getting the wheels in motion for the next installment in the “Ghostbusters” franchise, and it knows who it’s going to call to direct: Jason Reitman. Sources tell Variety that Reitman, whose father, Ivan, directed the first two “Ghostbusters” movies, will direct the latest pic in the famous franchise. Reitman has also co-written a [...]

More From Our Brands

Access exclusive content