DHX Media swings to full-year 2010 loss
Canadian indie kids TV producer hit by broadcast woesTORONTO -- Hit by recent Canadian broadcast woes, indie kids TV producer DHX Media on Monday swung to a full-year loss on lower TV episode deliveries and one-time charges.
Halifax-based DHX Media posted a loss of $813,000 for the year to June 30, against a year-earlier profit of $375,000, on revenue down 35% to $40.5 million, against $62 million in 2009.
DHX delivered 248.5 half-hours of TV in fiscal 2010, down 12% from year-earlier levels, as Canadian broadcasters cut their program orders and license fees during a deep ad industry downturn.
Canadian broadcasters as a condition of license commission large amounts of scripted TV from indie producers, leaving program-makers vulnerable during periods of industry retrenchment.
DHX also recorded unusual items that include stock-based compensation expense, costs related to abandoned transactions and impairment charges for investment in film and TV programs.
The Canadian producer last month acquired Los Angeles-based animation studio Wildbrain Entertainment for $8 million.
That move follows DHX opening a Los Angeles development office led by Charles Bishop.