Canada's Entertainment One Posts 16 Percent Revenue Gain in Fiscal First Quarter
LONDON - Canadian producer and distributor Entertainment One said Wednesday that its fiscal first-quarter revenue rose 16 percent and that its talks about a potential acquisition of rival Alliance Films are "ongoing."
The deal discussions "may or may not lead to a transaction being concluded," eOne said. "The company will provide further updates in due course. "
The Canadian company's revenue gain in its fiscal first quarter increased 18 percent when including the effect of exchange rates. Full fiscal year results are anticipated to be in line with management’s expectations, it said.
eOne called its film performance, which included a slight revenue gain, "solid," citing "a strong slate for the remainder of the year." The group released 49 movies theatrically, including Moonrise Kingdom and Killer Joe, compared with 36 in the same quarter last year.
Upcoming releases include police drama The Sweeney, action film Looper with Bruce Willis and, in November, the final installment of the Twilight franchise, The Twilight Saga: Breaking Dawn - Part 2.
EOne's TV business saw a revenue improvement of more than 200 percent in the latest quarter.
"Television delivered 67 half hours of programming in the first quarter, significantly ahead of the prior year," the firm said. "In addition to the remaining episodes of crime series The Firm and the third season of cop show Rookie Blue, deliveries in the period included first episodes of new hospital drama Saving Hope and second seasons of contemporary western Hell on Wheels and reality show Mary Mary."
EOne also said that "the pipeline within the television business remains strong."
The company's distribution division recorded a slowing of the sales decline experienced over the last years. Quarterly revenue declined 5 percent.