Revenue down, losses up at EMS
EmptyCOLOGNE, Germany -- German film group EMS New Media booked a 6.7 million euros ($10 million) loss last year on revenue of just 15.2 million euros ($22.5 million), following depreciation of more than 12 million euros ($18 million) on film rights and stakes in EMS subsidiaries.
EMS released the preliminary year-end results Wednesday.
The Dortmund-based company said it plans to slash operating costs by some 2.5 million euros ($3.8 million) this year in a bid to ease liquidity problems. Strategically, EMS, which handled the German releases of such films as Julie Delpy's "2 Days in Paris" and Michael Douglas starrer "King of California," plans to cut back on theatrical releases to concentrate on exploiting its library's home video potential.
But EMS is not getting out of the theatrical business altogether. It's theatrical subsidiary, 3L, plans to release a number of titles this year, including Paul Schrader's "Adam Resurrected," starring Jeff Goldblum and Willem Dafoe, and the Spanish horror film "Rec," by directors Jaume Balaguero and Paco Playa.