Splendid profits from DVD sales

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COLOGNE, Germany -- German rights group Splendid Medien soared past its own and industry forecasts for 2006, booking sales and profit increases of more than 20%, the company said Friday.

Revenue at Splendid jumped 23% to €24.9 million ($33.2 million), while net profits leapt 38% to €2.8 million ($3.7 million) last year.

DVD sales drove Splendid's results, with home entertainment revenue up 22% to €19.1 million ($25.5 million). The division accounted for 77% of Splendid's total revenue.

But the Cologne-based group saw growth in all areas, with postproduction operations booking €3.2 million ($4.3 million) in sales compared with €2.7 million a year earlier and licensing revenue jumping 25% to €2.5 million ($3.3 million).

Splendid forecast continued growth in 2007, though the company did not set specific revenue or profit targets.

Splendid shares were up 4.7% in late afternoon trading at €2.02 ($2.7).
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