VFX Major Prime Focus Swings to Quarterly Loss
The Indian company's latest projects include 'Terminator - Genisys' and 'Batman vs Superman.'
Indian VFX and film services group http://edit.hollywoodreporter.com/behind-screen/http://www.hollywoodreporter.com/behind-screen/vfx-firm-prime-focus-gets-573305vfx-firm-prime-focus-gets-573305 on Wednesday reported a 48.3 percent increase in its operating income for the quarter ended Dec. 31, but swung to a net loss on higher expenses and special items.
Operating income for the company's fiscal second quarter increased to $52.7 million from $37.0 million in the year-ago quarter. Revenue rose 43.3 percent, but expenses jumped 63 percent.
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The company reported a net loss of $6 million for the quarter compared to a profit of $1.7 million in the same period of 2013. Prime Focus said it swung to a loss for the quarter due to “non-cash tax charges, adverse foreign exchange fluctuation, residual exceptional integration expenses and finance charges.”
Last year saw Prime Focus announcing the acquisitions of U.K.-based VFX major Double Negative and diversified media and film services group Reliance MediaWorks. In its quarterly report, the company said it had received approval from the Competition Commission of India for the PF-RMW merger which is “expected to close shortly post required approvals.”
Double Negative is Christopher Nolan's go-to VFX provider. It has worked on the director's various projects, including the Dark Knight films, Inception and Interstellar, for which the firm won a BAFTA for special visual effects.
“The global integration of Double Negative and Prime Focus is proceeding as expected, with major integration expenses already incurred," Prime Focus said Wednesday.
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Prime Focus said its on-going projects included Terminator-Genisys, Ant-Man, Batman v Superman, Avengers, Insurgent and Kingsman: The Secret Service, amongst others .
The company's recent awards include a best stereography trophy for Sin City: A Dame To Kill For at the International 3D & Advanced Imaging Society’s Annual 3D Creative Arts Awards. In India, Prime Focus won a best VFX honor for Bollywood action film Kick at the Screen Awards.
Mumbai-headquartered Prime Focus employs more than 5,500 professionals worldwide in 16 cities across four continents, providing a range of creative and technology services.