Write-down, 'Instinct' hurt IM

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COLOGNE, Germany -- Intermedia parent IM Internationalmedia booked a net loss of €21.3 million ($28.4 million) last year, thanks to a write-down on film assets that cost IM €7.8 million ($10.4 million) and the poor performance of Intermedia's "Basic Instinct 2."

Revenue at Munich-based IM jumped from €23 million to €45.2 million ($60.3 million) last year, and the group managed to trim operating costs by more than 20% to €7.3 million ($9.7 million).

Cash reserves, however, shrank from €40.1 million to €22.9 million ($30.6 million) as of Dec. 31. The bulk of that is already earmarked for future productions.

Shares in IM were down 4.6% early Friday at €0.42 ($0.56).
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