Charges hamper Peace Arch
Canadian producer loses $6.5 mil in Q3TORONTO -- Despite higher revenue, Canadian producer Peace Arch Entertainment recorded a third-quarter loss thanks to one-time charges.
Toronto-based Peace Arch said it lost CAN$6.6 million ($6.5 million) during the three months ending May 31, compared with earnings of CAN$1.1 million in 2007.
Peace Arch's revenue rose 25% to CAN$23.5 million ($23.4 million, against a year-earlier CAN$18.8 million.
But the bottom line was dented by a film investment write-down of CAN$2.5 million ($2.5 million), a bad debt expense of CAN$2.2 million ($2.2 million) and CAN$900,000 ($900,000) in P&A expenditures.