CineMedia Sees 2010 Earnings, Profits Slump

German post production group saw revenue fall 4.8% last year to $69 million.

COLOGNE, Germany -- German post-production group CineMedia saw revenue slump 4.8% last year to $69 million (€50 million) and pre-tax profits drop more than 35% to $5.7 million (€4.1 million) as the company struggles to adjust to the digital switch over in cinema and TV.

But the Munich-based group said it is shifting its business model to focuses squarely on digital post production, particularly digitally-produced TV series, and forecasts strong growth for 2011.