Entertainment One reports first-year loss
Canadian film distributor cits one-time itemsTORONTO -- Canadian filmed entertainment distributor Entertainment One on Wednesday reported a loss for its first year of operation, citing one-time items.
Toronto-based E1, which trades on Britain's AIM market, reported a pro forma loss of $16.8 million on pro forma revenue of $571 million for the period from Jan. 11, 2007 -- when the company was incorporated -- to March 31.
The first-year loss was attributed to one-off items including $11.4 million in share-option payments and the amortization of intangible assets worth $21.8 million.
The first-year results follows the launch of E1, traditionally a North American DVD distributor, into filmed entertainment after it acquired Britain's Contender Entertainment Group for $97 million, Canadian distributor Seville Entertainment for $4.9 million and Benelux distributor RCV Entertainment for $62 million.
The company also bolstered its movie pipeline by signing output deals with Summit Entertainment, Yari Film and ThinkFilm in a bid to unseat Canada's largest indie movie distributor, Alliance Films.
E1 CEO Darren Throop said the company will make further acquisitions in 2009 in its core markets of Canada, the U.K., Benelux and the U.S., and invest $80 million in content rights, compared with $50 million in 2008.