Intandem to cut losses despite revenue dip
Adds Kevin Spacey starrer 'Telstar' to sales slateLONDON -- U.K. sales and finance banner Intandem Films, listed here on the Alternative Investment Market, told the market it is forecasting a fall in revenues in the year to June 30, 2010 ahead of its scheduled November full results release.
But the London based group said it also expects to show the reduction of losses this year from the same period in 2009.
The company issued its trading update ahead of the publication of its report and accounts for the year ended 30 June 2010, which are scheduled for release in November 2010.
It noted that sales have been brisk for Nick Moran's "The Kid" and "Beneath Hill 60," scheduled for DVD release here in September, is also doing good business.
The company also added the Kevin Spacey starrer "Telstar" to its roster of international sales slate and aims to continue its strategy to secure worldwide sales rights for films in the $10 million to $25 million budget range.
Intandem also told the market that it "closely manages the risk associated with the film industry and does not invest in films from its own resources."
"'Telstar' is a welcomed addition to our library of completed films, which now stands at 30. We have various other projects in the pipeline and, despite negotiations often taking longer than expected, we are pleased that a number of these projects are now nearing completion," Intandem CEO Gary Smith said."
"It is also noteworthy that the company's cost base can be predetermined with reasonable accuracy, which means the business model is very highly leveraged. A significant increase in revenue will lead to a greater proportionate increase in profitability and this is what we are working towards."