TVLoonland shares plunge 35%
EmptyCOLOGNE, Germany -- Shares in German kidvidder TVLoonland dropped more than 35% Tuesday after the company said it had booked a loss equal to more than half of its issued capital.
The announcement comes after months of mostly positive news from the Munich-based producer-licenser, which switched management last year after a shareholder revolt.
Releasing the company's second-quarter figures, new CEO Simon Flamank said Loonland had "turned a corner" by trimming losses and boosting revenue by 46% (HR 8/18).
As late as November, Loonland management was speaking of strong revenue growth and reduced debt. Loonland was playing its cards close to its chest Tuesday, revealing only that the massive loss was determined as management prepared its annual accounts for 2006. No reasons for the loss were given.
According to its latest published figures, issued capital at TV Loonland totals €9.9 million ($13 million), which puts the company's loss for 2006 at nearly €5 million ($6.7 million), a figure likely to top Loonland's revenue for the year.
In addition to a large library of kids animation series, TV Loonland also controls U.K. indie distributor Metrodome and U.S. children's entertainment companies Sunbow and Salsa Entertainment.
By late afternoon, TV Loonland shares had fallen 35.2% to €1.07 ($1.40).
Loonland will give a more detailed account of its finances at its annual shareholder meeting June 12 in Munich.