Write-down, 'Instinct' hurt IM
EmptyCOLOGNE, Germany -- Intermedia parent IM Internationalmedia booked a net loss of €21.3 million ($28.4 million) last year, thanks to a write-down on film assets that cost IM €7.8 million ($10.4 million) and the poor performance of Intermedia's "Basic Instinct 2."
Revenue at Munich-based IM jumped from €23 million to €45.2 million ($60.3 million) last year, and the group managed to trim operating costs by more than 20% to €7.3 million ($9.7 million).
Cash reserves, however, shrank from €40.1 million to €22.9 million ($30.6 million) as of Dec. 31. The bulk of that is already earmarked for future productions.
Shares in IM were down 4.6% early Friday at €0.42 ($0.56).