Image Projects 34% Fiscal-2009 Revenue Surge4 May, 2009 By: Erik Gruenwedel
A business strategy focused on cast-driven feature films flying under the theatrical radar coupled with incremental revenue from an unfulfilled acquisition contributed to Image Entertainment projecting its fiscal-2009 (ended March 31) net revenue would exceed $129 million.
The tally represents a 34% increase for the Chatsworth, Calif.-based distributor over actual net revenues of $96 million for fiscal year 2008, which ended March 31, 2008.
Image said it would generate the majority of revenue (27%) from feature films released on Blu-ray and DVD.
In addition to psychological thriller Incendiary with Ewan McGregor and Michelle Williams, which streets May 5, upcoming titles include: The Edge of Love with Keira Knightley and Sienna Miller; Management, produced by and starring Jennifer Aniston, with Steve Zahn; quirky comedy $5 a Day with Christopher Walken and Amanda Peet; and erotic thriller Powder Blue with Forest Whitaker and Jessica Biel.
Last month it acquired U.S. rights to the British crime thriller The Crew, including theatrical, broadcast, home video and digital.
Image also signed a multiyear deal with BET (Black Entertainment Television) International to repurpose its entire urban catalog for broadcast in the United Kingdom and Africa. And April 13 it inked a distribution deal with Eurocinema to supply video-on-demand (VOD) content to the latter’s U.S. cable and satellite viewers.
In September the distributor is slated to release hit ventriloquist Terry Fator’s show for the first time on Blu-ray and DVD.
Finally, Image recognized a $2.5 million gain from a business interruption fee account established as part of the protracted and unsuccessful $100 million merger attempt by Nyx Acquisition LLC.
“With the recent termination of the Nyx merger agreement, we are focused on examining all potential corporate opportunities to maximize stockholder value,” said Jeff Framer, president and CFO in a statement.