RLJ Entertainment Ups Q1 Loss15 May, 2013 By: Erik Gruenwedel
Bows original series, ‘Foyle’s War 8’ on ITV in the U.K., with U.S. packaged media release set for Sept. 24
RLJ Entertainment May 15 reported a first-quarter (ended March 31) net loss of $3.6 million, compared with a pro forma net loss of $2.1 million during the previous-year period. The higher loss was attributed to foreign translation costs on a $1.4 million loan as well as $600,000 in severance costs.
RLJ Entertainment, which closed acquisitions of Image Entertainment and Acorn Media Group last October, said revenue topped $40 million, compared with pro forma revenue of $41.4 million last year.
Pro forma results, which are often estimates based on incomplete financial information, are not GAAP certified, meaning they do not comply with standardized accounting rules or regulations.
“Our financial performance in the first quarter was in-line with expectations and we believe we are on track to deliver on our stated growth objectives,” CEO Miguel Penella said in a statement. “Our current pipeline of feature films remains strong, releases are expected to accelerate in the latter half of the year, and full ownership of unique intellectual property rights for content is a significant component of our long-term growth strategy.”
RLJ said the reduced revenue was due in part to a smaller film release slate compared with last year and costs associated with the production of original British World War II series “Foyle’s War 8,” which was released on ITV in the United Kingdom in March.
The latest season will be released as “Foyle’s War, Set 7” in separate two-disc Blu-ray and three-disc DVD releases, which are available for preorder on Amazon for $34.99 each, with a Sept. 24 street date.
Previous seasons of the acclaimed Acorn Media drama, which stars Michael Kitchen (Out of Africa) as detective Christopher Foyle, who investigates crimes in in the English seaside town of Hastings during the war, are available on disc and transactional VOD from Amazon and Amazon Instant Video, respectively, as well as Acorn TV and Netflix.