Weinstein Co. Helps Skyrocket Genius Revenue14 Aug, 2006 By: Erik Gruenwedel
New majority shareholder The Weinstein Co. paid dividends in the second quarter (ended June 30), as Genius Products posted net revenue exceeding $75 million, compared to $3.9 million during the same period last year.
The Santa Monica, Calif.-based distributor released five TWC theatrical titles on DVD (under an interim arrangement), including Hoodwinked, Doogal, Transamerica, Wolf Creek and Mrs. Henderson Presents, to cut quarterly losses to $3.9 million, from a loss of $5.3 million last year.
The company realized adjusted net income of $500,000 in the quarter.
Genius is distributing four TWC titles on DVD in the current quarter, including The Matador and The Libertine (July 4), Scary Movie 4 (Aug. 15) and Lucky Number Slevin (Sept. 12).
The company didn't disclose revenue from non-TWC content, which includes distribution of upwards of 15 titles annually in its nascent arrangement with ESPN Home Entertainment.
Genius also distributes 16 children's titles with BKN Home Entertainment, and six Asian titles — Ong Bak 2, The Protector, Born to Fight, Kill Zone, Seven Swords and Dragon Squad — through its recently established Dragon Dynasty label with TWC.
“When you look at what one of our competitors, Lionsgate, did in [quarterly] home video revenue [$115 million] and you look at what we did in home video revenue, we are getting pretty close to them,” said Genius CEO Trevor Drinkwater. “So we are pretty excited where we will be.”
Drinkwater said TWC titles continue to outperform at rental, with the March 21 release of Derailed ranked as the No. 1 rental video in its debut week.
“We believe rental will continue to be a big part of home video and retailers are working hard to transition from an explosive category to one that is little bit more stable growth,” Drinkwater said.
Genius, which is 70% owned by TWC, formally consummated their merger acquisition following Genius shareholder approval June 30.