Ad-hoc Press Release from Intertainment AG
Intertainment returns to the profit zone during the first six months of 2004
Earnings in the first quarter also positive / Significant increase in sales from
exploitation of “Twisted”
Ismaning, near Munich, September 27, 2004 – Intertainment AG, Ismaning (Munich),
significantly improved its figures during the first quarter and in the first
half of 2004 and the Group has returned to the profit zone. Nevertheless, the
consequences of the fraud perpetrated on Intertainment by US film producer
Franchise Pictures and others continue to impact negatively on the figures.
During the first half of 2004, the Group posted net income for the first six
months amounting to 2.3 million euros, following a loss of 4.8 million euros for
the equivalent year-earlier period. Earnings before interest and taxes (EBIT)
increased to 3.2 (1st half year 2003: -4.1) million euros. Earnings from
ordinary activities were also positive during the first six months of 2004,
rising to 1.9 million euros following on from
-4.3 million euros in the first half of 2003. Intertainment also achieved
extraordinary earnings amounting to 1.3 million euros due to exchange-rate
effects.
During the first quarter of 2004, Intertainment recorded net income for the
quarter amounting to 1.6 million euros after a loss of 2.8 million euros in the
first quarter of 2003. EBIT was 2.5 (year-earlier quarter: -2.3) million euros
and earnings from ordinary activities amounted to 0.9 (year-earlier quarter:
-2.5) million euros.
Sales at Intertainment for the first six months rose to 17.3 million euros as
revenues from exploitation of the thriller “Twisted” came onstream,
after 2.0 million euros in the first six months of 2003. 16.3 million euros of
the sales in the first half of 2004 were attributable to the second quarter of
2004.
The financial burdens arising from the fraud perpetrated by Franchise Pictures
exerted a particularly negative effect on the liquidity situation at
Intertainment. On June 30, 2004, the Group had cash and cash equivalents
amounting to 1 million euros, following on from 2.1 million euros on December
31, 2003. On August 31, 2004, cash and cash equivalents amounted to 1.6 million
euros.
End of the Press Release
Contact:
Intertainment AG, Investor Relations, Osterfeldstrasse 84, D-85737 Ismaning,
Germany
Tel.: + 49 (0)89 21699-0, Fax: + 49 (0)89 21699-11
Internet: www.intertainment.de,
E-mail: investor@intertainment.de