Intertainment AG — Earnings Release 2002

Aug 29, 2002

News Details

Corporate | 29 August 2002 17:20

Intertainment AG english

Intertainment reports increased revenues in second quarter Corporate-news announcement sent by DGAP. The sender is solely responsible for the contents of this announcement. ——————————————————————————– Intertainment reports increased revenues in second quarter and returns to profitability Cash position rises to 18.6 million Euro Ismaning nr. Munich, August 29th, 2002 – In the second quarter of 2002 (April – June) Intertainment AG [plc], Ismaning nr. Munich, reported profits before taxes of 0.6 million Euro. For the first six months of 2002 the Company reported a net loss of 2 million Euro (2.1 million in the previous year). Revenues were distinctly higher compared to the first quarter, at 9 million Euro reported for the second quarter. Total revenues for the first six month of the year were 11.5 million Euro (14.7 million for the same period in the previous year). The Company’s cash position increased from 10.3 million Euro in the first quarter to 18.6 million Euro in the second quarter. The increase in liquid assets is primarily the result of the sales of film rights. Despite the current difficult situation in the European media market, Intertainment succeeded in selling three film packages in the first half of 2002. In May a film package consisting of Free-TV rights was sold to England and an All-Rights-film-package was sold to Eastern Europe. At the end of June the Tele München Group purchased a film package from Intertainment for German- speaking Free- and Pay-TV distribution. Revenues from these sales will also flow to Intertainment in the third quarter. “Intertainment has been able to achieve significant success in the previous months, not only in its operational business but also in its legal dispute against Franchise Pictures”, states Barry Baeres, Chief Executive Officer of Intertainment AG. The court case against Franchise Pictures has been pending since December 2000. In the first half of 2002 Intertainment achieved further successes before the Court. These include among other things the admission of two RICO claims in May of this year. RICO, which was introduced in the mid 80’s as an “Anti-Mafia law”, entitles victims of organized crime to claim triple compensation as well as reimbursement of their attorneys’ fees. Intertainment is currently preparing further legal action against Comerica Bank and two completion bond companies, WorldWide Film Completion and Film Finances for their alleged collaboration with Franchise Pictures in fraud and RICO. end of message, (c)DGAP 29.08.2002 ——————————————————————————– WKN: 622360; ISIN: DE0006223605; Index: Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, München und Stuttgart 291720 Aug 02