Film Roman Announces 39% Increase In Revenues
Film Roman Inc. has reported that revenue increased by 19% to $9.4 million for the quarter ended June 30, 2001, over $7.9 million for the same period last year. Net loss attributable to common stock for the second quarter of 2001 was $1,293,641, or $0.15 per share, compared with a net loss attributable to common stock of $800,260, or $0.09 per share, for the second quarter of 2000. The nonrecurring increase in net loss was attributed to the termination of certain administrative employees, the phasing out of the live-action feature film division causing the write off of certain development projects and the costs incurred from the failed Pentamedia acquisition. Film Roman Digital has reported the creation of CAPBUSTERS, a new Flash animated series, which is currently being shown on LEVEL13.NET and will be offered to traditional media this fall. The company is also in negotiations to produce two additional animated projects on a for-hire basis. In addition, a script is being finalized to produce TRIPPING THE RIFT as a theatrical film. A strategic partnership between LEVEL13.NET and DIRECTV has resulted in an animated film festival currently being promoted across the country and on DIRECTV. In commercials, Film Roman just completed a commercial for Suntory beverages and has begun production on a new Burger King commercial. "With the projects we currently have in production and the various deals we now have in negotiation, we will have an extremely busy second half of this year and an equally big year next year," said John Hyde, chief executive officer of Film Roman. "By increasing our base of both the proprietary and for-hire work, we expect the next 18 months to be the best in the company's history."