Film Roman Announces Quarterly Profit
Leading independent animation house Film Roman announced increases in revenue and operating income for the their most recent quarter. Company revenue increased by 51% or $6.5 million, to $19.2 million for the quarter ended March 31, 2001 from $12.7 million for the quarter ended March 31, 2000. The company attributed the increase to the delivery of more fee-for-services episodes and a movie-of-the-week special. Operating income before cumulative effect of a change in accounting principle and provision for income tax attributable to common stock for the first quarter of 2001 was $61,807 or $0.01 per share compared to a loss before provision for income tax attributable to common stock of ($1,150,412) or ($0.13) per share for the first quarter of 2000. Net loss attributable to common stock for the first quarter of 2001 was ($302,193) or ($0.04) per share compared to a net loss attributable to common stock of ($1,151,982) or ($0.13) per share for the first quarter of 2000. According to John Hyde, Film Romans CEO, "Our growth in revenues and Film Roman's first quarterly operating profit since going public is a testament to the hard work and creativity of our staff. We knew 2000 would be a transitional year and 2001 would begin to show the results of Film Roman's new business strategy." For-hire animation remains the staple business of the company. Current productions include the primetime hit series THE SIMPSONS and KING OF THE HILL for FOX, THE OBLONGS for the WB and X-MEN for Marvel Entertainment. In addition to DOOMSDAY, done in partnership with Howard Stern, the company is in pre-production on several of its own animated series. Film Roman's Digital Animation Studio is producing WERNER, an Internet pilot for Platinum Studios as well as the Spanish language flash series, CAPBUSTERS for its LEVEL13.NET productions. The company also completed additional animation for Jodie Foster's Egg Pictures feature THE SECRET LIFE OF ALTAR BOYS. Hyde went on to comment, "In addition, we will be announcing the sale of two new series in the next couple of weeks." Film Roman has also expanded its live-action television and motion picture production, producing MOTOCROSSED, a two-hour television movie that premiered in February 2001 on the Disney Channel. A live action half-hour pilot, DAYDREAMS, is currently in production. The company's first feature, MY FIRST MISTER opened the Sundance Film Festival and will be distributed by Paramount Classics in October 2001. Recently, Film Roman has also finished production of the first in a series of small films, URBAN THRILLAZ for Universal Home Entertainment. Discussions with Pentamedia, the largest animation facility in India, are still ongoing. As earlier reported by AWN, on April 6, 2001, Film Romans board of directors rejected last minute changes to the previously announced Pentamedia stock purchase agreement, and extended the deal close date to April 13 pending continuing discussions between the two companies. Commented Hyde, "The company is continuing its discussions with Pentamedia as previously announced."