Film Roman Continues To Diversify As Revenue Improves
Stating a continued commitment to diversify its animation production, independent animation company Film Roman, Inc. reported improved third quarter revenue results. According to the studio, revenue increased by 54% or $2 million, to $5.7 million for the quarter ended September 30, 2002, from $3.7 million for the quarter ended September 30, 2001. The revenue increase is attributed to the company delivering more fee-for-services episodes. Net loss attributable to common stock for the third quarter of 2002 was $1,021,340 or $0.12 per share compared to a net loss of $2,013,130 or $0.23 per share for the third quarter of 2001. Revenue for the nine months ended September 30, 2002 increased 1%, or $0.3 million to $32.6 million from $32.3 million for the comparable period in 2001. Net loss for the ninth months was $2,007,363 or $0.23 per share compared to a net loss of $3,608,964 or $0.42 for the year ago period. In a continuing effort to diversify its animation work beyond THE SIMPSONS, KING OF THE HILL, X-MEN: EVOLUTION and TRIPPING THE RIFT, Film Roman Commercials is currently producing animated projects for Microsoft, Surco Records, Expedia.com and Burger King. Additionally, Forum Visual Effects, a Film Roman division, completed work on a CGI sales presentation for Matchbox Toys and is beginning visual effects work on an un-named feature film to be released next summer. "Film Roman is continuing to successfully diversify our animation," commented John Hyde, president and CEO. "We feel this expansion of our business to include animation for non-entertainment projects will enhance our ability to grow the company and lessen its dependence on the volatile television and theatrical markets."