Empire Posts Q2 Profit, Looks For Record Earnings in Q3
Empire Posts Q2 Profit, Looks For Record Earnings in Q3
BEVERLY HILLS, Calif., Aug. 28 /PRNewswire-FirstCall/ -- Despite a limited release slate during the second quarter of 2008, Empire Film Group, Inc. (http://www.empirefilmgroup.com/) delivered a modest profit for the period ending June 30, 2008, marking the second consecutive profitable quarter for the recently formed independent studio. The company posted profits of $71,384 on revenues of $757,609, which exceeded previously released management projections for the quarter by more than 65%. For the current Q3 reporting period, Empire is projecting revenues of more than $5-million from the September 19th theatrical launch of "Hounddog," the new release non-fiction book "Made in the USA" and the DVD release of the Sidney Poitier feature "The Last Brickmaker In America."
(Photo: http://www.newscom.com/cgi-bin/prnh/20080828/LATH031)
"We're pleased to have beaten our forecasts and delivered another profitable quarter," said Dean Hamilton-Bornstein, CEO. "We had planned on the second quarter as a build-up period for the launch of major releases in the second half of the year. But new media opportunities and ongoing sales from our DVD catalog were underestimated, which is always welcomed news."
One of the new media agreements for Empire is a 20-title pay-per-view and video-on-demand agreement with Gravitas Ventures, LLC which will facilitate the digital streaming of Empire titles through major cable and satellite outlets including Time-Warner Cable, Comcast, Direct TV and Cox Communications. Another agreement was initiated with Vancouver-based Industry-Works covering the co-financing and distribution of three original productions from Empire.
"The positive momentum for Empire is building more quickly than originally anticipated," said Eric Parkinson, CEO of Empire distribution divisions Empire Home Entertainment and Hannover House. "Generally speaking, start up entertainment companies take many quarters or years to show results and even longer to show profits. Our business model and philosophy have enabled us to make prudent and profitable acquisition and releasing decisions right from the start. Producers and industry professionals are acknowledging our results and this is accelerating the volume and quality of new opportunities being presented to Empire."
Empire Film Group will be featured in a full page ad appearing in the Hollywood Reporter, August 29, as well as in Variety on September 8, collectively reaching nearly 250,000 industry professionals, producers, distributors and broadcasters worldwide.
Learn more about Empire Film Group at www.empirefilmgroup.com
First Call Analyst:
FCMN Contact: ericparkinson1@aol.com
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com
Source: Empire Film Group, Inc.
CONTACT: Jim Townsend of Empire Film Group, Inc., +1-310-317-4456,
JTownsend@EmpireFilmGroup.com
Web site: http://www.empirefilmgroup.com/
Profile: International Entertainment
posted by EntertainmentNews @ 3:08 AM
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