Entertainment One has reported a drop in adjusted pre-tax profits for the six months ended September 30 with earnings down to $14M from $29.9M in the same period last year. The producer-distributor said underlying EBITDA of $21.3M was down from last year's $37.5M, primarily due to the timing of increased investment, which drove P&A costs up 30% in the first half. Revenues were up to $350.39M compared to $325.11M in 2011 and operating cash flow in the first half was up 59% to $96.59M. The Canada-based company confirmed in September that it would acquire rival Alliance Films for $230M in a long-brewing deal. Today, eOne says funding for the acquisition has been secured and that the transaction, which is subject to regulatory approval, is expected to close in early 2013. Also in September, the company announced a multi-year offshore output deal with DreamWorks.
eOne's film business operates in the UK, Canada, the U.S., Benelux and Australia. It invested $42.75M in content, up 7%, in the recent six month period. Eighty-nine films were released theatrically, compared to 74 in the prior period, with box office up 46%. Among successful titles were Looper and The Sweeney in the UK and The Sapphires in Australia. The second half will see nearly 100 releases including The Twilight Saga: Breaking Dawn ' Part 2, Nativity 2, Parker and Bullet To The Head.
The TV division includes the North American-based production and international sales business and the UK-based family business. It delivered 138 half hours of programming, compared to 73 half hours in the prior period. Among its titles are Call Me Fitz, Rookie Blue, Hell On Wheels and Saving Hope.
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