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(CFL.L) ContentFilm PLC Buy/Sell
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| Date/Time | Headline | Source |
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| 23-12-09 | RNS |
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RNS Number : 5997E Contentfilm PLC 23 December 2009
Embargoed until: 0700hrs ContentFilm plc Directorate Change The Board of ContentFilm plc (AIM: CFL), a pre-eminent owner of media rights supported by strong film, TV and digital sales divisions, today announces that Huw Davies has advised of his intention to resign from the Board effective 31 December 2009 as he wishes to retire. Huw has been a director since the mid 1990's and the Board thanks him for his many years of invaluable service and wishes him well in his retirement.
Enquiries:
John Schmidt/Geoff Webb www.contentfilm.com
Philip Secrett/Colin Aaronson/David Hignell
Emma Kane/Sanna Sumner/Anna Dunkin
Jeremy Read Throgmorton Street Capital Tel: 020 7070 0973 This information is provided by RNS The company news service from the London Stock Exchange END
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| 23-12-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 6024E
Contentfilm PLC
23 December 2009
Date: 23 December 2009
On Behalf of: ContentFilm plc ('ContentFilm', 'the Company', 'the Group')
Embargoed until: 0700hrs
ContentFilm plc
Interim Results for the six months ended 30 September 2009
The Board of ContentFilm plc (AIM: CFL), a pre-eminent owner of media rights supported by strong film, TV and digital sales divisions, today announces its unaudited interim results for the six months ended 30 September 2009.
Financial Highlights
* Turnover of £6.5 million (2008: £8.0 million)
* Gross profit before operating expenses of £3.0 million (2008: £3.4 million)
* Normalised EBITDA¹ of £0.7 million (2008: £1.1 million)
* Normalised PBT¹ loss of £0.1 million (2008: profit of £0.6 million)
* Normalised basic EPS¹ of 0.0 pence (2008: 0.3 pence)
* Reported loss of £0.6 million (2008: loss of £2.4 million) due to lower non-recurring items
* Lower turnover due to lower US DVD revenues related to Allumination restructuring last year
* As previously announced stronger results expected in second half due to all major TV series being delivered in the second half of the financial year
* Debt level and liquidity remain stable and Company expects debt level to fall in second half of this financial year
Operational Highlights
* Fireworks International continues to grow but margins are lower this half year due to lower library revenue. The division has strong visibility into the second half as major television series are delivered, continued library sales are expected and revenues commence from Collins Avenue joint venture
* ContentFilm International is having a better year and a stronger second half is expected as new titles are delivered
* Digital division continues to expand and is delivering profits
* Allumination library, distributed by partly owned Phase 4 Films is delivering profits
Commenting on the Group's performance, Alton Irby, Non-Executive Chairman of ContentFilm, said:
"These results demonstrate stability in a particularly difficult economic climate. The diversified nature of our distribution activities covering television, film and digital product and our low risk model have led us to achieve positive Normalised EBITDA¹, in a challenging market place. We expect a better second half and solid full year results, which will help drive positive cash flow and lower debt levels.
"We are focused on building revenue and profits in all three areas - film, television, and digital. We see some uplift in the worldwide television market although prices remain below pre-recession levels. We continue to pursue opportunities to acquire library rights and we will continue to manage our costs."
¹ - For details on definitions and calculations refer to the Financial Review below
Enquiries:
John Schmidt/Geoff Webb www.contentfilm.com
ContentFilm PLC Tel: 020 7851 6500
Emma Kane/Anna Dunkin
Redleaf Communications Ltd Tel: 020 7822 0200
Jeremy Read
Throgmorton Street Capital Tel: 020 7070 0973
Philip Secrett/Colin Aaronson/David Hignell
Grant Thornton Corporate Finance Tel: 020 7383 5100
Chairman's Statement
Introduction
For the six months ended 30 September 2009, ContentFilm plc reports an operating profit of £0.1 million (2008: loss of £1.5 million). The normalised profit before interest, tax, depreciation, intangible amortisation, share option expenses and exceptionals¹ was £0.7 million (2008: £1.1 million). The normalised profit before tax¹ was a loss of £0.1 million (2008: profit of £0.6 million). The loss before and after tax was £0.6 million (2008: £2.4 million) before any normalisation adjustments.
The lower normalised profitability in this half year is predominantly due to lower television library sales this year compared to last year. Increases in our television overhead - due to an expansion in our factual television operations - have been mitigated by lower overheads in our film and corporate divisions.
These are solid results against the background of the worldwide economic recession and challenging market conditions in the film and television sector. The Company continues to build its library of film, television, and digital entertainment rights. Many of these rights are wholly owned in perpetuity driving good margins and significant cash flows through the Company. Coupled with that library, the Company has developed and acquired strong sales and distribution capabilities to further exploit the potential of our library. This marriage of quality content ownership and strong distribution capabilities within a managed risk environment has been the foundation behind the Company's success.
¹ - For details on definitions and calculations refer to the Financial Review below
Results
Turnover from operations for the six months to 30 September 2009 was £6.5 million (2008: £8.0 million). The normalised profit before and after tax was a loss of £0.1 million (2008: profit of £0.6 million). This resulted in a basic normalised profit per share of 0.0 pence (2008: 0.3 pence). The loss before and after tax was £0.6 million (2008: loss of £2.4 million) before any normalisation adjustments.
The trading results were influenced by the following factors:
* The Fireworks library has had a slower first half as broadcasters seek to utilise their existing inventories rather than acquire new library product. There are signs that library sales are improving and we expect a better second half based upon contracts currently being negotiated;
* Our new fictional series, the third seasons of "The Border" and "Heartland" together with new series "Republic of Doyle" will be delivered in our second half;
* Our joint venture Collins Avenue has received its first network broadcast commission for "Fly Girls" which will air in the U.S. on the CW network. Revenue from "Fly Girls" will be recognised in the second half;
* We are very pleased with our digital division which is building an impressive library of multi-platform product whilst also monetising our libraries in the growing digital platforms;
* ContentFilm International is having a better year in a very difficult environment for film. It is expected to make further progress in the second half and is taking delivery of better quality films following its push into the US market. The film division has lowered its overhead this year and is expected to provide profits to the Company;
* The Allumination library is selling well through our distribution deal with Phase 4 and we are also making ground through selling the international and digital rights via ContentFilm International and Fireworks International;
* We do not consolidate the results of our US film distribution investment Phase 4 Films. Nevertheless we are pleased with our investment which we believe is growing based on the results and positive cash flow of the company since its inception.
Financial Review
These results on the Normalised EBITDA and Normalised PBT line reconcile as follows:
£m £m £m
6 months 6 months 12 months
Sep 2009 Sep 2008 Mar 2009
Operating profit/(loss) 0.1 (1.5) (14.5)
Add back:
Intangible library amortization 0.4 0.5 1.2
Depreciation 0.0 0.0 0.1
Share based payments 0.2 0.2 0.4
Non recurring exceptional items 0.0 1.9 15.5
------------- ------------- -------------
Normalised EBITDA 0.7 1.1 2.7
Less:
Net finance costs excluding
finance costs related to 0.8 0.5 1.2
preference shares
------------- ------------- -------------
Normalised PBT (0.1) 0.6 1.5
======== ======== ========
Sep Sep Mar
2009 2008 2009
Normalised PBT - £m (0.1) 0.6 1.5
Divided by: weighted average 174,698,383 174,151,877 174,578,570
number of ordinary shares
------------- ------------- -------------
Normalised EPS - pence 0.0p 0.3p 0.8p
======== ======== ========
TV TV Film Film DVD DVD Corp Corp Total Total
£m £m £m £m £m £m £m £m £m £m
Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep
09 08 09 08 09 08 09 08 09 08
Revenue 5.0 4.8 0.6 0.9 0.9 2.3 0.0 0.0 6.5 8.0
Less: cost of sales
(2.8) (2.0) (0.1) (0.5) (0.7) (2.1) 0.0 0.0 (3.5) (4.6)
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Gross margin 2.2 2.8 0.5 0.4 0.2 0.2 0.0 0.0 3.0 3.4
Gross margin % 44% 58% 83% 44% 22% 9% 0% 0% 44% 43%
Less: overhead (1.4) (1.0) (0.4) (0.5) (0.1) (0.0) (0.9) (1.5) (2.9) (3.0)
Add: library amortis'n
0.2 0.4 0.1 0.1 0.1 0.0 0.0 0.0 0.4 0.5
Add: share option expense
0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.2 0.2 0.2
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Normalised EBITDA
1.0 2.2 0.2 (0.0) 0.2 0.2 (0.7) (1.3) 0.7 1.1
==== ==== ==== ==== ==== ==== ==== ==== ==== ====
Trading Outlook
The Company has good visibility on a stronger second half, where we expect our television division's revenues to increase substantially due to the delivery of several television series, the recognition of revenues from Collins Avenue's "Fly Girls", the recognition of several larger digital deals and improving library sales. We also have good visibility in our film division which management believe will have a stronger second half. Whilst we do not yet have the results of Christmas and New Year trading for our Allumination library, based on experience it should have a stronger second half.
Debt, Cash Flow and Liquidity
The Group has continued to invest in substantial new product acquisitions in its television division. This includes the third seasons of "The Border" and "Heartland" and the first season of "Republic of Doyle" together with several new factual programmes including "Wild Weddings", "Special Ops", "Wildlife Warriors" and "Secret Worlds".
The Company continues to hold its loan in US dollars as almost all of its receivables are in US dollars or Euros. Foreign exchange translations on the loan amount are accounted for in the Company's foreign exchange reserve and do not affect the Profit and Loss of the Group as the loan sits in an entity that has a functional currency of US dollars.
Against the difficult economic environment and the ongoing level of product acquisition, it is pleasing that the Company's debt levels have remained stable at around $35 million over the last six months. Due to the appreciation in the $USD/£GBP exchange rate over the six month period, debt has fallen from £24.6 million to £20.5 million. This exchange rate movement has increased our sterling denominated interest charges versus last year in the same period.
Liquidity under our loan facility remains stable and is available to meet the Company's ongoing working capital requirements. Notwithstanding this availability, one of the Company's main aims is to lower the Company's level of debt over the coming period and the Company expects that its US dollar debt will fall during the current and next financial periods due to ongoing positive trading cash flow and new ways of financing our product acquisitions.
Carried Forward Tax Losses
Despite the Company's accounting profits this period, the Company has not recorded a tax charge due to its significant carried forward tax losses in both the UK and the US. As at 31 March 2009, the Group's carried forward tax losses are estimated at £48 million.
Divisional Outlook
ContentFilm International - International Film Sales
It is expected that ContentFilm International, our theatrical film sales division, will have a stronger FY10 than last year. The division will take delivery of several titles in the second half including Philip Ridley's "Heartless" starring Jim Sturgis, James Strouse's "The Winning Season" starring Sam Rockwell, Nadia Tass' "Matching Jack" starring James Nesbit, and Tom DiCillo's "When You're Strange: A Film About the Doors".
We are pleased to report that our library film sales division is performing well and we are acquiring exploitation rights to more new library titles. Additionally we are also finding that our digital division is monetising the film library across several new platforms, thus creating new revenue sources.
Other points of note are:
* The principal photography of Jonathan English's US$20m medieval action thriller "Ironclad" starring James Purefoy and Paul Giamatti has been completed and is set for delivery in Autumn 2010. We are particularly pleased to see the first of our bigger, high profile commercial films come to fruition;
* Oren Moverman's "The Messenger" has been securing significant awards attention for Woody Harrelson with a SAG Nomination for Best Supporting Actor, a National Board of Review win for Best Supporting Actor and recently a Golden Globe nomination in the same category, all of which will help to boost sales and distribution performance;
* Robert Connolly's "The Balibo Conspiracy" secured Best Actor and Best Supporting Awards at the Australian main awards, the AFI's, for Anthony LaPaglia and Oscar Isaac respectively;
* We expect to announce two or three new film acquisitions in the first few months of 2010.
Fireworks International - International Television Sales
The Fireworks library is continuing to sell steadily although its revenues were somewhat lower than expectations in the first half. Nevertheless there are signs that library sales are improving following the recent MIPCOM market. Partially mitigating the lower revenues in the Fireworks library, sales of our third party managed libraries have been robust, in particular the Harmony Gold library continues to perform beyond our expectations.
Our drama series have been selling well and contracted sales for the series being delivered in the upcoming half year have been very solid. The largest of these series are the third seasons of "Heartland", "The Border" and the first season of "Republic of Doyle", all of which have already sold well.
Fireworks' digital sales division continues to expand and has seen several pleasing sales of the combined digital library together with sales of individual titles to various digital platforms. Additionally we have been receiving additional revenue streams from advertising sharing platforms, for example on-line video service Hulu, which has seen exponential increases in revenues. This area of activity continues to experience enhanced returns the Company intends to expand its market leading presence in this sector.
Collins Avenue is developing well and has achieved a network commission in a relatively short period of time which we regard as a significant achievement for a start-up. The company has an impressive slate of other shows in advanced development and discussions are ongoing on possible further broadcast commissions.
Our factual non-fiction distribution business is developing slower than anticipated but is expected to positively contribute to our earnings in the second half of this year
Allumination and Phase 4
The Allumination library, distributed by Phase 4 Films (22.5% owned by the Company), has been performing well. Whilst ongoing revenues will be lower this year, the margins from the business have improved significantly.
Phase 4 continues to develop well and is making profits in a difficult market.
Board Retirement
Huw Davies has advised of his intention to resign from the Board effective 31 December 2009 as he wishes to retire. Huw has been a director since the mid 1990's and the Board thanks him for his many years of invaluable service and wishes him well in his retirement.
Conclusion
The first half of our current financial year has been satisfactory in a challenging economic climate. We expect a stronger second half based on our current visibility and look forward to a solid full year result.
Alton Irby
Chairman
ContentFilm plc
Consolidated Interim Income Statement
For the six months ended 30 September 2009
Six months ended Six months ended 30 Year ended 31 March
30 September 2009 September 2008 2009
£000 £000 £000
Revenue 6,545 8,006 21,106
Cost of sales (3,538) (4,643) (12,489)
Gross profit 3,007 3,363 8,617
Operating expenses (2,865) (4,873) (23,075)
Operating profit/(loss) 142 (1,510) (14,458)
Analysed as:
Normalised EBITDA 715 1,065 2,683
Intangible library (399) (450) (1,124)
amortization
Depreciation (37) (22) (141)
Share-based payments (114) (173) (345)
Non-recurring exceptional (23) (1,930) (15,531)
items
142 (1,510) (14,458)
Finance income - 14 64
Finance cost (854) (527) (1,264)
Finance cost - preference (113) (379) (760)
shares
Gain/(Loss) on interest rate 220 - (1,057)
swap
Net finance cost (747) (892) (3,017)
Loss before taxation (605) (2,402) (17,475)
Income tax charge related to - - (423)
deferred tax asset
Loss for the period (605) (2,402) (17,898)
Basic and diluted (0.3p) (1.4p) (9.8p)
(loss)/earnings per share
ContentFilm plc
Consolidated Interim Statement of Comprehensive Income
For the six months ended 30 September 2009
Six months ended Six months ended Year ended
30 September 2009 30 September 2008 31 March
2009
£000 £000 £000
Loss for the period (605) (2,402) (17,898)
Other comprehensive Income
Exchange difference on (3,230) 805 6,540
translating foreign operations 4,666 (876) (7,496)
Foreign currency
Total comprehensive income for 831 (2,473) (18,854)
the period
Attributable to:
Equity shareholders of 831 (2,473) (18,854)
ContentFilm plc
ContentFilm plc
Consolidated Interim Balance Sheet
At 30 September 2009
Six months ended Six months ended Year
30 September 2009 30 September 2008 ended
31 March
2009
£000 £000 £000
ASSETS
Non current assets
Property, plant and equipment 88 342 123
Goodwill 10,776 15,919 10,776
Intangible assets 7,600 10,216 7,628
Investments 1,226 57 1,333
Deferred tax 3,477 3,900 3,477
23,167 30,434 23,337
Current assets
Inventory 198 842 152
Trade and other receivables 11,272 13,995 15,739
Investments - 2 -
Cash and cash equivalents 435 187 731
11,905 15,026 16,622
Total Assets 35,072 45,460 39,959
LIABILITIES
Current liabilities
Trade and other payables (9,620) (9,952) (12,080)
Short term borrowings - - -
Preference shares classed as (9,289) - (9,176)
financial liabilities
(18,909) (9,952) (21,256)
Non current liabilities
Other non current liabilities (837) - (1,057)
Long term borrowings (20,471) (16,594) (23,736)
Preference shares classed as - (8,796) -
financial liabilities
(21,308) (25,390) (24,793)
Total Liabilities (40,217) (35,342) (46,049)
NET (LIABILITIES)/ASSETS (5,145) 10,118 (6,090)
EQUITY
Share capital 4,282 4,282 4,282
Share premium account 37,438 37,438 37,438
Equity element on convertible 3,100 3,100 3,100
debt
Share option reserve 1,139 852 1,025
Merger reserve 506 506 506
Warrant reserve 61 61 61
Foreign currency reserve (2,279) (325) (6,945)
Translation Reserve 2,881 376 6,111
Profit and loss account (52,273) (36,172) (51,668)
(5,145) 10,118 (6,090)
ContentFilm plc Consolidated Interim Statement of Changes in Equity
For the six months ended 30 September 2009
Share Capital Share Premium Equity on Con. Debt Shares to be issued Merger and Warrant Foreign currency Trans. reserve Retained earnings Total Equity
reserve reserve
£000 £000 £000 £000 £000 £000 £000 £000 £000
Balance at 31 March 2008
4,276 37,407 3,100 680 567 551 (429) (33,770) 12,382
Changes in equity for period
Exchange differences on - 805
translation of foreign
operations
- - - - - - 805
Foreign currency - - - - - (876) - - (876)
Profit for the period - - - - - - - (2,402) (2,402)
Total comprehensive income for (2,402) (2,473)
the period
- - - - - (876) 805
Shares to be issued - 172
- - - 172 - - -
Shares issued 6 31 - - - - - - 37
Balance at 30 September 2008
4,282 37,438 3,100 852 567 (325) 376 (36,172) 10,118
Changes in equity for period
Exchange differences on - 5,735
translation of foreign
operations
- - - - - - 5,735
Foreign currency - - - - - (6,620) - - (6,620)
Profit for the period - - - - - - - (15,496) (15,496)
Total comprehensive income for
the period
- - - - - (6,620) 5,735 (15,496) (16,381)
Shares to be issued - - - 173 - - - - 173
Shares issued - - - - - - - - -
Balance at 31 March 2009
4,282 37,438 3,100 1,025 567 (6,945) 6,111 (51,668) (6,090)
Changes in equity for period
Exchange differences on - (3,230)
translation of foreign
operations
- - - - - - (3,230)
Foreign currency - - - - - 4,666 - - 4,666
Profit for the period (605) (605)
- - - - - - -
Total comprehensive income for (605) 831
the period
- - - - - 4,666 (3,230)
Shares to be issued - - - 114 - - - - 114
Shares issued - - - - - - - - -
Balance at 30 September 2009
4,282 37,438 3,100 1,139 567 (2,279) 2,881 (52,273) (5,145)
ContentFilm plc Consolidated Interim Cash Flow Statement
For the period ended 30 September 2009
Six months ended Six months ended Year
30 September 2009 30 September 2008 ended
31 March
2009
£000 £000
Cash flows from operating
activities:
Profit for the period after (605) (2,402) (17,898)
tax
Adjustments for:
Deferred tax asset - - 423
Depreciation 37 22 141
Amortisation of intangible 1,180 1,048 4,510
film and television rights
Impairment of intangible - - 5,512
film and television rights
Impairment of goodwill - - 6,609
Decrease/(Increase) in trade 4,467 19 (1,726)
receivables
(Increase)/decrease in (46) (239) 451
inventory
Decrease.Increase in trade (2,762) 268 948
payables
Equity settled share based 114 173 345
payments
Exchange differences 1,235 (538) (4,518)
Finance cost (747) 892 3,017
2,873 (757) (2,186)
Interest paid (853) (527) (1,137)
Net cash from operating 2,020 (1,284) (3,323)
activities
Cash flows from investing
activities:
Purchase of intangible film (2,184) (2,207) (6,106)
and television rights
Purchase of property, plant (6) (30) (105)
and equipment
Purchase of joint venture (92) - (206)
investment
Interest received - - 1
Net cash used in investing (2,282) (2,237) (6,416)
activities
Cash flows from financing
activities:
Proceeds from borrowings 7,631 10,238 24,082
Repayment of borrowings (7,665) (6,889) (13,971)
Net cash from financing (34) 3,349 10,111
activities
Net (decrease)/increase in (296) (172) 372
cash
Cash at beginning of period 731 359 359
Cash at end of period 435 187 731
Notes to the consolidated interim financial statements
1 General Information
The interim Financial Statements for the six months ended 30 September 2009 were authorised for issue in accordance with a resolution to the Board of Directors on 22 December 2009.
The company is a public limited company incorporated in the United Kingdom. The address of its registered office is 19 Heddon Street, London W1B 4BG.
The Company is listed on the London Stock Exchange's Alternative Investment Market.
These interim Financial Statements do not comprise statutory accounts within the meaning of Section 435 of the Companies Act 2006. Statutory accounts for the year ended 31 March 2009 were approved by the Board of Directors on 30 July 2009 which received an unqualified auditors' report and have been delivered to the Registrar of Companies. The financial information contained in this report is unaudited.
2 Basis of Preparation
These interim Financial Statements should be read in conjunction with the annual Financial Statements for the year ended 31 March 2009, which have been prepared in accordance with the International Financial Reporting Standards as adopted by the European Union.
3 Accounting Policies
These consolidated financial statements (the interim financial statements) have been prepared in accordance with the accounting policies adopted in the last annual financial statements for the year to 31 March 2009 except for the adoption of IAS 1 Presentation of Financial Statements (Revised 2007) and IFRS 8 Operating Segments.
The adoption of IAS 1 (Revised 2007) does not effect the financial position or profits of the Group, but it gives rise to additional disclosures. The measurement and recognition of the Group's assets, liabilities, income and expenses is unchanged, however some items that were recognised directly in equity are now recognised in other comprehensive income. IAS 1 (Revised 2007) affects the presentation of owner changes in equity and introduces a 'Statement of comprehensive income'. In accordance with the new standard the entity does not present a 'Statement of recognised income and expenses (SORIE)'. Further, a 'Statement of changes in equity' is presented.
The adoption of IFRS 8 has changed the segments that will be disclosed in the year-end financial statements. In the previous annual and interim financial statements, and in these interim financial statements, segments were identified by reference to the dominant source and nature of the group's risks and returns. Under IFRS 8 the accounting policy for identifying segments is now based on the internal management reporting information that is regularly reviewed by the chief operating decision maker.
4 Segmental analysis
The operations of the group are managed in four principle business divisions; film, television, US film and DVD distribution and Corporate. These divisions are the basis upon which the management reports its primary segment information.
Revenues by Business Division Six months Six months Twelve months ended
ended ended
30 September 30 September 31 March
2009 2008 2009
Unaudited Unaudited Unaudited
£m £m £m
Television 5.0 4.8 13.6
Film 0.6 0.9 1.8
US film and DVD distribution 0.9 2.3 5.7
6.5 8.0 21.1
5 Earnings per share
The calculation of the basic earnings per share is based on the earnings attributable to ordinary shareholders divided by the average number of shares in issue during the year.
Reconciliations of the earnings and weighted average number of shares used in the calculations are set out below:
Six months ended Six months ended Twelve months ended
30 September 2009 30 September 2008 31 March 2009
Unaudited Unaudited Unaudited
(Loss)/profit for the period (605,000) (2,402,000) (17,898,000)
(£)
Add: Finance cost on 113,000 379,000 760,000
preference shares (£)
(Loss)/profit attributable to (492,000) (2,023,000) (17,138,000)
ordinary shareholders (£)
Weighted average number of 174,698,383 174,151,877 174,578,570
ordinary shares
Add:
Weighted average preference 34,840,269 34,840,269 34,840,269
shares
Dilutive share options and - 5,074,860 -
warrants
Weighted average number of 209,538,652 214,066,985 209,418,839
fully diluted shares
Basic (loss)/earnings per (0.3p) (1.4p) (9.8p)
share (pence)
Diluted (loss)/earnings per (0.3p) (1.4p) (9.8p)
share (pence)
Adjusted earnings per share
Six months ended Six months ended Twleve months ended
30 September 2009 30 September 2008 31 March 2009
Unaudited Unaudited Unaudited
(Loss)/profit after tax (605,000) (2,402,000) (17,898,000)
attributable to Equity share
holders of the parent (£)
Add back:
Income tax charge related to - - 423,000
deferred tax asset
Amortisation of intangibles - 399,000 451,000 1,124,000
library amortisation
Share option expense 114,000 173,000 345,000
(Gain)/loss on interest rate (220,000) - 1,057,000
swap
Finance cost on preference 113,000 379,000 760,000
shares
Depreciation 37,000 22,000 141,000
Non-recurring exceptional 23,000 1,930,000 15,531,000
items
Adjusted (loss)/profit after (139,000) 553,000 1,483,000
tax
Adjusted basic earnings per 0.0p 0.3p 0.8p
share (pence)
Adjusted fully diluted 0.0p 0.3p 0.6p
earnings per share (pence)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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| 28-10-09 | RNS |
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RNS Number : 5163B Contentfilm PLC 28 October 2009
ContentFilm PLC Result of AGM ContentFilm Plc is pleased to announce that at the Annual General Meeting which was held today all resolutions were duly passed.
Enquiries:
John Schmidt/Geoff Webb www.contentfilm.com
Emma Kane/ Anna Dunkin / Samantha Robbins contentfilm@redleafpr.com
Jeremy Read Throgmorton Street Capital Tel: 020 7070 0973 Colin Aaronson/David Hignell Grant Thornton Corporate Finance Tel: 020 7383 5100 Notes on ContentFilm plc:
The latest CFI productions include 'The Messenger' with Ben Foster and Woody Harrelson produced by 'Saving Private Ryan's Mark Gordon; the true story of Hawaii's 'Princess Ka'iulani' starring 'The New World's Q'orianka Kilcher; the action thriller 'Horse' with Diego Luna; intense suspense thriller 'The Killing Room' with Academy Award ® nominated Chloe Sevigny; Toby Wilkins' brilliant horror 'Splinter'; double-Oscar ® nominee Samantha Morton stars in 'The Daisy Chain'; acclaimed director Fred Schepisi directs Australia's top actors in 'Last Man'; Academy Award nominated ® actor William H. Macy makes his directorial debut with 'Keep Coming Back'; the finest of Africa Wildlife crew tells the breathtaking story of the 'Elephants of the Okavango'; and Anthony LaPaglia stars in 'Balibo'. Completed films include, 'August' starring Josh Hartnett; Richard Attenborough's 'Closing the Ring' which includes cast such as Shirley MacLaine, Christopher Plummer and Mischa Barton; the horror 'Outpost' widely sold to Sony; Paul Verhoeven's 'Black Book'; and Jason Reitman's 'Thank You For Smoking' which generated more than $20 million at the US box office. CFI attends all major markets and festivals including Cannes, Venice, Toronto, AFM and Berlin. CFI is being managed in an executive capacity by Jamie Carmichael, President of ContentFilm International.
Fireworks International specialises in assisting TV producers to finance their programming and then marketing and selling the programmes internationally, both to the traditional media and new media platforms. Fireworks' library of programming includes the very latest in unique and engaging entertainment. Recent additions include primetime drama series 'The Wild Roses'; award-winning crime drama series 'The Border'; heart-warming family drama series 'Heartland'; brand new U.S. tween comedy 'The Assistants'; Mondo Media's 'Mondo Mini Shows' catalogue featuring a raft of offbeat comedy programming; children's programmes 'Half Moon Investigations', 'Family Biz' and 'Young Dracula' plus over 200 U.S. network mini-series and TV movies together with specials including the Annual U.S. 'Primetime Emmy ® Awards' shows. This new product is combined with the large and valuable Fireworks library catalogue which is complemented by a raft of formidable television shows including Gene Roddenberry's 'Andromeda', 'Mutant X' and 'Relic Hunter'. As one of the UK's largest and fastest-growing entertainment companies, Fireworks International has sales offices in London, Toronto and Los Angeles. Fireworks International is being managed in an executive capacity by Greg Phillips as President of Fireworks International. This information is provided by RNS The company news service from the London Stock Exchange END
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| 28-10-09 | RNS |
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RNS Number : 4912B Contentfilm PLC 28 October 2009
ContentFilm PLC AGM Statement and Trading Update Speaking at today's Annual General Meeting John Schmidt, the Chief Executive Officer of ContentFilm, will update shareholders as follows: "Our financial year ended 31 March 2009 represented a year of reorganisation for ContentFilm and our financial results reflected our restructuring efforts. We restructured our loss-making US home entertainment operations twice during the year, and are pleased to have no further capital exposure to the sector whilst retaining a meaningful investment in a growing North American film and home video distribution company, Phase 4 Films ('Phase 4'). To complement our existing fictional strength, our television division has started to build a non-fiction business together with a specialist acquisition and distribution team to grow our presence in this increasingly important television sector. To add to our non-fiction offering, we made a direct investment in a factual television production company, Collins Avenue. In our film division, we moved our sales and acquisition focus to our LA office as we sought to acquire more and bigger budgeted films with an enhanced international flavour. "This reorganisation was undertaken against a backdrop of an increasingly difficult economic climate. Allied to the restructuring matters already noted, the Company also undertook a cost cutting exercise across all its divisions. Since we began our reorganisation, inclusive of the Allumination restructuring, staff levels have been reduced by around 55%; this includes a 12.5% reduction in our film and television divisions. "The Company emerges from this reorganisation as a leaner Company with two main trading divisions - film and television - together with its investment in Phase 4, which manages the Company's ongoing US DVD library. In terms of the weight of revenue and profits between our two main trading divisions, the Company is now predominantly a television company; over 85% of our trading revenues and most of our profits arise from this division. Whilst we see expansion opportunities in our film division, we will concentrate on our television division as the main area of growth for the future. "The losses arising from our US home entertainment restructuring and the capital investment required to build our television division, saw the Company's senior debt expand to £24m ($US 35m) at our 2009 year end. A prime objective of the Company over the coming period is to drive this debt down through cost efficiencies, cash generative trading and alternative means of financing our product acquisitions. The Company continues to have ample liquidity for its current working capital requirements under its senior loan facility which matures in 2013, providing time for us to plan and execute the lowering of our debt level over the longer term. Our debt, which we hold in US dollars, has been stable at around $US 35m since 31 March but will fall in UK sterling from the £24m reported at 31 March 2009 due to the depreciation of the US dollar against UK sterling over the April-September 2009 period. "Trading within our film and television divisions for the half year ended 30 September has been solid and revenues are expected to be around the same level as that experienced in the corresponding period last year, whilst margins will be somewhat down due to lower levels of higher margin library income. Revenues related to our US home entertainment division will be significantly down this year versus last year due to the restructuring, but margins on this lower revenue will be significantly higher than last year. Group operating expenses will be significantly lower this year now the restructuring has been completed, although expenses related to our film, television and corporate divisions are expected to be stable in UK Sterling, due to the appreciation of the US dollar this half year compared to last year. Interest charges are expected to be higher than in last year's corresponding period due to higher debt levels and the appreciation of the US dollar this year compared to last year. Taken altogether we expect our normalised first half year results to show stability in relation to revenues, although profitability levels are expected to be lower than last year. As mentioned in our Preliminary Statement, our expectations are for a stronger second half when all of our major television series will be delivered. "Highlights in our television division have included the acquisition of several new major television series, including the third seasons of "The Border" and "Heartland" and the first season of new series "The Republic of Doyle". These three series are due for delivery in the second half and contracted sales on the three series are already pleasing. Our non-fiction catalogue is expanding rapidly. We have recently acquired several new series including "Wildlife Warriors" and "Wild Weddings" together with one hour shows "Hunting the Lost Symbol" and "I Know What I Saw". Sales prospects for our non-fiction division at the recent MIPCOM television market were encouraging. We are also pleased that Collins Avenue has successfully procured its first US network broadcast commission for "Fly Girls", an entertaining expose of life as a Virgin America air-line stewardess. Revenues on this series and potential international sales are also predicted in the second half. Our digital division continues from strength to strength and is building an enviable library of product including "Valemont", "Shadow Line" and several other libraries of digital product. Additionally, the third party libraries that we manage on behalf of other clients, including the CBC library and the Harmony Gold library, continue to trade well. "Highlights in our film division have included the recent acquisition of the genre film "The Fallout" to be directed by Xavier Gens (director of the US$92 million box office success "Hitman") and the acquisition of action film "Ironclad" starring Paul Giamatti and James Purefoy. The latter film started shooting two weeks ago and is one of the largest budget films in the UK independent market and reaction has already been extremely positive. Additionally we have picked up a number of other titles including "Heartless" starring Jim Sturgis ("21"), "The World's Greatest Dad" starring Robin Williams, "When You're Strange - A Film About The Doors" narrated by Johnny Depp, "Balibo" starring Anthony LaPaglia, "Matching Jack" starring James Nesbit, "Last Ride" starring Hugo Weaving, "Gaia" and "Love The Beast" starring Eric Bana. We are also expecting to announce one or two new films ahead of next month's American Film Market. We have recently taken delivery of several of our bigger titles this year including "Extract" (released in the US by Miramax), the Cannes Jury Prize winning "Fish Tank", the Oscar winning "Departures" and the Berlin Silver Bear and Deauville Grand Prix winning "The Messenger". Taken as a whole, the division's new films are performing much better this year compared to last year. Additionally the feature film library, now encompassing around 150 titles, continues to trade well. "We are pleased with our investment in Phase 4. It has stabilised following its establishment last April and is meeting internal expectations and developing well across North America. Whilst we do not consolidate the results of Phase 4 into our financial statements, we are pleased with what we believe is an increasing value in our investment. Additionally, the results and monetisation of our previously acquired Allumination US DVD library, still owned by the Company but managed through Phase 4, are meeting our expectations. "Market conditions continue to be challenging but in this particularly difficult economic climate, ContentFilm has successfully restructured and reorganised its operations and has remained stable over the recent period. We expect growth to recommence in the second half of this financial year, whereupon we hope to further expand our activities and quickly grow our business back to previous levels."
Enquiries:
John Schmidt/Geoff Webb www.contentfilm.com
Emma Kane/ Anna Dunkin / Samantha Robbins contentfilm@redleafpr.com
Jeremy Read Throgmorton Street Capital Tel: 020 7070 0973 Colin Aaronson/David Hignell Grant Thornton Corporate Finance Tel: 020 7383 5100 Notes on ContentFilm plc:
The latest CFI productions include 'The Messenger' with Ben Foster and Woody Harrelson produced by 'Saving Private Ryan's Mark Gordon; the true story of Hawaii's 'Princess Ka'iulani' starring 'The New World's Q'orianka Kilcher; the action thriller 'Horse' with Diego Luna; intense suspense thriller 'The Killing Room' with Academy Award ® nominated Chloe Sevigny; Toby Wilkins' brilliant horror 'Splinter'; double-Oscar ® nominee Samantha Morton stars in 'The Daisy Chain'; acclaimed director Fred Schepisi directs Australia's top actors in 'Last Man'; Academy Award nominated ® actor William H. Macy makes his directorial debut with 'Keep Coming Back'; the finest of Africa Wildlife crew tells the breathtaking story of the 'Elephants of the Okavango'; and Anthony LaPaglia stars in 'Balibo'. Completed films include, 'August' starring Josh Hartnett; Richard Attenborough's 'Closing the Ring' which includes cast such as Shirley MacLaine, Christopher Plummer and Mischa Barton; the horror 'Outpost' widely sold to Sony; Paul Verhoeven's 'Black Book'; and Jason Reitman's 'Thank You For Smoking' which generated more than $20 million at the US box office. CFI attends all major markets and festivals including Cannes, Venice, Toronto, AFM and Berlin. CFI is being managed in an executive capacity by Jamie Carmichael, President of ContentFilm International.
Fireworks International specialises in assisting TV producers to finance their programming and then marketing and selling the programmes internationally, both to the traditional media and new media platforms. Fireworks' library of programming includes the very latest in unique and engaging entertainment. Recent additions include primetime drama series 'The Wild Roses'; award-winning crime drama series 'TheBorder'; heart-warming family drama series 'Heartland'; brand new U.S. tween comedy 'The Assistants'; Mondo Media's 'Mondo Mini Shows' catalogue featuring a raft of offbeat comedy programming; children's programmes 'Half Moon Investigations', 'Family Biz' and 'Young Dracula' plus over 200 U.S. network mini-series and TV movies together with specials including the Annual U.S. 'Primetime Emmy ® Awards' shows. This new product is combined with the large and valuable Fireworks library catalogue which is complemented by a raft of formidable television shows including Gene Roddenberry's 'Andromeda', 'Mutant X' and 'Relic Hunter'. As one of the UK's largest and fastest-growing entertainment companies, Fireworks International has sales offices in London, Toronto and Los Angeles. Fireworks International is being managed in an executive capacity by Greg Phillips as President of Fireworks International. This information is provided by RNS The company news service from the London Stock Exchange END
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Hi Avo, I thought this board had turned into a graveyard but I see at one or two are still calling in occasionally!
Unfortunately CFL has been in the doldrums for far too long and most will have lost interest. Anyone have any future prospects or views for this once lively company? Regards, BK |
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Chart has turned here and prices rising. Should be good for a rebound IMO
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up again today...I too hold form winchester days but as we were screwed in the last takeover I only have 337 shares worth about £12...thinking of going in again....is it worth it?
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Hi I have held this for many years (since they were Winchester Entertainment) and have made good profits in years past. As you can see from their graph there have been some spectacular peaks and troughs. As a small share they tend to react dramatically to news.
However in the last year or so they appear to have suffered like many others and there has been little news. I should have got out of these during the last fall but I held on and now have average 9 pence holding. In answer to your question I have no idea why the rise but given the above I was hopeful something was afoot when I saw it. Their management seems to be quite solidand I would have thought that barring accidents they will return to form as markets improve but I don't have any solid basis for this. I check this board now and then but as you know there seems to be little action here. I have never posted on a board before and would like to see this share get some wider interest! Here's hoping. |
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