Back in 2007, Harvey Weinstein was boasting about Genius Products, the Santa Monica-based DVD distributor 70% owned by The Weinstein Co. That was then, and this is now. On December 24th, its shares were de-listed from the “over-the-counter” board (OCTBB) to the pink sheets. According to Home Media magazine, the de-listing was due to Genius’ inability to report third quarter fiscal 2008 results ending September 30th in a timely manner after formally requesting a filing extension with the SEC. Genius at that time said it would restate consolidated financial statements for six quarters and two fiscal-year periods. How awful must those numbers be after the company, in the second quarter FY2008, reported a 33% decline in DVD revenue to $74.6 million and a loss of $11.7 million due to a 49% drop in box office for Weinstein Co releases The Great Debaters, Diary of the Dead and Cassandra’s Dream. I regularly do box office, and I barely remember those titles.
Another Financial Setback For Weinstein
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