eOne Earnings Down In 1st Half; Alliance Acquisition Expected To Close Early 2013

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. (more…)

This article was printed from https://deadline.com/2012/11/eone-earnings-down-first-half-alliance-acquisition-close-early-2013-370095/