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RGM Media posts $2.56m half-year net loss
[Thu 01/09/2011 12:33:35]
By Brendan Swift
RGM Media has posted a $2.56 million half-year net loss after continuing to invest heavily in its fledgling film and TV production division.
The result was more than double the $1.07 million net loss in the corresponding period a year earlier but was less than the $3.19 million in the previous six month period.
RGM listed on the Australian Securities Exchange just over a year ago with the goal of expanding its established artist management business across film and TV production.
Its artist management business posted a net loss of $9353 while its film and television division posted a net loss of $2.55 million for the six months ended June 30, 2011, according to its half-year report.
The company has been targeting emerging markets such as China and India, recently signing an agreement with Fox International Productions to co-finance a slate of non-English language projects (an asset it has valued at $3.29 million in its balance sheet). The company has also been pursuing several feature film projects, according to chairman Greg Coote.
“RGM is in active talks to produce a sequel movie to Point Break, from a script by Kurt Wimmer (Salt) but did not pursue the opportunity, previously mentioned, to co-invest in a slate of films with Hemisphere Media Capital,” Coote said in a letter to shareholders.
The $250 million Hemisphere Media Capital fund, announced in November 2010, aimed to invest more than $400 million in 8 to 10 pictures over a four-year investment period.
RGM noted that while its film and television division had yet to deliver substantial revenues to the business, "it is anticipated that the impacts of this segment will be seen in the next period".
RGM’s high cash burn rate last month prompted the Australian Securities Exchange to query whether the company had enough cash reserves to continue operating. However, the company pointed to plans to issue $8 million in convertible bonds.
