Atlantis financial results

Atlantis Communications reports revenues for the six months ending June 30, 1995 were $77 million, up from $46 million in the corresponding period of 1994. Net earnings for the six-month period decreased to $1.8 million or $0.19 per share, based on 9.6 million shares outstanding, after a loss of $540,000, or $0.06 per share, on the disposition of an investment. This compares with net earnings of $2.4 million, or $0.29 per share, based on 8.3 million shares outstanding in the corresponding period last year.

For the second quarter ending June 30, the company reported revenues of $49.3 million, up from $22.9 million in 1994. The increase reflects the delivery of several episodes of high-budget series initiated in 1994. Net earnings decreased to $79,000 from $872,000 the previous year. The decrease is attributed to a number of factors including the delivery of 14 episodes of The Outer Limits and five episodes of TekWar.

Michael MacMillan, chairman and ceo, says the company is initiating steps to reduce its cost structure including eliminating positions and reducing staff through attrition.

And at Nelvana

Nelvana Limited’s net earnings for the second quarter ending June 30, 1995 were $889,000 on gross revenue of $12,309,000, down from $985,000 on gross revenue of $18,628,000 for the same period in 1994. Earnings per share of $0.17 for the six months were based on 5,181,108 shares compared to $0.26 in 1994 based on 3,788,842 shares. The company says the results for the first half of 1995 are consistent with the seasonal nature of production and the delivery schedule of programs.

Production and distribution revenue of $6,397,000 for the first six months of this year included sales of 1994 series to additional markets as well as the continued exploitation of the distribution library. No new series were delivered by June 30, 1995, whereas 26 episodes, comprising two series, were delivered for June 30, 1994.

Merchandising and licensing activities generated $1,255,000 in the first six months of 1995 as compared to $2,432,000 in the corresponding period of 1994, which included significant revenues from master toy licences.

Devine results

Devine Entertainment reports revenues of $352,184 for the nine-month period ending June 30, 1995 compared to $88,830 a year ago. Net earnings were $81,822 or $0.01 per share compared to $42,876 or $0.006 for the same period last year.

Paragon

Paragon Entertainment has two new features slated to shoot late September in Nova Scotia, Wales and London, Eng. Sweet Angel Mine and Intimate Relations are the first two productions the Toronto-based company is making through HandMade Films of England, which it acquired last year.

Angel, a coproduction between Imagex, HandMade, Mass Love and British Screen stars Alberta Watson, Anna Massey and Margaret Langrick and will be directed by Curtis Radclyffe.

Intimate Relations stars Julie Walters, and Rupert Graves and will be directed by Philip Goodhew.

Also, ceo Jon Slan, who has been working in Los Angeles for eight years will be moving back to the Toronto office.