Vancouver-based animation studio Rainmaker Entertainment has reported a 45% increase in revenue for its third quarter (ending Sept. 30) over the same quarter last year.

The company reported revenues of $3,954,000 for its Q3, up from $2,726,000 the year prior. The increase in revenue was attributed to additional production contracts for Open Season – Scared Silly and Bob the Builder.

“We’re pleased with the recent accomplishments in all aspects of our core business. The company successfully concluded the U.S. theatrical distribution deal with Focus Features for its upcoming film, Ratchet & Clank, which is expected to release across 2,500 screens in the U.S. on April 20, 2016,” said Michael Hefferon, president and CCO, in a statement. “This included closing the prints and advertising financing necessary to release the film as well. In addition, Rainmaker has increased its service production activity with the commencement of three new direct to DVD animated films.”

The company also posted a loss of $341,914 for the third quarter of 2015, an improvement from a loss of $626,000 for the same quarter in 2014. The loss was attributed to the expensing of debenture interest from the second quarter of 2015, as well as professional fees associated with Rainmaker’s earlier-announced proposed $20.5 million acquisition of Toronto’s Shaftesbury.

The report made specific mention of the proposed acquisition, noting the two parties continue to work together to meet the conditions of closing the transaction. The “outside date” for the competition of the transaction is currently set for Dec. 15, 2015.

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