Montreal: Cinar Corp. has released unaudited or ‘best information’ financial summaries for the fiscal years 1999 and 2000, reporting a net loss of $55.8 million in the case of the latter period. The company is also reporting former principals of Cuyahoga, OH educational music producer and publisher Twins Sisters is suing Cinar, its educational division and former senior managers for $2.5 million, and seeking an injunction aimed at halting the sale of the company.

For the 12-month period ending Nov. 30, 2000, Cinar is reporting top-line revenues of $153.1 million (including $77.2 million in educational sales), an 11% decrease from fiscal ’99. By far the biggest net loss component is a non-recurring charge of $53.3 million, principally comprised of a $30.9 million write-down on the value of Lightspan, a San Diego, CA curriculum-based educational software company, and $14 million in professional fees.

The company also set aside a $2.7-million contingency fund for ‘related party transactions’ and took a non-cash charge of $649,0000 to write down its 50% share of the SMEC animation studio in China.

In 2001, Cinar plans to complete production of 72 half-hours started last year and has begun production on 49 new half-hours for a total commitment of 121 half-hours. The company says it has approximately $40 million in cash reserves. Cinar delivered 226 half-hours in 2000, bringing its library total to 171 titles and 2,074 half-hours. *

-www.cinar.com