Montreal: Telescene Film Group reports net earnings of $5.8 million on top-line revenues of $61.4 million for the 12-month period ended Feb. 29.

The company says this year’s decrease in net earnings is partly due to ‘an unrealized loss on foreign exchange of approximately $1.6 million compared to an unrealized gain of approximately $500,000 in fiscal ’99,’ when net profits were $7.1 million. eps for ’99/00 is $0.57 based on 10,151,932 weighted average number of shares outstanding.

Library revenues are up by 30% in 2000 to $12.5 million, representing 20% of all revenues, with production accounting for 80% of all revenues.

‘During the year, we set the tone for a strong 2001, however, Telescene’s continued growth is contingent on our ability to tap into capital markets in order to fund our productions,’ says president and ceo Robin Spry.

In ’99/00, Telescene delivered 100 half-hours, including episodes of Big Wolf on Campus; Student Bodies; The Hunger, produced for Showtime, TMN-The Movie Network and Superchannel; and Misguided Angels.

The company also delivered the first season of the action-adventure series Sir Arthur Conan Doyle’s The Lost World; the one-hour rock ‘n’ roll drama series/pilot Live Through This; the two-hour sci-fi action movie/pilot Matthew Blackheart; the martial arts action movie/pilot Dr. Jekyll & Mr. Hyde; and the adventure movie/pilot Fearless, produced for DirecTv.

Telescene (tfg.b) is currently shooting the Internet-themed series Risk. tfg.b share price on the tse dropped under $10 in ’99 and has continued in a steady downward spiral trading at $1.94 midday July 19. *

– www.thelostworldtv.com

– www.telescene.ca