AGM Statement and Trading Update


 

TIDMCFL 
 
RNS Number : 5845T 
Contentfilm PLC 
30 September 2010 
 

Date:                            30 September 2010 
On behalf of:                 ContentFilm PLC ('the Company', 'the Group' or 
'Content') 
Embargoed until:           1030hrs 
 
 
ContentFilm PLC 
* AGM Statement and Trading Update 
 
Speaking at today's Annual General Meeting John Schmidt, the Chief Executive 
Officer of ContentFilm, will update shareholders as follows: 
 
"Many media commentators have stated that the last two years have been the most 
turbulent and difficult in recent times.  The ramifications of the recession 
have created daily challenges as businesses in the sector - in particular 
television networks and film studios - have ordered lower levels of product at 
reduced prices.  Major industry players in both film and television have 
suffered distress and have undergone significant restructuring.  Many government 
funded operations, particularly in Europe, have felt the effect of budgetary 
cutbacks.  These events have combined to create challenges for all companies in 
the sector. 
 
"Against this background, our results for the financial year ended 31 March 2010 
represent a much improved year, compared to the results of 2009.  Whilst 
revenues declined from GBP21.1m to GBP18.4m, our profitability improved on all 
levels, and we did not have any of the restructuring costs recorded in fiscal 
2009.  Our operating costs have declined, and our corporate debt fell 
meaningfully during the year.  Taken together, we believe this was a creditable 
result in the current climate. 
"Since our last release, trading has continued to meet management's 
expectations.  Market conditions appear to be improving but they remain 
challenging and are still well below pre-recession levels.  As disclosed in our 
Preliminary Statement, our results for this financial year will again be 
significantly skewed towards the second half as most of our television 
programming will be delivered over that period.  We have a reasonable amount of 
visibility into the second half and taking account of the challenging 
conditions, we are cautiously optimistic that we will again have a creditable 
full year result. 
 
"We are pleased with developments within our television division.  We expect 
better results this year from our drama division which will take delivery in the 
second half of Republic of Doyle Season 2 and Heartland Season 4.  Other new 
drama projects include Whites, starring Alan Davies which premiered on BBC this 
week and Thorne: Sleepyhead and Thorne: Scaredy Cat, which will be released 
shortly on Sky.  Further, our factual division has had a successful launch of 
Wildlife Rescue Africa and has taken delivery of a new series Freak Encounters. 
Our factual entertainment joint venture - Collins Avenue - has received two 
initial orders for new series from U.S. cable programmers.  Sales in the 
Fireworks library have been meeting expectations. 
 
Our digital division has been progressing well.  It now has one of the largest 
libraries in the sector, of made for digital and multi-platform content and it 
is leading the market in the distribution of the product.  This position has 
been underlined by our recent output deal whereby we will be distributing the 
product of Vuguru, a leading digital producer, owned by Michael Eisner's 
investment company, Tornante.  To further expand our operations, we are 
delighted to announce today that we have reached an agreement with Peter Cowley 
- formerly Endemol UK's managing director of digital programming- to launch a 
new business called Spirit digital media ("Spirit").   Subject to approved long 
form documentation, Spirit will be backed by ContentFilm and will help media and 
advertising brands monetise existing IP through digital channels and will also 
create its own multi-platform IP. 
 
Following its improved performance last year, our film division has also been 
progressing well.  It will also take delivery of most of its major films in the 
second half, including its largest title Ironclad and other titles, The Divide, 
Welcome To The Rileys, I Am Slave, Cool It  and the first of the three films in 
the Age of Heroes series.  Our library of feature films is approaching 200 
titles and is selling well, underpinning the results of the division. 
 
We continue to be pleased with our investment in Phase 4 Films.  The North 
American DVD market remains tough but with its comparatively low cost 
infrastructure and the benefits it accrues from distributing across North 
America, its performance has remained resilient.  We believe it will continue to 
grow and expand profitably over the coming years. 
 
"We remain alert for opportunities to acquire assets in this turbulent market, 
but our main concern is the preservation of company liquidity and current 
profitability.  In a difficult economic climate, ContentFilm has successfully 
navigated a profitable path, and as market conditions improve we believe the 
Company is well placed to grow and build shareholder value." 
 
- Ends - 
 
Enquiries: 
 
+---------------------------------------+-----------------------+----------+ 
| John Schmidt/Geoff Webb               | www.contentfilm.com              | 
+---------------------------------------+----------------------------------+ 
| ContentFilm PLC                       | Tel: 020 7851 6500               | 
+---------------------------------------+----------------------------------+ 
|                                       |                       |          | 
| Robert Emmet                          |                       |          | 
+---------------------------------------+-----------------------+----------+ 
| Throgmorton Street Capital            | Tel: 020 7070 0973    |          | 
+---------------------------------------+-----------------------+----------+ 
 
+---------------------------------------+-----------------------+ 
| Philip Secrett/David Hignell//Colin   |                       | 
| Aaronson                              |                       | 
+---------------------------------------+-----------------------+ 
| Grant Thornton Corporate Finance      | Tel: 020 7383 5100    | 
+---------------------------------------+-----------------------+ 
|                                       |                       | 
+---------------------------------------+-----------------------+ 
|                                       |                       | 
+---------------------------------------+-----------------------+ 
 
Notes on ContentFilm plc: 
¡ Further information on the Company and details of the individual titles that 
make up the Company's available library is at: www.contentfilm.com 
¡ ContentFilm International (CFI) is the worldwide film and library sales arm of 
ContentFilm plc.  CFI specializes in high quality and commercial feature films, 
and is able to assist film producers in securing finance.  CFI handles worldwide 
sales, marketing, and publicity on all titles. The Feature Film Library arm also 
manages international sales on over 190 titles. 
 
Recent CFI titles include IRONCLAD starring James Purefoy and Paul Giamatti, 
from Hitman director Xavier Gens comes THE DIVIDE, I AM SLAVE directed by 
Gabriel Range, director Ondi Timoner's COOL IT, the World War II action AGE OF 
HEROES starring Sean Bean and Danny Dyer; Jake Scott's WELCOME TO THE RILEYS 
starring James Gandolfini and Kristen Stewart, the action horror OUTPOST: BLACK 
SUN and MATCHING JACK from award winning director Nadia Tass and starring James 
Nesbitt. 
 
Some of the latest library titles include the documentary hit 'American 
Grindhouse', the erotic comedy drama 'Sirens' starring Hugh Grant, the Nick 
Broomfield collection which includes 'Kurt and Courtney', John Cazale's 
documentary 'I knew it was you', 'The Pervert's Guide to Cinema' directed by 
Sophie Fiennes, the acclaimed 'Shooting Dogs', intense suspense thriller 'The 
Killing Room' with Academy Award   nominated Chloe Sevigny, 'August' starring 
Josh Hartnett, Academy Award   nominated 'The Cooler' starring William H Macy, 
Alec Baldwin and Maria Bello, Sigourney Weaver, Jennifer Love Hewitt and Gene 
Hackman's 'Heartbreakers', 'Open Range' directed and with Kevin Costner and many 
more. 
 
CFI attends all major markets and festivals including Cannes, Venice, Toronto, 
AFM, Sundance and Berlin. CFI is being managed in an executive capacity by Jamie 
Carmichael, President of ContentFilm International. 
 
¡  Fireworks International is ContentFilm's international television and digital 
distribution division with over 3,200 hours of high-quality and commercially 
appealing programming including an extensive slate of major drama series, 
non-fiction entertainment, kids live action comedy and drama series, TV movies, 
mini-series and special event programming. 
 
Recent additions include comedic drama series, REPUBLIC OF DOYLE, primetime 
drama series, THE BORDER and heart-warming family drama series, HEARTLAND; 
non-fiction primetime documentary specials HUNTING THE LOST SYMBOL and I KNOW 
WHAT I SAW; U.S. tween comedy THE ASSISTANTS; high definition multi-platform 
thriller series VALEMONT; new children's programmes HALF MOON INVESTIGATIONS, 
FAMILY BIZ as well as the classic anime series, ROBOTECH; plus over 200 U.S. 
network mini-series and TV movies; and specials including the Annual U.S. 
PRIMETIME EMMY AWARDS show. 
 
This new product is combined with the large and valuable Fireworks library 
catalogue which is complemented by a raft of formidable television shows 
including Gene Roddenberry's ANDROMEDA, MUTANT X and RELIC HUNTER. 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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