TORONTO – Motion Picture Distribution LP, which is majority owned by Alliance Atlantis Communications, recorded a profit of $4.4 million in the first quarter ended March 31, compared to $5.2 million in the same quarter a year earlier, according to financial results released Wednesday.
Higher revenues from its library and from its theatrical operations in Europe and Spain resulted in Motion Picture’s consolidated revenue rising $7.2 million to $110 in the quarter compared to the previous year.
Motion Picture CEO John Bailey said the significantly improved theatrical market share in the UK and Spain should translate to strong performances in the DVD and television windows in future quarters.
Revenue jumped to $23.3 million from $19.1 million in the same quarter a year earlier at the UK operations and increased to $14.7 million from $9 million in Spain. The increases resulted from better results in the theatrical area due to the success of Miss Potter in England and Apocalypto, Hannibal Rising and The Painted Veil in Spain.
In Canada, revenues fell 4% to $72 million.
“The theatrical slate which included The Number 23 and Arthur and the Invisibles was up against stronger comparables in the prior year’s quarter with Brokeback Mountain,” stated Alliance Atlantis in a media release.
In Canada, however, a softer DVD slate was offset by a 38% increase to $19.6 million in television revenue.
Motion Picture had a net debt of $79.8 million at March 31, 2007, compared to $80.3 million at December 31, 2006.
