eOne Reports Triple-Digit Gains in Pre-Tax Profit

TORONTO: Entertainment One (eOne) has posted gains in its adjusted profit before tax of 121 percent for the six months ended September 30 to $30.4 million.

Underlying EBITDA was up 77 percent for the year prior to $38.2 million. Revenue was up 1 percent to $325 million. Net debt was down 23.2 percent to $98.5 million.

Darren Throop, the president and CEO of Entertainment One, said: “I am pleased to report yet another strong set of results. Our film businesses performed well and the strength of our release slate continues to improve. In television we continue to grow our outstanding portfolio of network series and the number of renewals we are seeing is a testament to the quality of our productions. I am also delighted with the progress being made by Peppa Pig in the U.S. and internationally.

“The Group’s ability to extend and expand its lending facilities against the backdrop of the current financial markets is recognition of the strength of our performance over a sustained period and I look forward to a very positive second half of the year.”

In the first half of the year, eOne released 74 films theatrically, including The Lincoln Lawyer, starring Matthew McConaughey; Source Code, with Jake Gyllenhaal; and 50/50, starring Joseph Gordon-Levitt and Seth Rogen. The group also secured output agreements with Summit Entertainment and Lakehouse Entertainment for its Australian division, Hopscotch. Also, eOne signed an exclusive five-year deal in the U.K. for SVOD rights with Amazon’s LOVEFiLM.

In the way of television activities, eOne delivered 73 half-hours of programming in the first half of the year. Notable successes include Peppa Pig, which is currently airing daily on Nick Jr. in the U.S. as well as in the U.K., Australia, Canada, Spain and Italy; Call Me Fitz, with a third season in production; Haven, which has been commissioned for a third run; Hell on Wheels, which delivered AMC’s second highest ever viewership for an original series with its premiere; Hung, airing in its third season; Rookie Blue, also getting a third season; The Firm, set for a 2012 broadcast; and The Walking Dead, commissioned for a third run.

eOne is also planning to expand its U.S. film business, expecting to release up to 12 films per year theatrically in the U.S. starting in early 2012. The company is preparing for the theatrical release of A Dangerous Method, starring Viggo Mortensen; We Need to Talk About Kevin, starring John C. Reilly and Tilda Swinton; and One for the Money, based on a book of the same name.