RHI Releases Quarterly Results

NEW YORK: In the second quarter, RHI Entertainment recorded revenues of $22.7 million, a 58-percent drop as a result of a decrease in library revenues.

RHI’s library revenues fell 79 percent to $10.9 million, but production revenues soared from $2.6 million to $11.8 million. The company recorded a net loss of $8.6 million.

“Our results this quarter show that we have effectively managed our operations to better meet the demand from broadcast and cable networks,” said Robert Halmi, Jr., the president and CEO. “With four made-for-TV movies and two mini-series delivered during the quarter, and nine mini-series and 25 MFT movies in various stages of production, most of which are expected to be delivered in the second half of 2009, we are reaffirming our commitment to deliver a slate of 30 to 35 films in 2009. We believe the activity we are seeing in multiple markets, including the orders we are now getting for the fourth quarter of this year and the first quarter of next year, suggest a level of stabilization and that the truly extenuating circumstances of recent quarters may be coming to an end. We fully expect our customers will keep a continued, sharp focus on the cost-value proposition for the content they acquire, and for this reason we believe RHI provides a very attractive solution for them.”

He concluded, “With a unique financing and distribution model, extensive and valuable library, and growing list of expansion opportunities, we are excited about the prospects for this business, which continues to show resiliency in a very tough market.”