First Look Media Reports 2000 Fourth Quarter and Year-End Results.Business Editors NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of & LOS ANGELES--(BUSINESS WIRE)--May 17, 2001 First Look Media, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: FRST FRST Forest FRST Foundation for Research, Science and Technology (South Africa) FRST Freedom of Religion & Social Tolerance FRST Fiesta Rally Sport Turbo , FRSTW, www.firstlookmedia.com) (f/k/a Overseas Filmgroup, Inc. - OTC BB: OSFG), a diversified entertainment company, today announced operating results for the three-month and twelve-month periods ended December 31, 2000. For the quarter ended December 31, 2000, First Look Media's revenues were $7.4 million, compared to $13.8 million for the quarter ended December 31, 1999. The Company recorded an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $4.0 million during the 2000 fourth quarter, compared to an operating loss of $0.9 million during the 1999 fourth quarter. The Company reported a net loss for the three months ended December 31, 2000 of $4.3 million, or $0.44 per basic and diluted share, compared to a net loss of $0.9 million, or $0.14 per basic and diluted share in the corresponding 1999 period. The 2000 fourth quarter loss was attributed to write-offs of certain projects under development, marketing and distribution expenses in connection with preparation for upcoming 2001 film festivals, certain bad debt write-offs and legal and consulting fees relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc valuation of the Company's film library and capital investment opportunities other than Rosemary Street. Per share results for the 2000 and 1999 fourth quarter periods are based on 9,803,906 and 6,295,305 weighted average basic and diluted common shares outstanding, respectively. The increase in shares is a result of shares issued in connection with a $17.0 million equity investment by Rosemary Street Productions, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a New York-based commercial production firm, prior to the close of the 2000 second quarter. In June 2000, the American Institute of Certified Public Accountants With over 330,525 CPA members (in August 2006), the American Institute of Certified Public Accountants (AICPA) is the largest professional organization of Certified Public Accountants (CPAs) in the United States of America. (AICPA AICPA See American Institute of Certified Public Accountants (AICPA). ) established new accounting standards that changed how companies that produce or distribute films recognize revenues and account for advertising, development and overhead costs overhead costs see fixed costs. . First Look Media elected early adoption of the new standards effective for the Company's fiscal year beginning January 1, 2000. Accordingly, during the quarter ended June 30, 2000, the Company recorded a one-time, pre-tax non-cash charge Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. of $15.6 million ($14.1 million after taxes). The charge is reflected in the Company's Consolidated Statements of Operations for the year ended December 31, 2000 as a cumulative effect of accounting changes. Revenues for the year ended December 31, 2000 were $22.6 million, compared to $33.8 million in 1999. The decline was primarily due to lower revenues from the six highest grossing films released by the Company in 2000, compared to revenues achieved from the six highest grossing motion pictures released in 1999. For the year ended December 31, 2000, the Company reported an operating loss of $5.5 million, compared to an operating loss of $0.1 million during the comparable 1999 period. Adoption of the aforementioned new accounting standards and a year-over-year decline in distribution fee rates accounted for the majority of the decline. The Company reported a net loss of $20.5 million, including a $14.1 million cumulative effect due to the accounting change. The per share loss for 2000 was $0.78 per share (a loss of $2.52 per share reflecting the accounting change), compared to a net loss of $1.3 million, or $0.21 per share, in the corresponding 1999 twelve-month period. A significant increase in SG&A expenses, net of amounts capitalized to film costs, impacted the 2000 net loss, in comparison to the year-ago twelve-month period. Per share results for the 2000 and 1999 twelve-month periods are based on 8,131,313 and 5,990,153 weighted average basic and diluted common shares outstanding, respectively. The increase in shares is a result of shares issued in conjunction with the previously mentioned mid-year equity investment. Recent divisional developments: -- First Look Home Entertainment (independent distributor of home video and DVD titles) - current release schedule includes: Lover's Prayer (Kirsten Dunst); Relative Values (Julie Andrews, William Baldwin and Jeanne Tripplehorn); The Wedding Party (Cate Blanchett); and Bongwater (Luke Wilson, Alicia Witt and Andy Dick). -- First Look Pictures (US independent film theatrical division) - currently in release: Chopper (Eric Bana); director Tim Disney's A Question of Faith; and cult favorite Ed Gein “Gein” redirects here. For other uses, see Gein (disambiguation). Edward Theodore Gein (August 27 1906 – July 26 1984) was an American serial killer. (Steve Railsback). The film pipeline includes Bread and Tulips. Previous releases have included A Map of the World (Sigourney Weaver, Julianne Moore Julianne Moore (born December 3, 1960) is an Emmy Award-winning American actress. She has been nominated for four Academy Awards. Biography Early life Moore was born Julie Anne Smith in Fort Bragg, near Fayetteville, North Carolina,[] ; produced by Kathleen Kennedy Kathleen Kennedy is the name of:
Marshall); 1995 Academy Award(R)-winner Antonia's Line; and John Sayles' The Secret of Roan roan a coat color consisting of a relatively uniform mixture of white and colored hairs, giving a 'silvered' hue; self-describing colors are red-roan, blue-roan, chestnut roan. Inish. -- Overseas Filmgroup (worldwide independent film acquisition, financing, packaging and distribution) - upcoming slate highlights: Thirteen Conversations (Matthew McConaughey, John Turturro, Alan Arkin); The Hermit hermit [Gr.,=desert], one who lives in solitude, especially from ascetic motives. Hermits are known in many cultures. Permanent solitude was common in ancient Christian asceticism; St. Anthony of Egypt and St. Simeon Stylites were noted hermits. of Amsterdam (Burt Reynolds Burt Reynolds (born February 11, 1936) is an Oscar-nominated Emmy Award-winning American actor. Some of his memorable roles include Lewis Medlock in Deliverance, Paul Crewe in the original version of The Longest Yard, Bo 'Bandit' Darville in , Julie Christie); Frank Whaley's The Jimmy Show (Whaley, Ethan Hawke); and Quicksand quicksand State in which water-saturated sand loses its supporting capacity and acquires the characteristics of a liquid. Quicksand is usually found in a hollow at the mouth of a large river or along a flat stretch of stream or beach where pools of water become partly filled (Michael Caine, Michael Keaton). Previous films - Julian Schnabel's Before Night Falls Before Night Falls (ISBN 1-852-42808-2) is the 1992 autobiography of gay Cuban writer Reinaldo Arenas, describing his life in Cuba, his time in prison, and his ultimate escape to the United States. (Javier Bardem, Olivier Martinez, Johnny Depp John Christopher Depp II[1] (born June 9 1963) is an American actor. Biography Early life Depp was born in Owensboro, Kentucky, to John Christopher Depp Sr., a city engineer, and Betty Sue (Wells), a waitress. and Sean Penn); Titus (Anthony Hopkins Noun 1. Anthony Hopkins - Welsh film actor (born in 1937) Sir Anthony Hopkins, Sir Anthony Philip Hopkins, Hopkins , Jessica Lange Jessica Phyllis Lange (born April 20, 1949) is a two-time Academy Award-winning American actress. Biography Early life Lange, the third of four children, was born in Cloquet, Minnesota to Dorothy Florence Sahlman and Albert John Lange. ; directed by Lion King on Broadway's Julie Taymor); and Waking Ned Devine (grossed over $25 million at US box office). -- First Look Artists (commercial production division - featuring several award-winning and acclaimed feature film directors) - new additions to the directorial roster include Ed Decter (writer of Something About Mary), award-winning Brazilian director Carlos Manga maNga is a popular Turkish nu metal/rapcore band. Their music is mainly a fusion of alternative metal and hip hop music, with a touch of Anatolian melodies; with heavy use of turntables, invoking comparisons with modern American nu metal bands. , and commercial director Leonardo Ricagni. The three join Julie Taymor, Julian Schnabel (Basquiat), Joan Chen (actress/director), Lisa Krueger (Manny Manny may refer to: In nobility:
& Lo), Marleen Gorris (Mrs. Dalloway), and fashion photographer Darren Keith. First Look Media, Inc. (formerly Overseas Filmgroup, Inc.) is a fully integrated multimedia company with five divisions specializing in worldwide independent film distribution, theatrical and video releases, commercial production and Internet content creation. This press release includes forward-looking statements that involve risks and uncertainties. Certain factors may cause actual results to differ materially from those contained in the forward looking statements, including, but not limited to, quarterly and annual fluctuations in results of operations, the unpredictability of audience acceptance of any particular motion pictures, the highly speculative and inherently risky and competitive nature of the motion picture industry, and other risks detailed from time to time in the Company's reports filed with the Securities and Exchange Commission including, but not limited to, its Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2000. As the motion picture business and the Company's operations are subject to numerous uncertainties, including, among other things in addition to the forgoing factors, the financing requirements of various film projects, competition from companies within the motion picture industry and in other entertainment media (many of which have significantly greater financial and other resources than the Company), and the release schedule of competing films, no assurance can be given that the Company's acquisition, production, financing and distribution goals and strategies (including as described herein) will be achieved. Actual results may differ materially from management expectations expressed in any forward-looking statements.
FIRST LOOK MEDIA, INC.
Consolidated Statements of Operations
(in thousands except per share data)
Three Months Ended Twelve Months Ended
December 31, December 31,
------------------ --------------------
2000 1999 2000 1999
--------- -------- -------- --------
Revenues 7,398 13,827 22,625 33,784
Film costs 4,639 13,946 16,850 30,888
Distribution and marketing 3,349 - 4,774 -
Selling general and
administrative 3,435 741 6,473 2,983
--------- --------- --------- ---------
Total Costs 11,423 14,687 28,097 33,871
--------- --------- --------- ---------
Loss from operations (4,025) (860) (5,472) (87)
--------- --------- --------- ---------
Interest income 4 2 27 7
Interest expense (258) (521) (1,571) (2,019)
Other income 17 13 786 110
--------- --------- --------- ---------
Total other expense (237) (506) (758) (1,902)
--------- --------- --------- ---------
Loss before income taxes
and cumulative effect of
accounting changes (4,262) (1,366) (6,230) (1,989)
Income tax provision
(benefit) 32 (505) 137 (736)
--------- --------- --------- ---------
Loss before cumulative
effect of accounting
changes (4,294) (861) (6,367) (1,253)
--------- --------- --------- ---------
Cumulative effect - - (14,123) -
--------- --------- --------- ---------
Net loss (4,294) (861) (20,490) (1,253)
--------- --------- --------- ---------
Basic and diluted loss
per share:
Loss before cumulative
effect of accounting
changes (0.44) (0.14) (0.78) (0.21)
Cumulative effect of
accounting changes - - (1.74) -
--------- --------- -------- ---------
Net loss (0.44) (.14) (2.52) (0.21)
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Weighted average number
of common shares
outstanding 9,803,906 6,295,305 8,131,313 5,990,153
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