Published:
Empire Posts Q2 Profit, Looks For Record Earnings in Q3
BEVERLY HILLS, Calif., Aug. 28 /PRNewswire-FirstCall/ -- Despite a limited
release slate during the second quarter of 2008, Empire Film Group, Inc.
(OTC: EFGU) (http://www.empirefilmgroup.com) delivered a modest profit for the
period ending June 30, 2008, marking the second consecutive profitable quarter
for the recently formed independent studio. The company posted profits of
$71,384 on revenues of $757,609, which exceeded previously released management
projections for the quarter by more than 65%. For the current Q3 reporting
period, Empire is projecting revenues of more than $5-million from the
September 19th theatrical launch of "Hounddog," the new release non-fiction
book "Made in theUSA" and the DVD release of the Sidney Poitier feature "The
Last Brickmaker In America."
(Photo: http://www.newscom.com/cgi-bin/prnh/20080828/LATH031)
"We're pleased to have beaten our forecasts and delivered another
profitable quarter," said Dean Hamilton-Bornstein, CEO. "We had planned on
the second quarter as a build-up period for the launch of major releases in
the second half of the year. But new media opportunities and ongoing sales
from our DVD catalog were underestimated, which is always welcomed news."
One of the new media agreements for Empire is a 20-title pay-per-view and
video-on-demand agreement with Gravitas Ventures, LLC which will facilitate
the digital streaming of Empire titles through major cable and satellite
outlets including Time-Warner Cable, Comcast, Direct TV and Cox
Communications. Another agreement was initiated withVancouver-based
Industry-Works covering the co-financing and distribution of three original
productions from Empire.
"The positive momentum for Empire is building more quickly than originally
anticipated," said Eric Parkinson, CEO of Empire distribution divisions Empire
Home Entertainment and Hannover House. "Generally speaking, start up
entertainment companies take many quarters or years to show results and even
longer to show profits. Our business model and philosophy have enabled us to
make prudent and profitable acquisition and releasing decisions right from the
start. Producers and industry professionals are acknowledging our results and
this is accelerating the volume and quality of new opportunities being
presented to Empire."
Empire Film Group will be featured in a full page ad appearing in the
Hollywood Reporter, August 29, as well as in Variety on September 8,
collectively reaching nearly 250,000 industry professionals, producers,
distributors and broadcasters worldwide.
Learn more about Empire Film Group at www.empirefilmgroup.com
SOURCE Empire Film Group, Inc.
Copyright © 2009, PRNewswire
Copyright © 2009, NewsBlaze,
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