Stockholm, 2013-02-28 08:36 CET (GLOBE NEWSWIRE) --
• Revenue 10,558 KSEK (10,626)
• Operating income -7,061 KSEK (-6,968)
• Income after financial items -6,807 KSEK (-7,875)
• Net Income was -9,529 KSEK (-8,369) for the period and -4,393 KSEK (-2,351) for the fourth quarter
• Earnings per share -0.12 kr (-0.18 kr)
• New Conan movie with Universal Studios announced
• Principal photography on co-production film “Reasonable Doubt” completed
• “Fire with Fire” film loan repaid, improving solvency for the period
• Provision taken against other receivables for reimbursable pre-production costs
Financial Summary
Group revenue was 10,558 KSEK (10,626). Operating income was -7,062 KSEK (-6,968). Income after financial items was -6,807 KSEK (-7,875). Net income for the fourth quarter was -4,393 KSEK (-2,351) and -9,529 KSEK (-8,369) for the period to date. Net income for the fourth quarter consists of positive net income of 500 KSEK as projected, with an adjustment for reimbursable pre-production costs of -2,935 KSEK (see further under the heading “Other Receivables”) and a tax provision adjustment for the quarter of -1,958 KSEK. Shareholders’ equity at period end was 49,007 KSEK (59,244) and the change in shareholders’ equity was -10,237 KSEK for the period, of which -1,591 KSEK was related to translation differences. The solvency was 70.1 % (57.6 %). Investments in intangible assets were 1,014 KSEK (1,267) during the period.
The vast majority of the operation is based in the United States, thus the financials are affected by the Swedish crown/U.S. dollar exchange rate. The exchange rate on January 1, 2012, was 6.9234 SEK per USD (6.8030) and on December 31, 2012, 6.5156 SEK per USD (6.9234). The average exchange rate for the period was 6.7754 SEK per USD (6.4969).
See attached document for full financial statement.
About Paradox Entertainment
Paradox Entertainment manages and develops its rights library by generating revenue from all forms of entertainment, including motion picture, television, gaming, publishing and toy industries. The Company’s library consists of such well-known brands as Conan the Barbarian, Kull of Atlantis, Solomon Kane, Mutant Chronicles, and the works of Robert E. Howard. Paradox Entertainment also represents third-party property owners expanding their IP into a variety of licensing categories. In addition, the company produces, co-produces and co-finances motion pictures aimed at the global market. The business is mainly carried out by Paradox Entertainment Inc., based in Los Angeles, California, USA. The shares of parent company Paradox Entertainment AB (PDXE, SE0000598054) are quoted on NASDAQ OMX, in the First North Premier segment. Erik Penser Bankaktiebolag acts as Certified Adviser. Read more about Paradox Entertainment on http://www.paradoxent.com.
Fredrik Malmberg
President & CEO
Tel: +1 (323) 655-1700, Mob: +1 (310) 663-3214
E-mail: fmalmberg@paradoxent.com
Torsten Engevik
Deputy Chief Executive Officer
Tel: +46 8-555 177 94, Mob: +46 738-20 25 40
E-mail: torsten.engevik@paradox-entertainment.com
Joakim Zetterberg
Director of Licensing / Investor Relations
Tel: +1 (323) 655-1708, Mob: +1 (310) 623-2918
E-mail: jzetterberg@paradoxent.com
