euro adhoc: Advanced Medien AG
Quarterly or Semiannual Financial Statements
Advanced Medien reports results for the first quarter of 2003 (E)
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Advanced Medien reports results for the first quarter of 2003
Munich, May 13, 2003 - Advanced Medien AG today announced revenues of EUR 0.60 million for the first quarter of 2003, down from EUR 5.85 million in Q1/2002. At EUR 0.24 million after EUR 5.53 million in the same period of last year, the subsidiary Unified Film Organization LLC., Los Angeles, reported a particularly significant decline in revenues. According to the latest information, this is due to a postponement of revenues in connection with the distribution of films produced for the media fund.
Advanced managed to reduce all cost items considerably by a total of approximately 60%. This led to earnings before interest, taxes, depreciation and amortization (EBITDA) of EUR 0.06 million (Q1/2002: EUR 4.45 million). Depreciation and amortization declined from EUR 5.46 million to EUR 1.89 million. As a result, earnings before interest and taxes (EBIT) were negative at minus EUR 1.83 million (Q1/2002: minus EUR 1.00 million). The consolidated net loss for the first quarter of 2003 was EUR 2.15 million. This compares to a net loss of EUR 1.36 million for the same period of last year. Liabilities due to banks decreased from EUR 27.81 million in the first quarter of 2002 to EUR 22.88 million as of March 31, 2003. Of these, liabilities to German banks amounted to EUR 7,96 million (Q1/2002: EUR 10.80 million). ~ Key figures in EUR million Q1/2003 Q1/2002 Revenues 0.60 5.85 EBITDA 0.06 4.45 EBIT -1.83 -1.00 Net loss -2.15 -1.36 Earnings per share -0.12 -0.08 ~ The complete quarterly report will be published on May 28, 2003, at www.advanced-medien.de.
end of announcement euro adhoc 13.05.2003
Further inquiry note:
Michael Werneke Tel.: +49(0)8921027-244 Email: M.Werneke@haubrok.de
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