Former boss Gary Smith selling his stake and the 2012-13 figures should mark the end of one period in the history of Intandem Films with a much brighter future in prospect.
Intandem has a larger slate of films and it intends to exploit the current film library.
On 22 November, Smith sold his 4.98% stake, which had been diluted by recent share issues.
A loss of £1.3m was reported for the year to June 2012. Revenues remained modest at £284,000. At the end of June 2013, Intandem had net current liabilities of just over £1m but since then the company has raised £1.18m at 0.5p a share. Any significant cash outflow will mean that Intandem will need to raise more cash.
At 0.4p a share, down 0.05p, Intandem is valued at £1.54m.
There are eight fully funded films in the current portfolio and a total of 20 films on the slate.
Intandem has generated commissions of around $266,000 at the recent American Film Market – assuming the expected third party sales of $1.8m are confirmed. After expenses this would yield a gross profit of $222,000. That should be included in the second half figures. Last year’s gross profit was £206,000 ($337,000). Intandem has already generated revenues of £104,000 so far in the first half.
The cost base has been cut to just over £60,000 a month. That still means that Intandem needs to generate significantly more revenues to break even.
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