DQE Entertainment reports rise in revenues

DQE Entertainment posted an 8.5 per cent rise in revenues for the last nine months of 2012 as the company received high ratings for its range of cartoon series.

Revenues rose to $25.91m, up from $28.64m the previous year after the group signed licensing deals and expanded its portfolio with the production and distribution of shows including Peter Pan, Charlie Chaplin and Iron Man.

A major contributor to revenues was the success of the 3D, CGI animated TV series The Jungle Book Season One, produced by DQE. The show aired in 165 countries across the globe and attracting more than 100 licensees worldwide across publishing, gaming, digital, apparel, accessories, home furnishings, back-to-school and Halloween.

Key licensees and promotional partners include Burger King, Wal-Mart, Hachette, Toys R Us and Universal Music.

Despite the jump in revenues, earnings before interest, taxes, depreciation, and amortisation fell 7.0% to $11m and profits after tax dropped 44% to $2.58m.

The group blamed the drop on the "financial liquidity squeeze in the global market" which resulted in delays in the recovery of receivables.

DQE is working to reduce its debtors and expects to improve its receivables position by year end.

Chief Executive Officer and Chairman and Managing Director, Tapaas Chakravarti, said: "A humbling and inspiring validation of our work is the high ratings received by our productions such as The Jungle Book and Peter Pan on various international networks such as TF1- France, France Televisions, ZDF TV Germany, Kika Germany, Noga Israel, ABC Australia, TVO Canada and several others worldwide.

"I am particularly happy to share the recent excellent ratings and audience response to our series Peter Pan, that was launched in the French Language at the end of December 2012 in France, on France 3. Each broadcast has attracted an average of 800,000 viewers, giving a market share ranging between 24.1% and 34.8% for the 4-10 year old audience segment - similar to that of the hugely popular series Garfield."

Shares rose 1.09% to 23.25p at 8:31 Friday.

RD