Pilat Media Posts 1H 2011 Loss Due to Fox TV Stations Lawsuit

Posted by Joe Zaller
Aug 31 2011

Pilat Media announced that its revenue for the first six months of 2011 was £10.84m, an increase of 4% versus last year. Operating profit for the first half of 2011 was £1.05m, a decline of 25% versus last year.

The company also announced that it has taken an impairment charge of £2.82m for the lawsuit filed by Fox TV Stations.  Taking this charge into account, the company says it posted a loss of £1.7m during the first half of the year.

Pilat chairman Michael Rosenberg said: “Operationally, the second quarter’s results were in line with our expectations. We were disappointed with FOX TV Station’s Inc. (“FTS”) actions and are taking appropriate measures to deal with their allegations, which we believe have no substance. The results reflect our decision to provide for the sum of approximately £2.8 million carried in our balance sheet as an accrual for sums due from FTS pending clarification of the outcome of this situation.”

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Related Content:

Press Release: Pilat Media Announces Results for the Six Months Ended 30 June 2011

Pilat Media Sued by Fox Television Stations, Files Counter Claim for Breach of Contract

Press Release: Pilat Media Informed by Fox Television Stations of Breach of Contract Suit

Pilat Media Posts Small Loss for First Quarter of 2011

Press Release: Pilat Media Announces Results for the 12 Months Ended December 31 2010

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