Pilat Media Announce Q3 2011 Results, Says Dispute With Fox Has Been Settled

Posted by Joe Zaller
Dec 05 2011

Broadcast business management solutions provider Pilat Media reported that its revenue for the third quarter of 2011 was £5.51m, up 5.1% versus the same period a year ago.

The company posted a profit of £244,000 for the quarter, versus a loss of £53,000 during the third quarter of 2010.

Significantly, the company said it had recovered the £544,000 impairment charge it had taken as a result of litigation with Fox Television Stations (FTS).  The company also said it will be receiving a payment from FTS.

 

Year-to-date results

Revenue for the first nine months of 2011 was £16.4m, up 4.4% versus the same period in 2010.  Year-to-date gross profit was £1.29m down 8% compared to the first nine months of 2010.  After tax, the company posted a year-to-date loss of £1.33m versus a profit of £398,000 for the first nine months of 2010.

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Pilat Chairman Michael Rosenberg issued an upbeat statement saying “We are pleased to have announced the settlement of our dispute with Fox Television Stations Inc with the result that the Company will now be receiving a payment from them.  Our Q3 revenues continued to grow on the back of increased demand from our existing client base, bringing the growth over the last nine months to over 4%.  We continue to make significant investment in improving and expanding our products and this in part has enabled revenues from our existing clients to increase.  We are also engaged with a number of new potential projects but these are moving forward at a slower pace than we had envisaged and this will inevitably restrict growth for this year.“

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Related Content:

Press Release: Pilat Media Reports Results for the nine months ended 30 September 2011

Pilat Media and Fox Television Stations Settle Legal Dispute

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

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

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