Works Media 2009 Loss Widens By 91%, Will Require External Funding

30th Jun 2010 08:00

LONDON (Dow Jones)--Works Media Group PLC (WKS.LN), an independent U.K. film distributor and international film sales agent, reported Wednesday pretax loss for 2009 widened by 91% and said it would require further external funding going forward due to its tight cash position. MAIN FACTS: -Revenue for the twelve months ended Dec. 31, 2009 GBP2.3 million (2008: GBP2.6 million) -Pretax loss of GBP1.2 million (2008: loss GBP625,000) -Diluted loss per share 0.62 pence (2008: loss 0.33 pence) -Board do not recommend the payment of a dividend in respect of 2009 (2008: nil) -Production of films in the U.S. and U.K. reduced by over 60% -Available cash at bank and in hand GBP64,000 (2008: GBP410,000) -Continue discussions with potential funding sources and expects to reach a positive conclusion by the end of 2010. -Company to continue to trade conservatively and within its current funding facilities until the U.K. DVD market and TV market improve. -Shares closed Tuesday at 0.25 pence, valuing the company at GBP0.4 million. --By Tapan Panchal, Dow Jones Newswires. Tel +44(0)207-842 9448, [email protected] (END) Dow Jones Newswires June 30, 2010 03:00 ET (07:00 GMT)