Entertainment One Ltd. reported earnings results for the nine months ended December 31, 2011. For the period, the company's revenues were 14% lower than the prior year, ahead of market trends, but reflecting the long-term transition of the market from physical to digital channels. Adjusted net debt at December 31, 2011 was lower than the corresponding point in the prior year and in line with management expectations. The company's fiscal 2012 adjusted net debt is expected to be slightly higher than market consensus reflecting increased film content investment in the final quarter. However, the group expects to maintain its net debt to EBITDA leverage ratio at below one times EBITDA, and continues to enjoy access to significant additional capital through its undrawn debt facilities to take advantage of new investment opportunities.