(Alliance News) - Iervolino & Lady Bacardi Entertainment Spa reported Friday that it ended the first nine months with revenues down to EUR86.3 million from EUR100.0 million in the same period a year earlier.

Operating income fell to EUR3.6 million from EUR13.2 million a year earlier while net income dropped to EUR552,000 from EUR4.3 million. Lower revenues from distribution rights of family movies and "Puffins & Arctic Friends" weighed on the drop in Ebit.

Backlog as of September 30 rises to EUR174.8 million from EUR172.9 million at the end of 2022.

Net Debt Financial Position - net of the effect of EUR2.8 million related to the application of IFRS 16 - was EUR41.4 million, in line with the first half of the year, when it was EUR41.3 million, and up from EUR23.1 million as of Dec. 31, 2022, due to higher investments made and paid in the period, which added to the negative financial effect of lower revenues from family movies and "Puffins & Arctic Friends" distribution rights.

For the full year, the company expects revenues to be broadly in line with those of 2022 and margins to be slightly higher than those as of Sept. 30.

The board also set the price of a EUR600,000 capital increase, with shares to be issued at EUR0.8817 each.

Iervolino & Lady Bacardi Entertainment's stock closed Friday down 2.0 percent at EUR0.88 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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