Metrodome Share Discussion Threads

[ursamajorra] 04/5/2007 09:17

Will be interesting to see where the share price goes from here.If we move up next week it is a buy signal for me.

[moreforus] 30/4/2007 19:14

good afx...plus another 50k bought..(at 3.35...)

[itmak] 30/4/2007 09:49

The companies current management team do seem to have a much clearer understanding (note the revaluations of assets in the results) of the business and the direction they want to move the company towards - with the aim to improve cashflow. My confidence in the business is now at the highest it has been for a number of years - so lets hope they can deliver.

VOD has massive market potential as it opens new distribution streams. My only consern is if film makers will in future charge more for rights to distribute their films or expect distributers to tender for a global VOD rights to their film unlike today where they are based of territories - just a thought

I will continue to watch but currently only for the very brave.

good luck

If the plans are successfully implemented especially with VOD then we could see us getting close to 8 - 10p

[moogee] 30/4/2007 08:28

Losses are decreasing. I would like to see a trading statement in June just to confirm that they are making a profit.

[moreforus] 30/4/2007 08:12

good to see the merry band of Metrodome survivors are awake....talk of profit in 2007 (4 months through 2007....so a bold statement??)....

[moreforus] 30/4/2007 07:58

already up a .25 - market likes this .. VOD plus profit 2007....

[moreforus] 30/4/2007 07:11

RNS Number:7155V
Metrodome Group PLC
30 April 2007


Strictly embargoed until: 07.00, 30 April 2007



Metrodome Group PLC

("Metrodome" or the "Company")


Preliminary Results for the year ended 31 December 2006


Metrodome plc (AIM: MRM), the audiovisual entertainment company, which focuses
principally on the sale and distribution of films through cinema and home
entertainment channels, announces preliminary results for the year ended 31
December 2006.


Commenting on the results Simon Flamank, Chairman of Metrodome said: "The year
ending 31 December 2006 was an important year for Metrodome Group PLC as we made
significant operational changes to the Company; completed the re-structuring
process; and successfully started the implementation of the new business plan.


"During the year the Company produced an operating loss of #678,000 (2005:
#903,000 loss). The operating profit last year was #17,000 before a prior year
adjustment of #920,000 in respect of an additional provision against the value
of the film library included in stock. This has been incurred in a period of
important and systematic change for Metrodome that should now allow the Company
to move forward."


He added: "Our investment in new, high quality theatrical releases for 2007 and
continued expansion and roll out of titles on our Home Entertainment labels
should see the Company return to profitability during 2007. In particular we are
positioning ourselves to benefit from the growth in Video on Demand (VoD) which
is expected to emerge fully during 2007.


"We see the emergence of VoD as a real opportunity for the Company as it helps
broaden the distribution base and can give us access to a market that is not
readily available to us at the moment."


For further information please visit www.metrodomegroup.com, or contact:


Metrodome Group PLC: 020 7534 2060
Simon Flamank / Peter Urie


Tavistock Communications: 020 7920 3150
John West / Rachel Drysdale


Chairman's Statement for Year ended 31 December 2006

The year ending 31 December 2006 was an important year for Metrodome Group PLC
as we made significant operational changes to the Company; completed the
re-structuring process; and successfully started the implementation of the new
business plan.


During the year the Company produced an operating loss of #678,000 (2005:
#903,000 loss). The operating profit last year was #17,000 before a prior year
adjustment of #920,000 in respect of an additional provision against the value
of the film library included in stock (see note 9). This has been incurred in a
period of important and systematic change for Metrodome that should now allow
the Company to move forward.


I joined as Chief Executive of TV-Loonland ("TVL"); currently Metrodome's major
shareholder in April of 2006 and also at the same time was appointed Non
Executive Chairman of Metrodome.


At that time Metrodome was suffering from a number of factors that were
materially affecting its trading performance.


These were:


i. Lack of funding for new product, resulting in a very reduced level of
theatrical and home entertainment releases in 2006.


ii. Poor commercial decisions in respect of the home entertainment division,
which led to the Company entering into a cover mount deal in early 2006,
which materially affected trading relations with key UK retailers in the
first half of 2006.


iii. An ambiguity about the ongoing intentions of TVL, the largest shareholder,
with regards to its shareholding.


Last year we announced that it is TVL's decision to reduce its ownership in
Metrodome, thereby allowing more liquidity in the stock, attracting new
investors all of which should enable the new management team the opportunity to
grow the business going forward.


At the AGM in July we gained approval for an increase in the authorised share
capital of the Company, giving it the ability to issue new shares, as and when
needed, to fund further growth.


In September we successfully raised a net #825,000 of additional working capital
via a private placing. This additional working capital generated the cash flow
necessary to prepare the Company for the first phase of future growth.


As a result of this private placing the Company has attracted new shareholders
resulting in an increased number of shares in the market. At the same time we
were able to discharge a significant loan and accumulated interest (#1,122,000)
back to TVL as part of this placing, by way of a debt for equity swap.


The controlling interest of TVL was then diluted from 83.0 % to 70.6 %.


Subsequent to the year end TVL has further diluted its holding to 61.3%


I am delighted to report that the management team was strengthened further by
the appointment in November of Steve Winetroube who joined us as Finance
Director, replacing Elaine Edwards who had advised us earlier in the year of her
intention to pursue her own interests once we had found a suitable replacement.


I would like to thank Elaine for all her hard work during her time with the
Company and wish her well for the future.


The management team continues to be led by Peter Urie, who was originally
appointed as Managing Director in August 2005 and who, since September last
year, is the CEO of the Company.


In December the Company completed a capital reduction which eliminated the
deficit on the Company's profit and loss account, thereby bringing closer the
prospective date on which a dividend payment could be made to shareholders.


Cost base

The Company is constantly reviewing its operating structure and cost base and
identified that there was an opportunity to substantially reduce its occupation
costs by relocating from its managed premises in Charlotte Street, London to
new, better equipped offices in Dean Street, London, which it now shares with
its sister companies TV Loonland UK and Telemagination.


This move was completed in December 2006.


Operating performance


12 months % of 12 months ended % of Variance
ended Turnover 31 Dec 05 Turnover Year on
31 Dec 06 % #'000 % Year
#'000 %
Sales

Theatrical 87 2.3% 396 9.9% -78.1%
Non Theatrical 82 2.2% 40 1.0% 105.0%
Television 115 3.1% 276 6.9% -58.3%
Rental 220 5.9% 243 6.0% -9.4%
DVD Sell Through 3,234 86.3% 3,018 75.2% 7.2%
VHS Sell Through 9 0.2% 39 1.0% -77.5%
------------------------------------------------------------
3,747 100.0% 4,012 100.0% -6.6%
------------------------------------------------------------


We released fewer theatrical titles in the year than we would normally expect to
do in the future, as a consequence of the lack of availability of adequate
funding.

Television sales proved a very good source of sales revenue with sales of 'Donnie
Darko' and 'Help I'm A Fish' to Satellite channels and 'Tell Them Who You Are' and
'Hearts and Minds' to Terrestrial Channels.

A major theatrical release for 2007, 'Days of Glory' has also already been sold to
a Terrestrial Channel.

Rental sales were also strong with both 'Shooting Dogs' and 'Flight 93' followed
closely by 'Pretty Persuasion'.

We have also achieved sales revenues from airlines for showing our films
"in-flight" and similarly with some cruise ship companies.

The DVD market proved quite challenging with price points in particular being
driven downwards by both the major studios and the continued cover mount
activity with newspapers which effectively devalued product.

'Flight 93' proved to be one of the most successful straight to DVD titles the
Company has ever released. Other strong DVD titles were 'Shooting Dogs', 'Saints
and Soldiers' and 'Pretty Persuasion'.

We also successfully launched our In2Film budget titles label and Mini Metro
children's budget label.

All budget titles will now be managed in-house as part of the new business plan.

Although the initial sales from the two budget labels in Quarter Four were below
our expectations, we remain confident that as we build the growing library of
titles in our catalogue, both of these new budget labels will become well
established revenue streams going forward.


Outlook

Our investment in new, high quality theatrical releases for 2007 and continued
expansion and roll out of titles on our Home Entertainment labels should see the
Company return to profitability during 2007.

However the marketplace continues to change and we are positioning ourselves to
be able to benefit from the growth in Video on Demand (VoD) which is expected to
emerge fully during 2007.

We see the emergence of VoD as a real opportunity for the Company as it helps
broaden the distribution base and can give us access to a market that is not
readily available to us at the moment.

We have therefore signed non exclusive distribution agreements with most of the
major VoD companies and we are already generating income from VoD activity and
are constantly monitoring the market looking for the major players to emerge.

Although internet download speeds are improving, the technology is not yet
sufficiently advanced to allow real-time downloads, however it is likely to gain
increasing importance in the distribution market during 2007.

Many forecasters believe this part of the market will lend itself better to back
catalogue and niche releases than mainstream blockbuster releases which should
play to Metrodome's strengths.

After a very disappointing financial result for 2006, we believe that, with the
operational changes that we have made, we are entering 2007 with a Company that
is well positioned to grow in both its traditional markets and also exploit the
new market opportunities, which we believe will present themselves during the
year.


Prior Year Adjustments


1) Value of the film library included in stock figure

We have reviewed the basis upon which the previous management had used to
consider the impairment in the value of the film library shown in the balance
sheet and believe that the library was overvalued in 2005, in as much as it did
not fully take account of the titles that were unlikely to recover their initial
minimum guarantees and therefore should have been impaired.

We have now re-performed this exercise and believe that the previous year
figures were therefore overstated by #920,000.



2) Deferred shares

In the financial statements for the year ended 31 December 2005 the 9p deferred
shares were at the time classified as liabilities in accordance with FRS25.

In accordance with FRS25 these deferred shares have now been reclassified as
equity in the comparative figures in this year's financial statements.

The deferred shares were cancelled in December 2006.



3) FRS20

The Company has adopted FRS20 Accounting for share based payments for the year
ended December 2006 which has resulted in a charge of circa #16,000 for the
year.

There is no equivalent charge necessary for the year ended December 2005.

Library value in balance sheet

The library value as shown in the balance sheet of #3,400,000 included in the
#3,671,000 stock figure is now calculated in accordance with current accounting
standards.

Management however believe that according with accounting standards does not
reflect the true value of the library.

We have therefore arranged for an independent valuer to conduct an exercise to
value the library in accordance with its future revenue earning capacity and
this independent valuation estimates the value of the library at approximately
#5.5 million, which is circa #2.1 million in excess of the figure disclosed in
the balance sheet.


Simon Flamank
Chairman
30 April 2007



Unaudited Consolidated Profit and Loss Account

For the year ended 31 December 2006


Year ended Year ended
31-Dec-06 31-Dec-05
Restated
Notes (Unaudited) (Unaudited)
#'000 #'000

Turnover 3,747 4,012

Cost of sales (2,441) (3,129)
----------------------------------
Gross Profit 1,306 883

Other operating income 135 -

Administrative expenses (2,119) (1,786)
----------------------------------
Operating Loss (678) (903)
----------------------------------

Loss on ordinary activities before interest (678) (903)

Interest payable (96) (114)
---------------------------------
Loss before taxation (774) (1,017)

Taxation - -
---------------------------------
Loss after taxation 8 (774) (1,017)
---------------------------------

Earnings per share
Basic and diluted 2 (0.9p) (1.4p)





Unaudited Consolidated Balance Sheet

As at 31 December 2006


31-Dec-06 31-Dec-05
Restated
Notes (Unaudited) (Unaudited)
#'000 #'000
Fixed assets
Intangible - 23
Tangible 67 54
----------------------------------------------
67 77
----------------------------------------------

Stock 3,671 3,760

Debtors - due within one year 1,581 1,873
- due after one year 28 135

Cash at bank and in hand 123 2
----------------------------------------------
5,403 5,770

Creditors
Amounts falling due within one (2,878) (4,444)
year
----------------------------------------------
Net current assets 2,525 1,326
----------------------------------------------
Total assets less current 2,592 1,403
liabilities
----------------------------------------------
Creditors
Amounts falling due after more - -
than one year
----------------------------------------------
Net assets 2,592 1,403
----------------------------------------------
Capital and reserves
Called up share capital 7 1,207 2,631
Share premium account 8 2,581 5,128
Share option reserve 8 16 -
Profit and loss account 8 (1,212) (6,356)
----------------------------------------------
Shareholders' funds 6 2,592 1,403
----------------------------------------------




Unaudited Consolidated Statement of Total Recognised Gains and Losses

For the year ended 31 December 2006


Year ended Year ended
31-Dec-06 31-Dec-05
Restated
Notes (Unaudited) (Unaudited)
#'000 #'000

Loss for the financial year (774) (1,017)
----------------------
Total recognised gains and losses relating (774) (1,017)
to the year ----------

Prior year adjustment - stock provision 9 (920)
------------------
Total recognised gains and losses (1,694)
recognised since last annual report
------------------




Unaudited Consolidated Cash Flow Statement

For the Year ended 31 December 2006



Year ended Year ended
31-Dec-06 31-Dec-05
Restated
Notes (Unaudited) (Unaudited)
#'000 #'000

Net cash in/(outflow) from operating 4 21 (489)
activities

Servicing of finance
Interest paid (96) (114)
Capital expenditure and financial
investment
Purchase of tangible fixed assets (45) (27)
---------------------------------
Cash outflow before financing (120) (630)

Financing
Net proceeds from issue of ordinary share 825 -
capital
----------------------------------
Increase/(decrease) in cash in the period 705 (630)
----------------------------------


Reconciliation of net cash flow to
movement in net debt

Increase/(decrease) in cash for the period 705 (630)
Conversion of parent company debt for 1,122 -
equity
Interest charge (52) (73)
----------------------------------
Movement in net cash/(debt) 1,775 (703)
Net debt at start of year (1,785) (1,082)
----------------------------------
Net debt at 31 December 2006 5 (10) (1,785)
----------------------------------



Notes to the Accounts

For the year ended 31 December 2006


1. Preparation of the accounts

The unaudited results for the twelve months ended 31 December 2006 have been
prepared on the basis of the accounting policies set out in the audited accounts
of the Group for the year ended 31 December 2005, save for the adoption of
Financial Reporting Standard 20 in the period as described below.

The financial information presented above does not constitute full accounts
within the meaning of section 240 of the Companies Act 1985. Statutory accounts
for the year ended 31 December 2006, will be reported on by the Group's auditors
before distribution to shareholders and filing with the Registrar of Companies.

Change in accounting policy

The Group has adopted FRS 20 Share Based Payments in the current year. FRS 20
requires the recognition of a charge for share based payment transactions which
include share options granted to employees. This has created a share option
reserve as at 31 December 2006 of #16,402 and increased the loss by #16,402.
This change in accounting policy has had no effect on the prior year ended 31
December 2005.



2. Loss per share

The loss per share is based on the consolidated loss of #774,000 (2005:
#1,017,000) after taxation and the weighted average number of shares in the
period of 83,661,636 (31 December 2005: 71,309,543).

Basic and diluted earnings per share are the same as there are no potential
ordinary shares that would increase net loss per share from continuing
operations in the period.



3. Dividends

As in prior periods the directors are not recommending payment of a dividend.



4. Net cash flows from operating activities


Year ended Year ended
31-Dec-06 31-Dec-05
Restated
(Unaudited) (Unaudited)
#'000 #'000
Cash outflow from operating
activities

Operating loss (678) (903)
------------------------
Adjustments for non cash items

Depreciation of tangible fixed 32 32
assets

Amortisation of intangible fixed 22 2
assets

Share based payment expense 16 -

Decrease in stocks 89 482

Decrease in debtors 399 350

Increase/(decrease) in creditors 141 (452)
------------------------
Net cash in/(outflow) from 21 (489)
operating activities
------------------------


5. Net Debt

Cash at bank and in hand 123 2

Bank overdrafts - (584)
--------------------------
123 (582)

Debt due within one year - loan (133) (1,203)
from parent company
--------------------------
Net debt (10) (1,785)
--------------------------



6. Reconciliation of movement in shareholders' funds

Loss for the financial year (774) (1,017)

Net proceeds from issue of ordinary 825 -
share capital

Conversion of parent company debt for 1,122 -
equity

Share based payment expense 16 -
--------------------------
Net increase/(decrease) in 1,189 (1,017)
shareholders' funds
--------------------------
Opening shareholders' funds as 405 2420
previously reported

Prior year adjustment - stock (920) -
provision

Prior year adjustment - deferred 1,918 -
shares
--------------------------
Opening shareholders' funds as 1,403 2,420
restated
--------------------------
Closing shareholders' funds 2,592 1,403
--------------------------



7. Share Capital

1p Ordinary 9p Deferred
Share Capital Share Capital
Number #'000 Number #'000
Authorised:
At 1 January 2006 308,210,783 3,082 21,309,967 1,918
(restated)

Increase/(decrease) in 291,809,217 2,918 (21,309,967) (1,918)
the year
---------------------------------------------
At 31 December 2006 600,020,000 6,000 - -
---------------------------------------------

Allotted, issued and
fully paid:

At 1 January 2006 71,309,543 713 21,309,967 1,918
(restated)

Increase/(decrease) in 49,408,372 494 (21,309,967) (1,918)
the year
----------------------------------------------
At 31 December 2006 120,717,915 1,207 - -
----------------------------------------------


8. Reserves


Share Share Profit
Premium Option and loss
(Unaudited) (Unaudited) (Unaudited)
#'000 #'000 #'000
Balance at 1 January 2006 as 5,128 - (5,436)
previously reported

Prior year adjustment - stock - - (920)
provision -------------------------------------

Balance at 1 January 2006 as restated 5,128 - (6,356)

Net proceeds from ordinary shares 1,453 - -
issued in the year

Cancellation of deferred share - - 1,918
capital

Reduction of share premium reserve (4,000) - 4,000

Share based payment expense - 16 -

Retained loss for the year - - (774)
---------------------------------------
Balance at 31 December 2006 2,581 16 (1,212)
---------------------------------------


9. Prior year adjustments

Stock - Value of the film library

The prior year adjustment arises due to the value of the film library included
in stock being overstated in the year ended 31 December 2005. The directors
consider that the value of the film library was overstated by #920,000 due to
insufficient provision for slow moving stock.

Deferred share capital

The prior year adjustment is the result of the fact that the deferred shares
were incorrectly reclassified as liabilities in the year ended 31 December 2005.
The directors consider the deferred shares do not meet the definition of a
financial liability in accordance with FRS 25, since they were unlikely to ever
be paid in cash.

The comparative figures in the primary statements and notes have been restated
to reflect this as shown below.



Year ended Year ended
31-Dec-06 31-Dec-05
Restated
(Unaudited) (Unaudited)
#'000 #'000
Profit and loss account
Cost of sales - (920)
------------------------
Increase in losses for the year - (920)
------------------------
Balance sheet
Stock - (920)

Creditors: amounts falling due after more - 1,918
than one year
------------------------
Movement in net assets - 998
------------------------
Statement of total recognised gains and
losses

Stock provision (920) -
------------------------
Total recognised gains and losses recognised since (920) -
last annual report
------------------------





This information is provided by RNS
The company news service from the London Stock Exchange

END
FR OKOKBFBKDOQB

[moreforus] 30/4/2007 07:10

He added: "Our investment in new, high quality theatrical releases for 2007 and
continued expansion and roll out of titles on our Home Entertainment labels
should see the Company return to profitability during 2007.

[moreforus] 26/4/2007 18:42

someones been buying... results monday...

[moreforus] 23/4/2007 22:08

Events Calendar
Exclusive screening of Away From Her at the NFT with on stage Q&A with Julie Christie to launch the film's release 24-Apr-2007

Preliminary Results 2006 30-Apr-2007

Metrodome to host their annual Press/Exhibitor dinner in Cannes 21-May-2007

[moreforus] 23/4/2007 22:07

there is actually a rack of good news on the website....

[moreforus] 23/4/2007 22:03

Metrodome, the audiovisual entertainment company, which focuses principally on the sale and distribution of films through cinema and home entertainment channels, holds the theatrical, DVD, video on demand and broadcast rights within the UK for both titles.

Simon Flamank, CEO of TV-Loonland and Chairman of Metrodome, commented: "These nominations not only reflect the quality and diversity of the film rooster for 2007, but also demonstrate the success of our staff in implementing our new strategy in respect of our investment in film rights".

The film DAYS OF GLORY follows the fortunes and treatment of the North African troops fighting to liberate France during the Second World War, showing how their experiences in uniform become a painful lesson in just how little regard their colonial rulers have for their humanity. DAYS OF GLORY will be released in key UK cities on 30 March, one day after being the closing night film at the Human Rights Festival.

WATER, a historical drama set for theatrical release in June, looks at the dehumanisation of women by religion in 1930's India. The film by Indo-Canadian filmmaker Deepha Mehta has been already released in the US, where it set records as the all Hindi language highest grossing film with a box office total of over 5 Mill. $.

Metrodome's first theatrical release in 2007, the French psychological horror film THEM opened amid strong reviews last Friday in UK cinemas. British newspaper reviews hailed the low-budget film as a "refreshing change from current trends using just supremely effective knuckle-chewing tension" (Evening Standard) and as a movie "not to be missed" (Financial Times).

[moreforus] 23/4/2007 21:59

12 months ago we went from 2.25 to through 6p - let's hiope we can do the same this year!!

[moreforus] 23/4/2007 21:59

12 months ago we went from 2.25 to through 6p - let's hiope we can do the same this year!!

[puffet] 23/4/2007 12:47

I see from the website that results are due next Monday 30th April.
Would be good to see some buying in the next few days (or any day at all!!!!)
Fingers crossed for some good news.

[go_baby_go] 26/3/2007 08:40

yep, MMs still asleep.

[moreforus] 26/3/2007 08:09

blue - suacer shaped recovery?? or has a MM forgotten to set his clock?

[moreforus] 12/2/2007 08:11

Paul Greengrass wins best director BAFTA for United 93.....good chance for an Oscar..prizes equals DVD sales...

[moreforus] 28/1/2007 19:40

Them got a very good review on BBC The Culture Show too....

[moreforus] 25/1/2007 07:05

Metrodome owns UK distribution rights for two films short-listed for Oscars


LONDON (AFX) - Metrodome Group PLC said two films it owns UK distribution
rights for have been short-listed in the Oscars' best foreign language film
category. The films are 'Days of Glory' and 'Water'.
[e-mail]
am/ro

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[moreforus] 23/1/2007 22:33

think this needs a pump!!

Metrodome film United 93 nominated for 2 Oscars - Best Director for Paul Greengrass and Best editing for someone...else!!

Given the subject matter and balzing reviews might even win...with the nomination it's another feather in the Metrodome cap...

[moreforus] 05/1/2007 07:02

Metrodome says High Court confirms capital reduction


LONDON (AFX) - Metrodome Group PLC said that on Dec 20 2006, the High Court
of Justice confirmed the reduction of the capital of the company from 7.9 mln
stg divided into 600,010,297 ordinary shares of 1 pence each and 21,309,967
deferred shares of 9 pence each to 6 mln stg divided into 600,010,297 ordinary
shares of 1 pence each. The court also confirmed the reduction of the share
premium account of the company.

[e-mail]
slm

[moreforus] 04/1/2007 20:05

puffet looks like we are on trhe up again - late in the day - positive RNS ..hopefully more tomorrow..