Vancouver, Canada-based animation studio Rainmaker Entertainment has reported a 45% increase in revenue for its third quarter over the same period last year.
The company reported revenues of US$2.97 million for the quarter ended September 30, up from US$2.04 million the year prior. The increase in revenue was attributed to additional production contracts for Open Season – Scared Silly and Bob the Builder.
The company recently concluded a US theatrical distribution deal with Focus Features for its upcoming film, Ratchet & Clank (pictured), which is expected to release across 2,500 screens in the US on April 20, 2016. The quarter also saw Rainmaker increase its service production activity with the commencement of three new direct-to-DVD animated films.
Rainmaker also posted a loss of US$257,000 for the third quarter of 2015, an improvement from a loss of US$471,000 for the same quarter in 2014. The loss was attributed to the expensing of debenture interest from the second quarter of 2015, as well as professional fees associated with its proposed US$15.4-million acquisition of Toronto’s Shaftesbury.
The report made specific mention of the proposed acquisition, noting the two parties continue to work together to meet the conditions of closing the transaction. The “outside date” for the competition of the transaction is currently set for December 15 of this year.