Vancouver's Rainmaker Entertainment Inc. (TSX:RNK) reported a 67.5% drop in revenue in the second quarter ending June 30, 2009 due to external production delays.
Second quarter revenue fell to $3.6 million from $11 million in the same period a year ago. Last year's second quarter revenue, however, also included $1.9 million in income from EP Canada, a subsidiary which provides payroll services for the film and television industry that Rainmaker sold last November.
Warren Franklin, Rainmaker's CEO, said "The results of the second quarter of 2009 were disappointing but showed an improvement over the first quarter of 2009 as expected."
The company reported a second quarter loss of $1.6 million, up from a loss of $1.3 million in the same period in 2008.
Franklin said he expected production to increase over the next few months to full production by the fall of this year.
Its recent projects include a high resolution trailer for Ubisoft's Splinter Cell video game and two feature length DVDs.
Rainmaker's share price range during the past week: between $0.80 and $0.90; 52-week high: $2.67; 52-week low: $0.42.