BUSINESS

"Reboot" studio Rainmaker gets another 30 days to meet TSX listing requirements

04/02/2013 12:17 EDT | Updated 06/02/2013 05:12 EDT
TORONTO - Rainmaker Entertainment Inc. (TSX:RNK), the maker of the "Reboot" animated series and recent sci-fi family film "Escape from Planet Earth," has been given more time to meet the listing requirements of the Toronto Stock Exchange.

The TSX released a statement Tuesday saying that Rainmaker will have until May 1 to meet its listing requirements, adding 30 days to the original 120-day notice given in December.

The Vancouver-based company, one of Canada's largest producers of computer generated animation, has been struggling to turn a profit in recent quarters.

Last week, Rainmaker reported a fourth-quarter loss of $500,000, or three cents per share, compared with a profit of $2.1 million or 10 cents per share, a year earlier.

For the full year, it booked a 2012 loss of $3.6 million, or 20 cents per share. That compared with a profit of $3.3 million or 19 cents per share for the year ended Dec. 31, 2011.

"Escape From Planet Earth," which was released theatrically in February, included the voices of Brendan Fraser, Ricky Gervais and Sofia Vergara.

The film was considered only a moderate financial success, with a North American box-office take of about $53.4 million compared to its $40 million budget, according to the Internet Movie Database.

Among its many other projects, Rainmaker has produced Transformers spin-off "Beast Wars," numerous straight-to-video productions in the Barbie franchise and contributed to video games like "Assassin's Creed II" and "Tom Clancy's Splinter Cell: Conviction."

Last year, a plan to sell its animation studio to Chinese company Xing Xing Digital Corp. fell apart after both sides were unable to reach an agreement by a set deadline.