Changes to the production schedule of hit TV show Mythbusters have helped sink the full-year profit of Australian production house and distributor Beyond International.
On Monday night Beyond announced its full-year net profit after tax for the 2014 financial year would be down as much as 20 per cent on the year previous.
"As a result of changes to the production cycle of Mythbusters, the deferral of projects expected to commence in June, the non-renewal of projects that occurred in FY13 and a number of one-off restructuring costs, Beyond expects net profit after tax for FY14 to be approximately 15 to 20 per cent below that achieved in FY13," the company said in a statement issued to the Australian Securities Exchange after the market closed.
Starring special effects experts Jamie Hyneman and Adam Savage, the San Francisco-based Mythbusters program investigates urban myths using an experimental approach that often involves the spectacular destruction of custom engineered experimental gear and vehicles built using Hollywood techniques.
It is syndicated worldwide through Discovery Channel and screen on local free-to-air on SBS and 7mate.
"Previous seasons of Mythbusters have typically had a production cycle of 30 episodes produced across 18 months. The latest season, currently in production, has changed to 13 episodes across 12 months," Beyond said in its announcement.
Hard times at client broadcasters also appear to have hit the company, which has production facilities in the Sydney suburn of Artarmon.
"Due to budgetary constraints at several client broadcasters, production projects expected to commence in the last quarter of FY14 have now been deferred to FY15," the statement says.
Beyond said it had also incurred restructuring costs in its home entertainment and digital divsions, but issued a positive forecast for the 2015 financial year.
"While trading has come off the highs of FY13, expectations for FY15 remain positive with net profit after tax forecast to be 5 per cent to 10 per cent higher than FY2014 provided that current market conditions continue," the company said.