December 22, 1992
American Film Technologies expects to lose $700,000 to $1.2 million in its current quarter due to expenses incurred in moving some of its film-coloring and animation operations to Tijuana. The North Hollywood-based company's second quarter will end Dec. 31. American Film Technologies also blamed the loss on lower revenues from its colorization business and the cost of buying out the contract of Joseph M. Taritero, its former chairman and chief executive, who left the company in November.
May 19, 1992
American Film Technologies Inc., a North Hollywood company that supplies animation production services and special effects to the television and motion picture industries, reported a $156,000 profit in its first quarter that ended March 31. A year earlier, American Film lost $2.89 million. In its latest quarter, revenue totaled $3.13 million, up 86% from $1.68 million in 1991's first quarter. The company attributed the gains to growth in its film coloring and animation businesses.
August 25, 1992
American Film Technologies Inc., a North Hollywood provider of animation services and special effects for the television and film industries, said it had received a commitment for a $2-million credit line from the Bank of Industry. The company said the arrangement was a change in its primary banking relationship, from Meridian Bank in Pennsylvania to Bank of Industry, and reflected the company's move of its headquarters from Wayne, Penn., to North Hollywood earlier this year.
July 6, 1993
American Film Technologies Inc., a North Hollywood producer of animation and special effects for movies and television, said it is still negotiating with a group led by evangelist M. G. (Pat) Robertson that is interested in investing $4.7 million in the company. A letter of intent regarding the proposal signed May 26 remains in effect, American Film said. But Robertson's group has not yet finished its due diligence investigation, and so a definitive agreement on the matter has not been reached.
October 5, 1993
American Film Technologies Inc., a North Hollywood producer of animation and special effects for movies and television, said New York attorney and investment banker Gerald M. Wetzler agreed to acquire 75% of American Film for about $3.3 million. The agreement with Wetzler ends American Film's long search for an investor to provide the company with needed capital.
October 19, 1993
American Film Technologies Inc., a financially troubled North Hollywood producer of animation and special effects for movies and television, said it filed for protection from its creditors under Chapter 11 of the U.S. Bankruptcy Code. Despite the filing, the company said it is still in discussions with a possible equity investor. As previously reported, American Film said earlier this month that New York attorney and investment banker Gerald M.