Cinram Posts $91.8 Million Loss13 Aug, 2012 By: Chris Tribbey
Replicator Cinram reported a loss of nearly $92 million for the second quarter of 2012, with revenue down across all its business segments. The loss is slightly less than the $97.4 million the company lost during the same quarter in 2011.
Revenue was $143.2 million, compared with $147.5 million in the second quarter of 2011. Disc revenue was down to $123.5 million from $125.8 million in the second quarter of 2011, due to a reduction in DVD and CD units shipped.
Video game revenue was $5.6 million, down from $6.4 million. Wireless, retail services and 1K Studios revenue fell to $14.2 million from $15.2 million.
Cinram, which supplies and distributes discs for 20th Century Fox Home Entertainment, Relativity Media and others, filed for bankruptcy protection in late June, and in July announced it was being acquired by Najafi Cos. for $82 million.
Najafi Cos. is owner of Direct Brands, SkyMall and Trend Homes. Najafi made an unsuccessful bid to acquire Borders Group in 2011.