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Discs Help Image Narrow Q1 Fiscal Loss

14 Aug, 2012 By: Erik Gruenwedel

Packaged media revenue increases 12% to $19.6 million

Image Entertainment Aug. 14 reported a first-quarter (ended June 30) net loss of $495,000 — narrowed from a net loss of $1.8 million during the previous-year period.

Image, which is a unit of RLJ Entertainment, posted flat revenue of $23.2 million, driven primarily by sales of Blu-ray Disc and DVD releases. Packaged media revenue topped $19.6 million, compared with $17.5 million in the comparable quarter last year.

Best-selling DVD releases for the quarter included Memorial Day (starring Jonathan Bennett, James Cromwell, John Cromwell), The Twilight Zone: The Complete Series (Blu-ray) and Radio Rebel (starring Debby Ryan).

Conversely, digital revenue, which includes transactional video-on-demand, electronic sellthrough and subscription VOD, declined nearly 38% to $2.1 million from $3.3 million last year. Broadcast revenue, which includes cable, dropped nearly 45% to $1.2 million from $2.1 million.

Chatsworth, Calif.-based Image said it generated $422,000 in limited-release theatrical revenue, up 10% from revenue of $383,000 last year.

“Our Criterion [Collection] business had a very solid performance in the current quarter, primarily driven by new-release titles such as Harold and Maude, Shallow Grave and Gray's Anatomy,” CEO Ted Green said in a statement. “We also successfully released two titles targeted for young adults, namely Radio Rebel and Teen Spirit, an ABC Family Original premiere.”

CFO John Avagliano said lower supply chain costs coupled with a favorable mix of higher-margin catalog revenue were the key drivers of profitability in the quarter.

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