Image Eyes 39% Quarterly Revenue Surge2 Feb, 2009 By: Erik Gruenwedel
Image Entertainment Feb. 2 said it projects fiscal 2009 third-quarter (ended Dec. 30, 2008) revenue to exceed $38 million, up 39%, or $10.7 million, from the previous-year period.
Chatsworth, Calif.-based Image, which continues to push cast-driven feature films on Blu-ray, standard DVD, digital and TV, said the projection would exceed second-quarter revenue of 17%, or $5.6 million.
The distributor also made a scheduled $4 million principal bond payment on its senior convertible note, lowering the outstanding balance from $17 million to $13 million.
Image revised upward its annual net revenue guidance for fiscal 2009 to the range from $128 million to $131 million, compared to previous guidance from $120 million to $130 million.
Escalating revenue comes as Image last week announced its purchase by Nyx Acquisitions appeared in doubt after the private equity group failed to deliver the remainder of a $1.8 million business interruption fee by the Jan. 20 deadline.
Image will release complete third-quarter results Feb. 13.