Image Widens Q2 Loss16 Nov, 2010 By: Erik Gruenwedel
Image Entertainment reported a second quarter (ended Sept. 30) net loss of $2.2 million, up 40% from a net loss of $1.6 million during the prior-year period.
For the first six months of the fiscal year, Chatsworth, Calif.-based Image narrowed its loss 50% to $2.3 million compared to $4.6 million last year.
The overall net loss decline indicates Image is on the right course, according to CEO Ted Green, who added that recent distribution deals with Sony Pictures Home Entertainment and the acquisition of Madacy Home Video show “we’re on track with our strategic projections.”
CFO John Avagliano said internal restructuring within Image well ahead of schedule.
“We thought it would take a year for us to reorganize and revitalize our operations,” Avagliano said in a statement. “However, in comparing our results from the first six months of this fiscal year with the same period in last fiscal year, we are very pleased with our results.”
Revenue for the quarter topped $18.1 million, compared with nearly $30 million last year. For the first half, revenue exceeded $35.6 million, compared with $53.5 million last year.
Top-selling discs in quarter included Thriller: The Complete Set, hosted by Boris Karloff; $5 A Day, starring Christopher Walken, Sharon Stone and Amanda Peet; and That Evening Sun, with Hal Holbrook.