RLJ Entertainment Delays Annual Fiscal-Year Financial Filing1 Apr, 2013 By: Erik Gruenwedel
RLJ Entertainment April 1 said it would delay the filing of its annual 10-K financial report for the fiscal-year ended Dec. 31, 2012, until April 15.
RLJ cited the accounting of certain “non-operating items” related to the acquisition of Image Entertainment and Acorn Media Group, which was consummated in October 2012, for the 15-day delay.
Public companies typically report quarterly financial results within 90 days of the end of the most recent fiscal period to be in compliance with Security and Exchange Commission guidelines.
RLJ Entertainment, which was created by BET founder Robert L. Johnson, expects to file fourth-quarter and full-year financial results by April 15.
Image Entertainment reported a narrowed net loss of $495,000 in the most recent fiscal period from a $1.8 million net loss during the previous-year period. Image 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.