Anime Drives Navarre Profit11 Jun, 2008 By: Erik Gruenwedel
Fueled by double-digit sales growth and operating profit from its anime distribution subsidiary FUNimation Entertainment, Navarre Corp. posted fourth quarter (ended March 31) net income of $686,000 compared to a loss of $2.2 million during the previous-year period.
Cary Deacon, CEO of the Minneapolis-based distributor, said niche DVD distributor BCI Eclipse was rebounding in the first quarter after proving to be “a major disappointment” in the second half of fiscal 2008.
Navarre previously shuttered the unit's Los Angeles operations (except for an acquisitions office) and relocated select management to Minneapolis, among other changes.
“[BCI's] recovery was slower than anticipated, however, we are seeing early signs of improvement,” Deacon said.
Navarre also distributes first and third-party DVD, which when combined with video games and PC software, increased 4.2%, to $148.5 million, from $142.6 million last year.
Total quarterly revenue increased 1.2%, to $160.2 million, from $158.3 million last year.