Burgeoning 'Image'9 Jul, 2008 By: Erik Gruenwedel
It doesn't report financials until August, but the news was so good Image Entertainment Inc. July 9 said first-quarter fiscal-2009 (ended June 30) net revenue exceeded $31 million — the highest net revenue for the Chatsworth, Calif.-based distributor in nearly three years.
Under the helm of David Borshell, who succeeded founder and former president Martin Greenwald in April, Image is aggressively distancing itself from a challenging fiscal 2008 underscored by a protracted failed merger/acquisition with BTP Holdings.
Last month Image settled “a litany of disputes” with BTP and its affiliates (ThinkFilm), Borshell said, which resulted in the termination of mutual lawsuits and outstanding output deals.
Both companies agreed to interim output agreements based on select titles going forward. Image believes pursuing higher profile cast-driven feature films (from ThinkFilm and other sources) for DVD, television and electronic distribution will pay dividends at the retail level, bottom line and for shareholders.
To help procure such recent releases as Before the Devil Knows You're Dead, Numb and The Air I Breathe, among others, Image in January upped industry veteran Bill Bromiley from consultant to the position of chief acquisitions officer.
Bromiley, a 20-year home entertainment executive, had been president of First Look Home Entertainment.
Image said it expects net revenue for fiscal 2009 will be in the range of $115 million to $125 million. It is not providing specific earnings guidance for the first quarter or the full year but anticipates that it will be profitable for fiscal 2009.