Rentrak Selling Off 3PF17 Jun, 2003 By: Joan Villa
Rentrak Corp. has sold its online fulfillment division, 3PF, Inc. for $800,000 in cash to Old Trail Printing Company of Columbus, Ohio, Rentrak announced today.
Rentrak, which provides pay-per-transaction distribution to video retailers and data management for other entertainment-related transactions, will now focus on its core business, according to Rentrak chairman and CEO Paul Rosenbaum.
"This transaction marks another significant milestone in Rentrak's ongoing evolution," Rosenbaum said. "For the past 18 months we've said that the fulfillment business did not fit with Rentrak's future strategy and promised our shareholders that we would find a suitable buyer for 3PF on acceptable terms. Today, we've kept that promise."
The company's fourth quarter revenues declined to $21.7 million versus year-ago revenues of $22.6 million. The company reported a pre-tax loss from continuing operations totaled $126,961 for the period ended March 30 compared to a profit of $3.1 million for last year's fourth quarter.