Three Cinram Board Members Resign

18 Aug, 2011

After posting a $97 million second-quarter loss, replicator Cinram announced Aug. 18 that three board members have resigned.

Board members James MacDonald, Robert Normandeau and Andrew Brenton have left the company, Cinram announced.

The Canadian-based replicator said last week it was looking to amend its senior credit agreements with its lenders. For the quarter (ended June 30), Cinram said DVD, Blu-ray Disc and video game revenue was down 47%.

“Obviously, the loss of the Warner contract continues to impact our revenues and earnings,” said Cinram CEO Steve Brown. “In addition, the extremely soft first half performance from our remaining clients is disappointing. Our business does have cyclical trends and will be impacted by the success of our clients’ offerings.”

Warner Home Video left Cinram in favor of Technicolor for replication work in August 2010.