Image Entertainment’s 3rd-Quarter Losses Mount
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Image Entertainment, the largest independent licensee and distributor of laserdisc programming in North America, posted a nearly 300% increase in net losses for the second quarter, which ended Sept. 30, the company reported.
Net sales for the quarter fell to $13.8 million, from $16.4 million in the year-ago quarter. The company also sells programming in the DVD format.
The net loss for the latest quarter was $687,000, or 5 cents per basic and diluted share, compared with a net loss of $184,000, or 1 cent per basic and diluted share, for the 1997 quarter.
Net sales of DVD programming increased 120%, to $6.6 million, from $3 million for the 1997 quarter.
DVD programming grew from 18% of the company’s total net sales from a year ago to 48% in the most recent quarter.
Because the DVD format competes directly with laserdiscs, the strength in DVD sales eats way at the laserdisc business.
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