Live Entertainment Inc., a Van Nuys home-video company, posted a $61.1-million loss in the second quarter that ended June 30 due to higher-than-expected returns of its "Teenage Mutant Ninja Turtles" video and slower sales of videos overall.
The loss contrasted with a $2.1-million profit a year earlier. Live's revenue fell 18%, to $67.3 million from $82.2 million.
In the six months that ended June 30, Live lost $59.3 million, while revenue declined 4% to $153.3 million. Live earned $3.9 million on $159.7 million in revenue during the same period a year earlier.