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REGIONAL EARNINGS

Image Entertainment Inc. Posts Quarterly Loss

July 06, 1993

Image Entertainment Inc., a Chatsworth-based laser-disc licenser and distributor, posted a $13.8-million loss for the fourth quarter that ended March 31, in contrast with a profit of $336,663 in the same period a year earlier.

Sales for the fourth quarter remained even with last year at $17 million.

The quarterly loss brings the total fiscal year loss to $17 million, nearly double the amount the company four months ago had projected it would lose, and came as Image absorbed a onetime, $10.4-million charge associated with a restructuring plan adopted by the company March 18.

Last fiscal year, the company had a net income of $516,000.

Sales for the year rose 2% to $60.4 million from $59.1 million last fiscal year.

Image cut its work force of 94 by 17% and brought in new top management during its restructuring, and in March had projected a $9-million shortfall for the just-concluded fiscal year.

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