Iwerks Entertainment Inc., maker of a variety of virtual reality rides and specialized theaters, announced that it will report a loss of about $8 million for the fiscal year that ended June 30, compared to a year-earlier profit of $1.2 million.
The Burbank-based company said it expects fiscal 1994 revenues of about $36 million, up 13% from revenue of $32 million a year earlier. Previously, the company announced that it expects to post a loss for the June quarter.
Final results will be announced in the upcoming weeks, the company said.
Iwerks was one of last year's hottest public offerings. The stock went public at $18 per share and zoomed to $37 per share within a few weeks. But the company, founded by two former Walt Disney Co. executives, has had trouble finding locations and investors for its Cinetropolis complexes--small theme parks that include theaters with moving seats and dance floors surrounded by 360-degree movie screens. The company's stock closed Friday at $5 per share.
In a prepared statement, the company said it is reviewing operations and seeking opportunities to cut costs.