Iwerks Entertainment Inc. in Burbank, as expected, reported large losses for its fiscal fourth quarter and year ended June 30.
Iwerks was one of last year's hottest public stock offerings as high hopes were pinned on the company's specialized movie theaters, simulation rides and virtual-reality attractions. But Iwerks, founded by two former Walt Disney Co. executives, has had trouble finding locations for its urban entertainment centers and other products. Last month, it announced that it expected to post a loss for fiscal 1994.
In the June quarter, Iwerks lost $5.23 million, compared to a year-earlier loss of $1.03 million. Its fourth-quarter revenue fell 13%, from $12.7 million to $11 million.
For the fiscal year, the company lost $8.06 million on a 14% increase in revenue, to $36.6 million. In fiscal 1993, Iwerks earned $1.25 million on $32.2 million in revenue.