Live Entertainment Inc. found that a mouse, a cat and a silent-screen star were no match for Arnold and Sharon.
The homevideo company posted a third-quarter loss, compared with year-ago profits, as sales from the video releases of “Tom and Jerry — The Movie” and “Chaplin” paled in comparison to year-ago results from the release of “Basic Instinct” and “Terminator II: Judgment Day.”
Live shipped 160,000 “Chaplin” units for rental and 500,000 “Tom and Jerry” units for sell-through in the third quarter, compared with 400,000 units of “Basic Instinct” for rental and 1.5 million units of “Terminator II” for sell-through a year ago. The company shipped another 1 million “Tom and Jerry” units in the fourth quarter.
Live’s March restructuring helped it cut its interest expense by 61% in the quarter to $ 2.1 million and 69% in the first nine months to $ 4.7 million.
For the quarter, Live lost $ 3.3 million, or 35 cents a share, compared with net income of $ 1.1 million (5 cents) in the like period a year ago. Revenue was $ 68.7 million, down from $ 91.2 million.
For the first nine months, Live lost $ 5.5 million (68 cents), compared to losses of $ 13.6 million ($ 1.26) in the like period a year ago. Revenue was $ 193.2 million, down from $ 201.8 million.
Live’s specialty retail division, which includes Strawberries Music, Movies & More and Waxie Maxie, posted a 5.0% increase in same-store sales, compared with a 9.1% increase in the year-ago quarter.