Image Entertainment Inc. posted a net loss of $ 876,000 (8 cents a share) for the third fiscal quarter, ended Dec. 31, vs. a net profit of $ 861,000 (6 cents) for the comparable period.
Revenues were also down 15% to $ 16.6 million for the quarter.
The Chatsworth-based laserdisc distributor attributed the loss to a larger proportion of sales from non-exclusive titles. Gross margins dropped 4.4% to 16. 5%, as non-exclusive titles made up $ 3.6 million, or 22%, of sales, vs. just $ 200,000 in the same fiscal quarter of 1991. Overhead costs also expanded 4.8%.
Also affecting the performance was the lack of a blockbuster title in the quarter, compared to record-setters “Dances With Wolves” and “Fantasia” the year before.
The company added that several exclusive agreements and titles will kick in during the current quarter. In December, Image signed deals with New Line Home Video, Orion Home Video and Voyager Co.