Dove Entertainment Inc.’s second-quarter losses nearly doubled, largely due to company restructuring and costs due to employee layoffs, the company reported Monday.
For the quarter ended June 30, the Los Angeles-based book publisher and TV film production-distribution company reported a loss of $4.9 million, compared to a loss of $2.7 million for the same period the previous year. The company incurred second-quarter costs of $2.2 million related to employee layoffs and discontinued product lines, which included Dove Kids and Video Books.
Dove’s second-quarter revenue, however, jumped 26% to $3.8 million, compared to $3 million last year.
“The company is clearly undergoing ongoing restructuring and rebuilding following the change of management,” said Ron Lightstone, Dove’s prexy and chief exec. “We will continue to review the aspects of our trade book and publishing operations given the difficulties facing the industry.”
Last June, Beverly Hills-based Media Equities Entertainment Intl. took a controlling interest of Dove.