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Showscan reduces losses in 1st quarter

CEO Pope sez reversal strategy is working

Showscan Entertainment Inc. reported a net loss for the first quarter ended June 30 of $1.21 million, or 21¢ per share, on revenues of $1.76 million, compared with a net loss for the comparable period a year ago of $1.62 million or 29¢ per share, on revenues of $1.24 million.

The reduction in financial losses signals Showscan’s strategy is beginning to work, according to the company’s prexy and CEO, Dennis Pope. First-quarter equipment sales and related services are up to $1.14 million from $300,000 a year ago. Showscan’s losses were largely attributed to its failed merger with Iwerks Entertainment, which brought equipment sales to a virtual standstill.

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