CNB to back merchandiser with revolving credit
HOLLYWOOD — Harvey Entertainment lost $2 million in the third quarter, compared to a profit of $2.5 million a year ago, the company reported Monday.
The Los Angeles-based licenser and merchandiser of character properties, including Casper the Friendly Ghost and Richie Rich, also reported $1.1 million in net operating revenue losses compared to an income of $7.1 million a year ago.
The loss includes a $2.3 million adjustment to reduce the company’s estimate of the lifetime profitability of the 1997 direct-to-video “Casper, A Spirited Beginning.” Original forecasts expected worldwide sales of nearly 5 million units.
Harvey also announced it had secured a commitment from City National Bank for a $2.5 million revolving credit facility, which expires March 31, 1999.