Income down to $1.6 vs. $3.4 in 1998
Todd-AO’s fourth-quarter revenues rose to $28 million from $27.8 million a year ago, while its year-end revs rose to $118.5 million from $102.6 million for the period ended Aug. 31, the L.A.-based company said Tuesday.
But it also said net income for the year was $1.6 million vs. $3.4 million in 1998. It’s been hit by reduced studio production plus work going to other post houses. The results come just months after Todd-AO said it would be acquired by John Malone’s Liberty Media Group.
“Our strategic alliance with Liberty Media positions Todd-AO as the market leader in post-production services worldwide,” said Salah Hassanein, prexy and CEO of Todd-AO. “We are strongly encouraged by future business prospects and our ability to capitalize on market conditions.”