Post-production house Laser-Pacific Media has posted record second-quarter earnings for the period ended June 30 thanks to a surge in film productions earlier in the year in preparation for Hollywood’s anticipated but avoided strikes.
The Hollywood-based company said revenues for the period increased 29% to a record $7.6 million from $5.9 million a year ago. Gross profit advanced almost 270% to $1.6 million vs. $437,000 last year, and income from operations totaled $457,000 compared with last year when the company incurred a loss from operations of $677,000. Net income totaled $101,000 vs. a net loss of $909,000 a year earlier.
“We are proud of the results from our outstanding second quarter, which historically is the company’s slowest period,” said James R. Parks, chairman and CEO. “Revenues improved across all categories of the company’s digital media services. These results were achieved despite the significantly higher income tax expenses recognized by the company in the 2001 second quarter compared with the prior year.”
In June, the company repurchased 825,200 shares of its common stock from Digital Creative Development Corp.
“The capital investment we have made over the past several years in new technology, coupled with our vision of how this technology benefits our customers, is beginning to show results,” said prexy and chief operating officer Emory M. Cohen.