L.A. post group Laser-Pacific Media posted sharp declines in fourth-quarter and year-end earnings Tuesday despite substantial revenue gains, due to difficult comparisons with year-ago figures swelled by a one-time research and development pact with Sony.
The Hollywood-based post-production company reported net income of $2.7 million in the fourth quarter, down 25% from the same period of the previous year when Laser-Pacific enjoyed $2.1 million in one-time income from its contract to help Sony develop high-def technology.
Fourth-quarter revenue jumped 10% to $10.7 million.
Over 12 months, Laser-Pacific saw $3.5 million in net income, a decline of 27% from 1999.
Annual revenue climbed 6% to $33.1 million.