Albright ankles money-losing Peace Arch Entertainment
VANCOUVER — Troubled computer animation house Mainframe Entertainment has upped corporate controller George Lawton to chief financial officer.
Vancouver-based Mainframe recently reported a loss of C$18.9 million ($12.1 million) for the fiscal year ended March 31, compared with earnings of $1.5 million a year ago. The loss includes a writedown of $5.4 million on investments in film and television assets.
Revenues fell sharply to $14.4 million in fiscal 2001 from $25.5 million in the previous year.
Prexy Brett Gannon said that service work in the year had been halved as a result of cutbacks by customers.
Meanwhile, Garth Albright has ankled money-losing Peace Arch Entertainment, where he was CFO. The Vancouver TV producer has not named a replacement.
Peace Arch is shooting the third season of “Animal Miracles,” hosted by Alan Thicke, for Pax TV and for the Life channel in Canada.
The firm had a net loss of $1.7 million for the nine months ended May 31, compared with a loss of $1.3 million for the same period a year ago.