Company gets funds from Toppan
TOKYO — Pia, the troubled pic producer, ticket agency and mag publisher, has received a 2 billion yen ($19.4 million) injection from printing giant Toppan, management consultancy Industrial Growth Platform and three of Pia’s founders.Some $11.6 million will be used for restructuring, including corporate buyouts for the 100 Pia staffers slated to be axed — nearly one-third of the workforce. The remainder will revamp Pia’s electronic ticketing system. The investors will get new Pia shares on June 13. Toppan will become the company’s second-largest shareholder with an 8.73% stake after kicking in half the new coin. On June 21, an auditor from Toppan and Industrial Growth Platform CEO Kazuhiko Toyama will join the Pia board as outside directors. For the fiscal year ended March 31, Pia reported a 2% drop in sales to $952 million, as well as a $24.3 million loss arising from the troubled introduction of a new ticket sales system, compared with a $1.84 million profit the previous fiscal year. Pia’s operating loss amounted to $12.6 million and net loss to $13.1 million. Pia is predicting a loss of $24.7 million for the current fiscal year.