You will be redirected back to your article in seconds

Handleman distribbery on a roll in 1st qtr.

Company posts $1.7 mil net income, 155% profit jump from previous year

HOLLYWOOD — Handleman Co., a “rackjobber” that distributes music and video products to department stores, more than doubled its new income and boosted sales in a fiscal first quarter that the company noted is usually a weak one.

The Troy, Mich.-based company, which also operates a North Coast Entertainment division for proprietary music, video and licensing operations, posted $1.7 million in net income for a three-month period ended July 29. That represented a 155% rise from profit of $682,000 in the same period of the previous fiscal year and a 16th consecutive quarter of earnings improvement.

Overall, revenue rose 2% to $231.4 million. CEO Stephen Strome noted that music unit sales for U.S. rackjob customers rose almost 3%, though units sales industrywide increased less than 2%.

“We are pleased with our overall results for the first quarter, which has historically been the company’s weakest quarter for both sales and earnings,” Strome said.

In the NCE division, sales were off 15% for its Madacy Entertainment record label, and were flat at homevideo distributor Anchor Bay and children’s filmed-entertainment unit itsy bitsy Entertainment, officials said.

More Biz

  • Manuela Herzer

    Manuela Herzer Cites CBS-NAI Fight in Renewed Bid for Sumner Redstone Competency Ruling

    HOLLYWOOD — Handleman Co., a “rackjobber” that distributes music and video products to department stores, more than doubled its new income and boosted sales in a fiscal first quarter that the company noted is usually a weak one. The Troy, Mich.-based company, which also operates a North Coast Entertainment division for proprietary music, video and […]

  • A trading post sports the Spotify

    Sony Music's $750 Million Spotify 'Windfall' Leaves Some Lingering Questions

    HOLLYWOOD — Handleman Co., a “rackjobber” that distributes music and video products to department stores, more than doubled its new income and boosted sales in a fiscal first quarter that the company noted is usually a weak one. The Troy, Mich.-based company, which also operates a North Coast Entertainment division for proprietary music, video and […]

  • Harvey Weinstein, with his attorney Benjamin

    Harvey Weinstein's Attorney Blasts Asia Argento's 'Hypocrisy'

    HOLLYWOOD — Handleman Co., a “rackjobber” that distributes music and video products to department stores, more than doubled its new income and boosted sales in a fiscal first quarter that the company noted is usually a weak one. The Troy, Mich.-based company, which also operates a North Coast Entertainment division for proprietary music, video and […]

  • Asia Argento arrives for the screening

    Asia Argento Is Not Facing Sexual Abuse Investigation

    HOLLYWOOD — Handleman Co., a “rackjobber” that distributes music and video products to department stores, more than doubled its new income and boosted sales in a fiscal first quarter that the company noted is usually a weak one. The Troy, Mich.-based company, which also operates a North Coast Entertainment division for proprietary music, video and […]

  • Rose McGowan Asia Argento

    Rose McGowan on Asia Argento Accusation: 'My Heart Is Broken'

    HOLLYWOOD — Handleman Co., a “rackjobber” that distributes music and video products to department stores, more than doubled its new income and boosted sales in a fiscal first quarter that the company noted is usually a weak one. The Troy, Mich.-based company, which also operates a North Coast Entertainment division for proprietary music, video and […]

  • Actress Asia Argento speaks about being

    Asia Argento Settled With Sexual Assault Accuser Last Year (Report)

    HOLLYWOOD — Handleman Co., a “rackjobber” that distributes music and video products to department stores, more than doubled its new income and boosted sales in a fiscal first quarter that the company noted is usually a weak one. The Troy, Mich.-based company, which also operates a North Coast Entertainment division for proprietary music, video and […]

More From Our Brands

Access exclusive content