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HOLLYWOOD — Still feeling the impacts of lower entertainment production and advertising spending, post house Laser-Pacific Media reported its first quarter income plunged 72% to $393,000 on $8 million revenue, a 19% drop from the same three month period last year.

As of March 31, the Hollywood-based company had assets of $12.2 million, including $7.8 million in cash and cash equivalents.

Hi-def demand growing

Laser-Pacific said that the TV biz’s pattern of relying upon inexpensive reality shows and fewer TV movies, which began in mid-2001, still continued in the first quarter of 2002. However, the majority of the pilots serviced by Laser-Pacific were finished in the high definition format, reflecting an increasing demand for high-def from the major television networks, which helped boost the company’s bottom line.

“We are encouraged by the increase in the number of pilots for the upcoming television season which utilized Laser-Pacific’s post-production services,” said James Parks, chairman and CEO. “The growing interest in high definition allows Laser-Pacific to capitalize on its investment in digital and HD technology over the past few years.”

Shares of Laser-Pacific were down 5¢ on Tuesday to close at $2.50, a loss of nearly 2%.