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Friday, Mar 29, 2024

Image Results Up in Q1

The release of feature films contributed to Image Entertainment Inc. posting positive income results for the first quarter. The Chatsworth-based distributor and producer of home entertainment programming had a net income of $1.7 million, or $0.08 per diluted share, on revenues of $32.6 million. That is an improvement of the net loss of $2.6 million, or $0.12 per diluted share, on revenues of $20.9 million for the first quarter in fiscal 2008. Image has made a name as one of the largest distributors of DVDs but has augmented that core business by releasing feature films and making content available through digital rentals and sales. The first quarter was also strengthened by the company ending legal disputes over a failed merger. Image forecasts 2009 revenues in the range of $115 million to $125 million. Shares of Image closed up at $1.17.

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