Point.360 Reports Loss, Plans to Open StoresFriday, February 8, 2013
Post-production house Point.360 reported a slight quarterly loss, the result of delays in TV shows and movies moving onto cable TV and satellite systems.
The Burbank company, which provides visual effects, editing and digital distribution services to movie and TV studios, reported a net loss of $390,000 (4 cents a share) in its fiscal second quarter ended Dec. 31, compared to net earnings of $51,000 (0 cents) for the same quarter a year earlier.
Revenue fell 9.3 percent $7.7 million. No analysts follow the company.
“Our results have been affected by some seasonality and timing of television content releases, and we have seen a drop in revenue from domestic and foreign distribution of non-current programming,” said Chief Executive Haig Bagerdjian in a statement.
He added that cost-savings from a recent consolidation to a large facility near downtown Los Angeles and lower borrowing costs help mitigate the losses. Also, within the next few months, he said, the company expects to open two new Movie>Q stores, a new retail format developed for video rental shops.
Shares remained flat at 81 cents Friday in trading on the Nasdaq.