Catalogue Sales Help Image in Q3

Stronger catalogue sales contributed to Image Entertainment Inc. posting net income for the third quarter compared to the net loss from the same period a year ago. Earnings for the Chatsworth-based distributor and producer of home entertainment programming were also whelped by inclusion of results from a distributor it acquired in the fall. For the quarter ending Dec. 31, Image posted net income of $2.2 million, or $0.01 per diluted share, on revenues of $27.7 million. For the same period in 2009, the company had a net loss of $2.1 million, or $0.09 per diluted share, on revenues of $25.1 million. In October, Image bought a majority share in Madacy Home Video, a leading independent distributor of audio and video entertainment that includes classic television, horror, theatrical as well as numerous special interest titles. “The inclusion of Madacy’s library as well as a very strong performance of Image catalog product afforded us an increase in revenues for this quarter,” said Image Chairman and CEO Ted Green. “We are very pleased with the results and look forward to maintaining the momentum.” Mark R. Madler