Image Ends Fiscal Year with Net Profit

Net income dropped in the fourth quarter for Image Entertainment Inc. when compared to the same period a year ago. The Chatsworth-based home entertainment distributor and producer, however, nearly doubled its revenues in the fourth quarter due to a strong release schedule. For the quarter ending March 31, Image reported a net income of $394,000 on revenues of $25.6 million. For the same period in 2010, the company had net income of $783,000 on revenues of $14.4 million. For the full fiscal year, the company reported net income of $1.7 million on revenues of $89 million. For the previous fiscal year, Image reported a net loss of $5.9 million on revenues of $93 million. Image has been diligent about its cost reduction plan over the past 18 months, which has show results in higher operating income, said company COO and CFO John Avagliano. “We reduced our overall expenses and increased our margins, which was due in part to our reduced manufacturing costs provided by our distribution and replication arrangement with Sony Pictures,” Avagliano said.