Image Reports Loss in Q2

Image Entertainment Inc. slightly narrowed its net loss in the second quarter when compared to a year ago. The Chatsworth-based home entertainment programming producer and distributor reported a loss of $1.5 million, or $0.09 per diluted share, on revenues of $18.2 million for the quarter ending Sept. 30. For the same period in 2009, Image had a loss of $1.6 million, or $0.07 per diluted share, on revenues of $27.8 million. While Image did not release any guidance figures for the quarter, CEO Ted Green said the company was on track with strategic projections. In the second quarter, the company made a deal with Sony Pictures for replication and distribution services and acquired the home video operations of Madacy. “These strategic moves will immediately help increase our revenues and significantly reduce our costs in the future,” Green said. For the six month period, Image had a net loss of $872,000, or $0.09 per diluted share, on revenues of $35.6 million. That is an improvement over the net loss of $4.6 million, or $0.21 per diluted share, on revenues of $53.5 million for the same period in 2009. Mark R. Madler