Image Restructuring Showing Some Results

Reorganization at home entertainment producer and distributor Image Entertainment Inc. resulted in improvement in the fourth quarter when compared to a year ago. The Chatsworth-based company reported net earnings of $783,000 on revenues of $14.4 million for the quarter ending March 31. For the same period in 2009, Image reported a net loss of $3.3 million on revenues of $26.6 million. Image has struggled during the recession as consumers reduced spending on DVDs leading to concerns that the company would stay in business. In January, JH Partners stepped in to buy a majority share of the company and began cost cutting through layoffs, reducing lease payments on its headquarters and renegotiating vendor contracts. Company officials said they are pleased with the strides the company has made. “We’ve been quite successful in initially restructuring our company and in acquiring key properties over the past few months which will help us implement the strategies we’ve set for ourselves for our 2011 fiscal year,” said Chairman and CEO Ted Green. For the 2010 fiscal year, Image posted a net loss of $5.9 million on revenues of $93 million. For the previous fiscal year the company had a net loss of $1.8 million on revenues of $130.7 million. Mark R. Madler