Image Posts $3.7 Million Loss

Lower sales from audio products and expenses related to its acquisition by a private investment firm contributed to Image Entertainment Inc. posting a net loss for the second quarter. The Chatsworth-based distributor of home entertainment programming reported a loss of $3.7 million, or a loss of $0.17 per diluted share, on revenues of $21.6 million for the quarter ending Sept. 30. For the same period in 2006, the company reported a net loss of $3.8 million, or a loss of $0.18 per diluted share on revenues of $22.8 million. Image shareholders approved last month its acquisition by BTP Acquisition Co. LLC. Image will remain a public company. The company incurred $307,000 in expenses for the quarter related to the buy out. The past few quarters have been a time of transition for the company and with the merger with BTP it will move ahead with greater resolve and resources, said President and CEO Martin Greenwald.