Digital media firm Point.360 reported a net gain of $1.6 million on the sale of an excess property the company owned near the crossing of Lexington Avenue and Vine Street in Hollywood.
Point.360 did not disclose the buyer. The Los Angeles company was not using the building at the time of the sale, Point.360 executive vice president Alan Steel said.
“It was a good time for us to get out of it,” he said.
Point.360’s stock price was flat in Monday’s trading, closing at $0.36 per share on the Nasdaq.