Image Entertainment Inc. shares got a slight bump early Friday after raising its guidance. The company noted modest success in releasing video titles on several DVD and digital formats had helped to narrow the net loss for its fiscal second quarter.
The Chatsworth producer and distributor of home entertainment programming reported after Thursday's market close a net loss of $465,000 (2 cents per share) compared with $3.7 million (17 cents) a year ago. Net revenues increased 50 percent to $32.4 million.
Revenues increased because of a company strategy to acquire feature films for distribution through DVD and digital methods.
The company raised its net revenue guidance for fiscal 2009 to a range of $120 million to $130 million, up from its previous guidance of $115 million to $125 million. The company did not provide an earnings number, but anticipates it will be profitable for the year if it hits the high end of its revenue range.
Image, whose shares currently trade under $1, is under scrutiny by Nasdaq officials because its market cap no longer meets a $15 million minimum. The company has until February to maintain a stock price of $1.22 or higher for 10 consecutive trading days to stay listed.
Shares in Image were up 3 cents, or 4 percent, to 78 cents in early trading Friday on the Nasdaq.
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