Point.360 Turns to Loss in Quarter

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Point.360 reported losses for both its fourth quarter and 2009 fiscal year Friday as the company recorded nearly $10 million in impairment charges.

The Burbank provider of integrated media management services reported a net loss of $12 million (-$1.20 a share) for the quarter ended June 30, compared with net income of $89,000 (1 cent) a year ago. Quarterly revenues fell 3.6 percent to $10.9 million.

The company during the quarter took an annual goodwill impairment charge of $10 million mostly related to two acquisitions Video Box Studios and MI Post.

For fiscal 2009, the company lost $12.5 million (-$1.20) compared with a loss of $943,000 (-9 cents) in 2008. Annual revenue rose 1 percent to $45.6 million.

Shares closed down 28 cents, or 18 percent, to $1.27 on the Nasdaq. The stock had jumped more than 20 percent Thursday after filings showed the company’s chairman had bought 347,000 shares.

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