Image slims loss for fiscal Q2

By Susanne Ault -- Video Business, 11/13/2007

NOV. 13 | On the eve of the closure of its merger with BTP Acquisition Company, Image Entertainment reported slightly narrowed losses for its second-quarter of fiscal 2008.

Image posted a $3.7 million net loss for the three months ended Sept. 30. That compares to the $3.8 million in red ink Image recorded during the same frame the prior year.

Revenue fell 5.3% to $21.6 million.

Ongoing administrative expenses related to BTP’s impending purchase of the company partially cut into Image’s performance. Overall administrative expenses totaled $4 million, which is about a 12% drop from its costs during the same period in fiscal 2007.

Retail consolidation also is softening Image product sales, said company executives.

Best-selling DVD releases during the quarter included Discovery Channel programming Shark Week: 20th Anniversary Collection and Dirty Jobs Collection 1 and stand-up title Jeff Dunham: Spark of Insanity.

Image declined to provide annual or quarterly revenue guidance.

The BTP transaction is expected to close by the end of this week.

“After a long and arduous process, we are very much looking forward to the closing of our merger with BTP,” said Martin Greenwald, Image president and CEO. “The past few quarters have been a time of transition for us, and we are excited about combining our companies and moving ahead with great resolve and even greater resources.”