Image Entertainment's future in doubt
PHYSICAL: Accounting firm concerned about supplier's losses, negative cash flow
By Susanne Ault -- Video Business, 7/6/2009
JULY 6 | PHYSICAL: As expected, Image Entertainment’s accounting firm says it has substantial doubt about the indie DVD supplier’s ability to continue as a going concern.
The accounting firm believes Image is troubled by its recurring losses from operations, negative cash flow and limited access to capital.
Image warned of this disclosure during its fourth-quarter/full-year fiscal 2009 results last month. However, the supplier expressed business optimism in the coming months, awaiting such high-profile releases as Jennifer Aniston-starring Management on Sept. 29.
The accounting firm’s announcement doesn’t alter or change any of the reporting on Image’s earlier financial statements.
