Compact Video Reports $128,000 Quarterly Profit

Compact Video said it earned $128,000, or 3 cents a share, in the first quarter, despite a 6% drop in revenue to $9.1 million. The results represent a turnaround from a loss of $160,000, or 4 cents a share, a year earlier.

The Burbank-based video and film services company attributed the improved results to the consolidation of some of its operations and $59,000 in benefits from tax-loss carryforwards, which allows a company to deduct previous losses from current taxable income.