Matthews Studio Profit Falls 8% in 3rd Quarter

Matthews Studio Equipment Group, a Burbank company that makes and rents movie and television production equipment, said its fiscal third-quarter profit fell 8% from a year earlier despite a 51% jump in revenue.

The company’s net income in the quarter that ended June 30 slipped to $180,648 from $196,584 a year earlier, while its revenue climbed to $5.86 million from $3.88 million. The latest quarter included a higher provision for income taxes, which depressed earnings, Matthews said.

For the first nine months of its fiscal year, however, Matthews’ profit soared to $437,857 from $5,720, and its revenue rose to $14.8 million from $10.3 million. Matthews said the gains reflected its buildup of production equipment available for lease, and the “extremely strong entertainment industry environment” that maintained demand for its products.