Image Entertainment Expects to Post Loss
Image Entertainment Inc., a Chatsworth distributor of movies on laser discs, said it expects to post a loss for its fiscal first quarter on a 5% drop in sales.
Image did not specify the size of the anticipated loss, but said its sales in the quarter ended June 30 fell to $9.7 million from $10.2 million a year earlier. Details of its results are expected to be made public by Aug. 14, the company said.
The company asserted that the first quarter was hurt by “the recession in the video industry and a generally weak release schedule” of recent movies for laser disc distribution. Image said its performance should improve over the rest of the year, in part because it will be releasing such theatrical hits as “Home Alone” and “Dances With Wolves.”