Matthews Studio Profit Triples in 2nd Quarter
Matthews Studio Equipment Group, a Burbank company that makes, sells and rents camera and lighting equipment to the entertainment industry, reported that its profit more than tripled in its fiscal second quarter.
The company’s profit for the quarter ended March 31 was $436,000, compared to a $142,000 profit a year earlier. Its revenue increased 33%, to $6.71 million from $5.05 million. The company attributed the gain to its restructuring of some short-term leases on its remote camera equipment to long-term leases.
Matthew’s six-month profit, however, declined 4% to $565,000 from $591,000. Revenue was $12.1 million, a 5% gain from $11.5 million a year earlier.
The company said it continues to feel the effects of a recession-related production slowdown and declining rental prices.
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