American Film Technologies Inc., a North Hollywood provider of animation and special effects for television and movies, posted a $1.8-million loss for its fiscal third quarter that ended March 31.
The loss compares with year-earlier net income of $156,000. American Film's revenue in the period fell 32%, to $2.1 million from $3.1 million.
The loss stemmed primarily from reducing its film colorizing work, the company said, to obtain new business or find additional financing. American Film added that it has substantially reduced its work force and is looking for other ways to reduce costs.
In the first three quarters, the company posted a $3-million loss, compared with a $713,000 profit a year earlier. Its nine-month revenue declined 10%, to $8.9 million from $10 million.
Valencia National Bank reported a first-quarter $185,000 net loss aftEr increasing its reserves for loan losses.
The loss for the quarter that ended March 31 compared with a profit of $88,000 a year earlier. Bank assets rose 17% to $72 million over the same period and customer deposits climbed 19% to $65.6 million.
The bank, which has branches in Valencia and Newhall, said the lingering recession in Southern California had prompted it to increase its loan-loss reserves to $940,000 from $355,000 a year ago.
The increase "was made to allow for the difficulties being experienced by businesses and consumers in our community," spokeswoman Gail Pinsker said.
Pinsker said the bank expected to return to profitability in the second quarter.