New Image Industries’ Income Takes Plunge

New Image Industries Inc., a Canoga Park maker of intra-oral cameras and related dental imaging devices, reported a loss for the three months that ended March 31 as its revenue declined sharply due to bad winter weather and the Jan. 17 Northridge earthquake.

New Image’s fiscal third-quarter loss was $840,000, while its revenue fell 25%, to $6.74 million. A year earlier, the company earned $1.93 million on $9.02 million in revenue.

The company said its third-quarter results were also hurt by $650,000 in legal expenses over a patent dispute, a $300,000 reserve for older inventory and $350,000 for sales commissions from the previous six months under its new marketing programs.

Also, the year-earlier quarter figures include results from New Image’s former subsidiary, Styles on Video, which was spun off to shareholders in March, 1993.

For the nine months, New Image’s net income plunged 70%, to $1.26 million from earnings of $4.16 million in the same period a year before. Its nine-month revenue edged up to $23.1 million from $22.5 million.