Iwerks’ Quarterly Loss Grows to $1.15 Million

Iwerks Entertainment Inc., a Burbank supplier of special-format movie theaters and virtual-reality attractions, reported that its losses more than doubled in its fiscal second quarter.

The company lost $1.15 million in the quarter ended Dec. 31, compared with a year-earlier loss of $416,335. Revenue in the quarter expanded to $10.7 million, up 19% from the $8.96 million in revenue in the second quarter of fiscal 1994.

Iwerks attributed the wider loss to costs associated with its acquisition of Omni Films International in May plus the additional costs of hiring new personnel and providing severance payments for certain employees that left the company.

Iwerks’ loss for the six months ended Dec. 31 was $1.93 million, up slightly from its loss of $1.92 million in the same period the year before. Its six-month revenue grew 39% to $21.7 million from $15.6 million.