Image Entertainment Records Surge in Profit

Image Entertainment Inc., a Chatsworth-based distributor of optical laser-disc programming, reported a more than fourfold increase in net income for the fiscal fourth quarter that ended March 31, and record results for the fiscal year.

Image reported net income of $2.8 million for the fourth quarter, more than quadruple the $647,553 profit reported in the same three-month period a year earlier. Sales surged to $22.3 million in the fourth quarter, double the $11.8 million in revenue that the company posted a year earlier. The company noted that results for the fourth quarter of 1994 were hampered by costs caused by the Northridge earthquake.

For its fiscal year, Image posted a profit of $6.31 million on sales of $85.6 million, compared to year-earlier net income of $3.36 million on sales of $65.6 million.

“Earnings climbed dramatically because of strong profit margins and aggressive cost containment,” said Martin Greenwald, chief executive of Image Entertainment. “Moreover, we are extremely well positioned to pursue investment opportunities in growth-oriented companies such as content providers and distribution businesses.”