Matthews’ Quarterly Net Declines 12% to $53,000
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Matthews Studio Equipment Group, a Burbank-based supplier of lighting, grip, transportation and camera accessories to the entertainment industry, reported a modest drop in earnings despite a rise in revenue for the company’s fiscal third quarter that ended June 30.
The company reported a profit of $53,000 for the third quarter, down about 12% from $60,000 in the corresponding three-month period a year earlier. Revenues rose to $7.18 million, up 14% from $6.29 million in the third quarter of 1994.
For the company’s nine-month period, Matthews posted earnings of $519,000 on revenues of $21 million, compared to year-earlier earnings of $908,000 on revenues of $19.3 million.
The company also said it anticipates a one-time charge of $2.3 million in the fourth quarter, related to the retiring of a credit facility.
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