Matthews’ Quarterly Net Declines 12% to $53,000
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.
The biggest entertainment stories
Get our big stories about Hollywood, film, television, music, arts, culture and more right in your inbox as soon as they publish.
You may occasionally receive promotional content from the Los Angeles Times.
