Iwerks Entertainment Reports $57,000 Loss
Iwerks Entertainment Inc. posted a loss in its second quarter on a 24% drop in revenues.
For the quarter that ended Dec. 31, the Burbank-based entertainment company posted a net loss of $57,000, compared to a profit of $604,000 in the same period a year earlier.
Revenues in the latest quarter fell to $10.0 million, down from $13.2 million.
For its six months, Iwerks saw its net income tumble 84% to $117,000, down from a $745,000 profit a year ago, while its revenues fell 16% in the latest quarter to $19.6 million, compared to revenues of $23.3 million.
Iwerks is a provider of large-screen theaters and other entertainment programs.
The company attributed part of its disappointing results to delays involving one of its customers in China.
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