IndeNet’s Order Backlog Approaches $75 Million
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IndeNet Inc., the Encino-based distributor of commercials and syndicated programs, announced that its order backlog will exceed $75 million for the first time in its trading history.
Order backlog is the accumulated total of client contracts, typically over an average contract term in excess of five years, and is an indication of future cash flows.
“I am delighted at securing this position and the hard work that has gone into achieving this goal by all our executives,” said Rick Schleufer, chief executive of IndeNet’s Broadcast/Cable Services Division. “For a $20-million-to-date-annual-revenue division, it is a particularly sound position.”
In 1996, the company reported a net loss of $19 million. In January, IndeNet announced the layoff of 165 employees, or about 27% of its work force, and the closure of eight plants as part of a streamlining effort.
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