Matthews Studio Expects $20.2-Million Loss for ’99
Matthews Studio Group of Burbank anticipates a net loss of $20.2 million for fiscal 1999 compared with income of $49,000 in 1998.
The company announced the expected loss although audits for the fourth quarter ended Sept. 30 and the year are not completed.
The company said the change in operating results is due in part to charges for discontinued operations and nonrecurring charges of about $9.2 million. Matthews said it is planning to divest some divisions and use the proceeds to reduce debt, improve liquidity and increase its investment in ShowbizMart.com.
Matthews provides professional equipment to the entertainment industry. ShowbizMart.com is an online provider of studio equipment, industry news and consumer products.
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