Financial Troubles Dire for Iwerks Entertainment
Auditors for Iwerks Entertainment Inc., Burbank, have raised substantial doubt about the company’s ability to continue as a going concern, according to its annual report.
The company said its independent auditors cited such factors as significant operating losses and a large accumulated deficit, while noting that Iwerks’ financial condition continues to worsen. The report, for the period ended June 30, was filed with the Securities and Exchange Commission.
Iwerks Entertainment reported a net loss of $5.04 million for the fourth quarter ended June 30, compared to a net loss of $2.58 million for the same quarter last year. Revenues dropped to $5.56 million from $8.42 million. For the year ended June 30, the company reported a net loss of $22.5 million compared to a net loss of $4.78 million last year. Revenue fell to $28.24 million from $34.87 million.
Iwerks Provides large-format theater systems and ride simulation equipment, 3-D theater and other specialty attractions.
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