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Sunday, May 28, 2023

Image Entertainment Posts Earnings, Revenue Jump

For its fiscal year that ended March 31, 2005, Chatsworth-based Image Entertainment, Inc. has reported a 40 percent revenues increase, as sales skyrocketed from $84.8 million in 2004 to $118.4 million in 2005. An even brighter spot for the company was its ability to pull back in the black, as earnings went from a net loss of $9.6 million in 2004, to net income of $5.1 million this past year. The CEO of Image, Martin W. Greenwald attributed the surge in revenues and earnings to the introduction of a new programming category for the company: comedy. Specifically, Image’s Blue Collar comedy series generated $20 million in revenues for the firm and significant attention from mainstream media outlets. However, Greenwald cautioned that the first quarter of the 2006 fiscal year will be disappointing for the firm, due to a relatively new release schedule.

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