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Wednesday, Jun 7, 2023

Image Narrows Loss in Q2

Image Entertainment narrowed its net loss for the second quarter when compared with the same period a year ago. The Chatsworth-based producer and distributor of home entertainment programming reported a net loss of $465,000, or $0.02 per diluted share, on revenues of $32.4 million for the quarter ending Sept. 30. For the same period in 2007, the company reported a net loss of $3.7 million, or $0.17 per diluted share, on revenues of $21.6 million. Revenues increased during the quarter due to a company strategy to acquire feature films for distribution through DVD and digital methods. Image is currently under close scrutiny of the NASDAQ because it failed to meet a minimum value of $15 million. The company has until February to maintain a stock price of $1.22 or higher for 10 consecutive trading days to comply with NASDAQ rules. Shares in Image closed up at $0.75.

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