Costs related to a pending merger, the closure of a Las Vegas distribution facility and a dip in sales hurt the first quarter bottom line of Image Entertainment Inc. The Chatsworth-based producer and distributor of home entertainment programming reported a net loss of $2.6 million, or a loss of $0.12 per diluted share, on revenues of $20.9 million for the first quarter ending June 30. That widens the company’s loss when compared to the net loss of $2.3 million, or a loss of $0.11 per diluted share, on revenues of $22.3 million for the first quarter of the 2007 fiscal year. The company incurred $639,000 in expenses connected with the pending merger with BTP Acquisition Corp. Image will remain a public company after the merger is completed. The company also had $668,000 in expenses, depreciation and other costs connected with closing a distribution center in Las Vegas.
Net Loss Widens for Image Entertainment