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Thursday, Jun 8, 2023

Briefs: Disney, United Online, DTS, Talon

DisneyToon Studios, the direct-to-video division of Walt Disney Co., is laying off about 17 employees, entertainment industry website Deadline Hollywood reported on Monday. DisneyToon, in Glendale, let some employees go last week and the rest will leave over the next month, Deadline reported. The division had about 60 full-time employees prior to the layoffs. DisneyToon is part of Walt Disney Animation Studios and has produced 47 films since 1990 primarily for the home entertainment market. The studio did a few theatrical films, including this summer’s “Planes: Fire & Rescue.” Shares of Walt Disney Co. closed up 65 cents, or less than 1 percent, to $87.50 on the New York Stock Exchange. United Online Inc. released limited second quarter earnings information Monday as it evaluates errors in accounting of income taxes in previous quarters. The Woodland Hills Internet-access provider did report revenue of $54.6 million, which beat analyst forecasts of $53.2 million. It did not report net income or earnings per share. The accounting errors resulted in one business unit of the Woodland Hills Internet company understating the provision of income taxes by $3.3 million and a goodwill impairment charge by 2.5 million. The evaluation will determine if any previously-issued quarterly or annual financial statements for the periods from Jan. 1, 2011 through March 31, 2014 to be materially misstated. If those statements contained inaccuracies, United Online will file amendments to the 2013 annual report and the first quarter 2014 report. “If the prior-period financial statements were materially correct, the company will revise historically presented amounts when presented in the future,” the company said in a prepared statement. Shares closed up 10 cents, or nearly 1 percent, to $10.69 on the Nasdaq. Strong organic growth from providing audio technology to the TV and game-console markets contributed to DTS Inc. posting strong earnings in the second quarter, the company announced Monday. The Calabasas company reported net income of $7 million (41 cents a share), compared with a net loss of $2 million (11 cents) in the same period a year earlier. Revenue increased 33 percent to $36.2 million. Chief Executive Jon Kirchner said that a combination of strong first half financial results and a growing product release pipeline resulted in DTS raising its full-year revenue outlook to the range of $137 to $142 million. “Looking ahead, we remain focused on the large and attractive opportunities in network-connected devices, including smartphones, TVs and PCs, and expect to see accelerating organic growth over the next few years,” Kirchner said in a prepared statement. Shares closed up 22 cents, or more than 1 percent, to $18.79 on the Nasdaq. Talon International Inc. on Monday reported a slump in second quarter revenue, which it attributed to slow sales by retailers earlier in the year that led to a build-up of inventory. The Woodland Hills supplier of zippers and apparel accessories reported net income of $814,000 (1 cent a share) in the quarter ended June 30, compared to $1.3 million (5 cents) for the same quarter the previous year. Revenue fell 4 percent to $16 million. No analysts follow the company. Chief Executive Lonnie Schnell expects that as inventories are depleted at apparel makers, Talon will see increasing demand for its accessories. “While we experienced some sales softness in the second quarter, we remain confident in our business strength, our premium products and our long-term growth strategy,” Schnell said in a statement. Shares were unchanged at 23 cents in over-the-counter trading.

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