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Thursday, Jun 8, 2023

Point.360 Reports Loss, Shares Slump

Shares of Point.360 fell 17 percent Thursday after the company announced a loss in its fiscal first quarter. The Burbank company, which provides digital editing, special effects and storage services for studios and TV networks, reported a net loss of $105,000 (-1 cent a share) in the quarter ended Sept. 30, compared to income of $109,000 (1 cent) in the same period a year earlier. Revenue fell 15 percent to $7.6 million. Chief Executive Haig Bagerdjian said the fall in revenue was the result of delayed TV show launches. “We expect better results now that the new television season is underway,” he said. Shares of Point.360 lost 14 cents to close at 66 cents Thursday on the Nasdaq.

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