Point.360 reported a net loss of $12.2 million, or $1.20 per share, in its fourth fiscal quarter. The company reported net income of $0.1 million, or $0.01, per share in the same quarter in 2008.
Revenues came in at $11.0 million in the quarter, down slightly from the $11.4 million reported a year earlier. Gross margin came in at 28%, down from 24%.
Haig S. Bagerdjian, the CEO of Point.360 said, “During fiscal 2009, we took significant steps to consolidate facilities and add service capabilities…. We also changed our information technology infrastructure to enable us to be fully functional in the emerging new media market and to enhance customer and internal security.”
Point.360 provides media services to the media and entertainment industries. Some of the company’s services include archival and vaulting of film stock, closed captioning, digital restoration and duplication, DVD and CD production, subtitling and visual effects.
Eden FX, a division of the company, earned an Emmy Award nomination in the category of “Outstanding Special Visual Effects for a Series” for its work on “Ghost Whisperer.”
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