Live Entertainment’s Earnings Rise, Sales Drop
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Live Entertainment Inc., a Van Nuys software and entertainment company, said its earnings rebounded in the second quarter that ended June 30, despite decreased sales. Earnings for the quarter were $1.06 million, compared to a loss of $1.4 million last year. Sales went down 23% to $22.5 million.
For the six months that ended June 30, earnings were $5.96 million, compared to a loss of $4.2 million in the corresponding period last year. The turnaround came as sales for the six months increased 41% to $66.96 million from $47.42 million last year.
The company said the lower sales in its home-video division accounted for the sales decrease in the second quarter, while the improved earnings came about because the company cut its promotional and administrative costs and managed to recover a bad debt from a former distributor.
The release of more new rental video titles during the first six months of this year resulted in the improved combined results for the two quarters.
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