Image Entertainment Posts Fiscal-Year Loss

Image Entertainment Inc., a Chatsworth company that licenses and distributes laser videodiscs, reported losses for its fiscal fourth quarter and year ended March 30.

For the year, the net loss widened to $1.34 million from a $779,000 loss a year earlier. Revenues increased 52% to $28.1 million from $18.5 million. The fourth-quarter loss of $1.14 million followed net income of $156,523 a year earlier, while revenues rose 48% to $9.62 million from $6.51 million.

Image said the losses in the latest quarter and year reflected $1.34 million in one-time charges related to the write-off of certain production costs and establishment of reserves for royalty advances, sales returns and excess inventory.

Image also said it named Jerome Smolar chief financial officer. Smolar was formerly vice president and chief financial officer for Postal Instant Press Inc.