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Sales Decline at Navarre FUNimation Parent Reports Q4 and FY Date: 6/4/2009 |
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FUNimation parent Navarre Corporation reported sales declines for its quarter and year ended March 31st and a loss for the year, amid some encouraging signs for the future. Sales for the quarter were down about 8% to $147.1 million for the quarter. In the publishing division, which includes FUNimation, sales declined 25% to $22 million, but about half of that decline was due to the near-elimination of sales from the company?s BCI subsidiary. For the year, sales in the publishing division were down 12.4% to $102.8 million. CFO Reid Porter did say that the company?s ?sales shortfall compared to the prior year began to improve late in the quarter and this trend has continued into the April period.? The company reported a profit for the quarter of $3.2 million after a $3.1 million impairment charge. The company lost $88.4 million in the fiscal year after $111.1 million in impairment and other pre-tax charges, some of which were related to Funimation. The company issued guidance for FY 2010 (which began April 1) of $550 to $600 million in sales (down from $631 in the most recent year). CEO Cary Deacon said FUNimation's video portal and social network was "a paradigm shift" for the company, plus gave some product news in the conference call that accompanied the earnings release this week (see "FUNimation Portal a Paradigm Shift"). |
| Source: ICv2 |
