Harmony Holdings Loss Doubles in 1st Quarter

Harmony Holdings Inc., a Burbank television commercial producer, said its fiscal first-quarter loss doubled to $802,063, from $397,284 a year earlier, although revenue more than doubled in the quarter.

For the period that ended Sept. 30, Harmony said revenue surged to $10.2 million, from $4.09 million a year earlier, largely because Harmony’s four new subsidiaries contributed almost $4 million in sales. However, the company said it incurred a bigger loss because of increased cost of sales and decreased profit margins from those new divisions. As a result, Harmony Holdings said it is restructuring internally to operate more efficiently.