Matthews Studio Posts Loss of $1.04 Million

Matthews Studio Equipment Group, a Burbank-based supplier of cameras and other equipment for the entertainment industry, reported a loss of $1.04 million for its fiscal fourth quarter on a 12% drop in earnings compared with a year earlier.

The loss for the three months ended Sept. 30 compared with a profit of $13,000 in the same period a year earlier. Revenue in the latest quarter dropped 12% to $6.19 million, from $7.06 million.

For its full fiscal year, Matthews Studio posted a loss of $390,000, contrasted to a profit of $318,000 for the prior fiscal year. Its fiscal year revenue fell 15% to $25.9 million, from $30.4 million a year earlier. The company said its latest fiscal year results included charges of about $1.25 million for refurbishment of equipment and restructuring costs at Keylite Holdings Inc., which Matthews Studio bought last May.