Panavision’s 2nd-Quarter Loss Is $7.7 Million
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Panavision Inc., Woodland Hills, reported a net loss of $7.7 million for the second quarter ended June 30, compared with a $56.6 million loss for the like quarter last year. Revenues were $47.2 million, up from $46 million last year.
Panavision, the world’s leading supplier of precision movie cameras, has been losing money for the last five quarters. The downturn in feature film production this year has definitely hurt the company, said Joe Page, chief administrative officer. But last quarter’s loss is mostly due to interest payments Panavision continues to owe on an expensive recapitalization the company undertook last year, he said.
“It’s not the performance of the business, it’s the costs from the recapitalization (responsible for the loss),” Page said. “And even though production was down this year, we were able to increase our revenue because we’re growing our market share and offering more products to our customers.”
Panavision’s stock closed at $7.93 per share Monday, up from the 12-month low of $6.56 June 30.
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