Point.360 (PTSX) saw its loss widen to $3.63 million, or $0.28 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $2.31 million, or $0.18 a share.

Revenue during the quarter plunged 32.36 percent to $6.56 million from $9.69 million in the previous year period. Gross margin for the quarter contracted 1473 basis points over the previous year period to 5.45 percent. Operating margin for the quarter stood at negative 56.12 percent as compared to a negative 26.14 percent for the previous year period.

Operating loss for the quarter was $3.68 million, compared with an operating loss of $2.53 million in the previous year period.

Haig S. Bagerdjian, the Company's chairman, president and chief executive officer said: "Second quarter and first half fiscal 2017 revenues decreased $3.1 million and $5.9 million, respectively from the same periods last year. The timing of revenues has put pressure on the Company's cash flow. In response to lower revenues, operating costs have been reduced from $12.2 million in the second quarter of fiscal 2016 to $10.2 million in the second quarter of the current fiscal year." Mr. Bagerdjian continued: "In the second quarter of Fiscal 2017, we continued the consolidation of services among our three facilities to meet the requirements of new and existing customers."