Point.360 (PTSX) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $5.39 million, or $ 0.42 a share in the quarter, against a net loss of $2.33 million, or $0.18 a share in the last year period.
Revenue during the quarter surged 34.25 percent to $10.76 million from $8.02 million in the previous year period. Gross margin for the quarter expanded 875 basis points over the previous year period to 29.19 percent. Operating margin for the quarter stood at negative 13.72 percent as compared to a negative 29.02 percent for the previous year period.
Operating loss for the quarter was $1.48 million, compared with an operating loss of $2.33 million in the previous year period.
Haig S. Bagerdjian, the Company’s chairman, president and chief executive officer said: “When compared to the prior year quarter, our first quarter fiscal 2017 revenue mix showed a large increase in localization, while feature post declined due principally to our decision to exit the expensive Santa Monica location previously occupied by Modern. We lost some content distribution work, but saw a large increase in distribution sales to a major portal. Major studio interest in the renovated Hollywood Way facility is increasing.”
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