March 2, 2009 / 10:34 PM / in 9 years

UPDATE 1-Cinram loss shrinks, but CD, DVD revenues slide

* Home video revenue down 15 pct, CD revenue down 29 pct (In U.S. dollars unless noted)

TORONTO, March 2 (Reuters) - Cinram International Income Fund CRW_u.TO posted a smaller loss on Monday as it booked fewer writedowns, but said the volumes and prices of the CDs and DVDs it produces dropped steeply.

Cinram said it lost $23.1 million, or 42 cents per unit, in the three months ended Dec. 31. That was better than a loss of $316.6 million, or $5.53 a unit, a year earlier.

It booked $60.8 million in impairment of long-lived assets and goodwill in the quarter, compared to C$386.3 million a year earlier.

Total revenue fell to $598 million from $666.6 million a year earlier, Cinram said.

Cinram said revenue from copying and distributing DVD and high-definition discs was down 15 percent because of lower volumes and prices. CD revenue dropped 29 percent.

The fund announced its results after markets closed. During the day, its units dropped 25 Canadian cents to 70 Canadian cents on the Toronto Stock Exchange.

$1=$1.29 Canadian Reporting by Wojtek Dabrowski; editing by Rob Wilson

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