August 11, 2009 / 9:49 PM / 8 years ago

UPDATE 1-Cinram loss shrinks on gain, but sales plunge

* Q2 loss 1 cent per unit vs 12 cents a year earlier

* Revenue slumps 22 pct to $301 million (In U.S. dollars unless noted)

TORONTO, Aug 11 (Reuters) - Cinram International Income Fund CRW_u.TO posted a smaller quarterly loss on Tuesday thanks in part to debt-repurchase gains, but the maker of prerecorded CDs and DVDs said revenue plunged more than 20 percent.

Cinram said it lost $737,000, or 1 cent per unit, in the three months ended June 30. That was better than a loss of $7.1 million, or 12 cents a unit, a year earlier.

The quarter included a $13.6 million gain on the repurchase of debt, Cinram said.

However, its revenue sank to $301 million, down 22 percent from $386.3 million a year earlier, the company said.

Its home video revenue dropped 18 percent to $224 million as volumes and prices dropped. CD revenue sagged 34 percent to $39.4 million, Cinram said.

Cinram and other hard-media manufacturers have seen their business eroded as digital downloads of music and movies gain popularity, leading to lower sales of discs.

The Toronto-based company reported its results after markets closed. During the day, its units fell 9 Canadian cents to close at C$1.66 on the Toronto Stock Exchange.

$1=$1.10 Canadian Reporting by Wojtek Dabrowski; editing by Rob Wilson

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below