Compact Video Posts 4.4% Decrease in Profit

Compact Video posted a widened loss of $286,000, or 6 cents a share, in the second quarter on revenue that fell 4.4%, to $8.4 million. In the same quarter last year, it lost $90,000, or 2 cents a share.

The Burbank-based video and film services company said its operating profit was offset by a $756,000 writedown, or accounting adjustment, connected with the sale of a building.

For the six months ended June 30, Compact Video lost $157,000, or 3 cents a share, versus $250,000, or 6 cents a share, a year earlier. Revenue dropped 5.4%, to $17.5 million.

Separately, Compact Video said it plans to make Four Star International a wholly owned subsidiary. Compact Video, which owns 92.3% of Four Star, said it would pay $6 in cash for each share that it doesn’t own.