New Image May Have to Reduce Its Operations
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New Image Industries Inc. said it expects to post a loss of more than $1.5 million for its fiscal fourth quarter ended June 30, and warned that it might have to “significantly reduce its operations” if it can’t find additional financing.
The Woodland Hills-based company makes computer systems for dentists, architects, beauty salons and others so that they can show customers “before and after” images of their services.
But in the June quarter, New Image said, the company suffered a loss “significantly greater” than the $1.5-million loss it had in the preceding quarter. In the nine months ended March 30, New Image lost $2.7 million.
The company said it’s trying to secure additional debt and equity financing. If it can’t, New Image said it would have to scale back its business. The company said it had $1.03 million of cash available as of Sept. 1.
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