Matthews Studio Loses $69,000 in 3rd Quarter

Matthews Studio Equipment Group in Burbank reported a loss of $69,000 for its fiscal third quarter that ended June 30, contrasted to a profit of $239,000 a year earlier.

The company, which sells and rents camera and lighting equipment to the entertainment industry, said it also expects to report a loss in its fiscal fourth quarter because of costs related to a recent acquisition and realignment of certain operations.

For the quarter that ended June 30, the company’s revenue fell 18%, to $6.53 million from $7.72 million a year earlier. The company said competition continues to affect sales, rental revenue and gross margins.

Through its three fiscal quarters that ended June 30, Matthews’ net income jumped 85%, to $645,000 from $348,000 a year earlier. Revenue for that period, however, fell 16%, to $19.7 million from $23.4 million.