IDW Media Holdings showed a substantial quarterly profit for its fiscal Q3 ended July 31 behind a sales increase and decline in expenses, bringing its year-to-date bottom line positive.
The company showed net income of $460,000 for the quarter, up from $281,000 in the year ago quarter, which despite a loss in fiscal Q2 (see “IDW Cuts Loss”), brought the year-to-date profit to $457,000. That was a big improvement over the $1.5 million loss in the same period in the previous fiscal year, when the Diamond bankruptcy caused a substantial receivables write-off.
Total sales for the quarter were $7.1 million, up 4.8% from $6.7 million in the year ago quarter. Most of those sales, around $7.0 million, were from Publishing, the rest from the Entertainment segment. Management listed a $771,000 jump in comic store revenues behind licensed and crossover titles, enough to more than offset the $381,000 decline in book channel sales due to drops in backlist sales.
In addition to the sales increase, IDW benefited from a $189,000 drop in operating expenses vs. the same quarter the previous year.
Source: ICV2
