Harmony Posts Loss of $397,284 in 1st Quarter
- Share via
Harmony Holdings Inc., a Burbank producer of television commercials, reported a $397,284 loss for its fiscal first quarter that ended Sept. 30. A year before, the company earned $125,703.
The company’s revenue for the latest quarter was $4.09 million, down 19% from $5.02 million in the comparable period in 1991.
Harmony said it was negatively impacted by competitive factors in a weak industry, shrinking production budgets and its inability to find directors to shoot its commercials.
Separately, Harmony’s 58% owner, Ventura Entertainment Group Ltd., has entered into a tentative deal that could result in Ventura’s shareholders assuming a direct ownership interest in Harmony.
Ventura said it signed a letter of intent that calls for Ventura to sell preferred stock to Artists and Entertainment Inc. for at least $500,000. If the transaction is approved, Artists and Entertainment would end up owning about 70% of Ventura’s common stock and Ventura shareholders would have an opportunity to buy stock directly in Harmony and Producers Entertainment Group Ltd. Producers Entertainment is 58% owned by Ventura.
The proposed transactions are subject to the execution of a definitive agreement and other conditions, Ventura said.
The biggest entertainment stories
Get our big stories about Hollywood, film, television, music, arts, culture and more right in your inbox as soon as they publish.
You may occasionally receive promotional content from the Los Angeles Times.
