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Point.360 Announces Second Quarter And First Half Results

Operating Income (Loss)

Operating loss was $0.7 million in the second quarter of fiscal 2010 compared to break-even in last year's second quarter.  Operating loss was $2.6 million in the first six months compared to operating income of $0.2 million in the same period last year.

Net Income (Loss)

For the second quarter of 2010, the Company reported a net loss of $0.8 million ( $0.07 per share) compared to a net income of $0.1 million ( $0.01 per share) in the same period last year.  In the six month period ended December 31, 2009, the Company reported a net loss of $2.7 million ( $0.26 per share), compared to net income of $0.01 million, or $0.01 per share, last year.

    
    
        Consolidated Statements of Income (Loss) (unaudited) *
    
        The table below summarizes results for the three and six month 
         periods ended December 31, 2008 and 2009:
    
    
                              Three Months Ended         Six Months Ended
                                  December 31,              December 31,
                               2008         2009         2008         2009
                               ----         ----         ----         ----
    Revenues               $11,802,000  $10,254,000  $23,358,000  $19,673,000
    Cost of services        (7,820,000)  (6,981,000) (15,458,000) (14,341,000)
                           ------------ ------------ ------------ ------------
    
    Gross profit             3,982,000    3,273,000    7,900,000    5,332,000
    Selling, general and
     administrative expense (4,001,000)  (3,704,000)  (7,709,000)  (7,493,000)
    Research and
     development expense             -     (282,000)           -     (390,000)
                                  ----     ---------        ----     ---------
    
    Operating income (loss)    (19,000)    (713,000)     191,000   (2,551,000)
    Interest expense          (195,000)    (227,000)    (325,000)    (449,000)
    Interest income             20,000            -       44,000        9,000
    Other income               213,000      187,000      215,000      266,000
                               -------      -------      -------      -------
    
    Income (loss) Before
     income taxes               19,000     (753,000)     125,000   (2,725,000)
    (Provision for) Benefit
     from income taxes          76,000            -       29,000            -
                                ------         ----       ------         ----
    
    Net income (loss)          $95,000    $(753,000)    $154,000  $(2,725,000)
                               =======    ==========    ========  ============
    
    Earnings (loss) per share:
    
      Basic:
        Net income (loss)        $0.01       $(0.07)       $0.01       $(0.26)
        Weighted average
         number of shares   10,437,323   10,491,166   10,470,947   10,321,794
                            ==========   ==========   ==========   ==========
    
      Diluted:
        Net income (loss)        $0.01       $(0.07)       $0.01       $(0.26)
        Weighted average
         number of shares
         including the
         dilutive effect
         of stock options   10,437,787   10,491,166   10,471,473   10,321,794
                            ==========   ==========   ==========   ==========
    
    
    
        Selected Balance Sheet Statistics (unaudited)*
    
                                                   June 30,        Dec. 31,
                                                     2009            2009
                                                  ----------      ----------
    Working Capital                               $9,754,000      $6,213,000
    Property and equipment, net                   20,417,000      19,865,000
    Total assets                                  37,394,000      33,847,000
    Current portion of long term debt              2,086,000       2,137,000
    Long-term debt, net of current portion        10,844,000       9,761,000
    Shareholder's equity                          18,009,000      15,911,000

*   The consolidated statements of income (loss) and presentation of balance sheet statistics do not represent the results of operations or the financial position of the Company in accordance with generally accepted accounting principles (GAAP), and are not to be considered as alternatives to the balance sheet, statement of income, operating income, net income or any other GAAP measurements as an indicator of operating performance or financial position.  Not all companies calculate such statistics in the same fashion and, therefore, the statistics may not be comparable to other similarly titled measures of other companies.  Management believes that these computations provide useful information to investors.

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