Q1 numbers dip for Cinram
EmptyTORONTO -- Despite higher DVD sales, Canadian multimedia product manufacturer Cinram International Income Fund on Monday reported slightly lower first-quarter earnings and revenue.
Toronto-based Cinram reported earnings of $7.1 million on revenue of $444 million for the three months ending March 31, compared will earnings of $8 million on revenue of $447.8 million in 2006.
Cinram, which makes pre-recorded media products for Hollywood studios and other entertainment customers, said a 9% year-to-year jump in DVD unit sales was offset by lower prices and lower CD volume sales during the latest quarter.
In April, Cinram diversified into video game product by paying $50 million for U.S. interactive software company Ditan Corp. (HR 4/8).