Archive of posts filed under the Financial category.

Technicolor to Axe 625 Jobs at Grass Valley

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Technicolor announced a reorganization plan to enable its Grass Valley business to adapt to a strongly deteriorated business climate. According to the statement, Grass Valley, currently being divested, is not within Technicolor’s strategic re-focusing, centered upon services for content creators and distributors. The worldwide market for professional broadcast equipment, where Grass Valley does business, has …

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Starlight Licenses Polaroid Brand for Consumer Electronics

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PLR IP Holdings, LLC (PLR), the owner of the Polaroid brand, announced the signing of a five-year licensing agreement with consumer electronics manufacturer and distributor, Starlight Marketing Limited (Starlight), a wholly owned subsidiary of Starlight International Holdings Limited, for the US and Canada.

Cinram Completes Review of Historical Tax Filings

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Cinram International Income Fund announced that upon completing an extensive review of its subsidiaries’ previously filed tax returns and following on from the previous release on March 4, 2010, determined that there was a net overstatement of the Income Tax Receivable account on the Consolidated Balance Sheet of approximately $2.7 million as at December 31, …

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Cinram Reports Significant Losses

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Cinram International Income Fund reported its 2009 fourth quarter and year end financial results. According to the statement, Cinram posted a consolidated loss of $20 million ($0.37/share) in Q4 2009, down from loss of $23.1 million ($0.42/share) during the same quarter of 2008. For the full year 2009, Cinram lost $33.5 million ($0.61/share) compared to …

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Cinram Reviewing Historical Tax Filings

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Cinram International Income Fund announced that it was advised by KPMG LLP, Cinram’s auditor and tax advisor, that in its view an error was made in certain of Cinram’s previously filed tax returns for 2008 and prior years. KPMG has advised Cinram that the matter may result in an understatement of net income tax liabilities …

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Rimage Reports Positive Q4

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Rimage Corporation reported operating results for its fourth quarter of 2009 ended December 31, 2009. According to the statement, Rimage registered a profit of $2.2 million ($0.23/share), up from $1.7 million ($0.18/share) over the same time in the previous year. Revenue increased 9% to $22.7 million from $20.75 million in Q4 2008.

Sony DADC Axes 160 DVD Jobs in Pitman NJ

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More sad news today. Sony Corporation of America (SCA) announced that that its Sony DADC Americas (SDA) subsidiary will shift DVD production from its Pitman, New Jersey plant to its main manufacturing facility in Terre Haute, Indiana. This move will result in the loss of 160 jobs in Pitman, which currently employs approximately 570 people. …

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