Toronto, ON >> Finance >> Business >> Cinram reports Q4 loss of US$23.1 million as revenue falls from year ago
Cinram reports Q4 loss of US$23.1 million as revenue falls from year ago
THE CANADIAN PRESS 2009-03-02 17:58:00
TORONTO - Cinram International Income Fund (TSX:CRW.UN) reports fourth-quarter loss of US$23.1 million as its revenue fell compared with a year ago.
The maker of DVDs and CDs which keeps its books in U.S. dollars said the loss amounted to 42 cents per unit for the three months ended Dec. 31 compared with a loss of $316.6 million or $5.53 per unit a year ago when the fund took a $386.3-million charge to goodwill.
Revenue in the quarter totalled $598 million, down from $666.6 million.
Last month, Cinram announced CEO David Rubenstein resigned as a trustee and officer of the fund after more than 15 years with Cinram.
Rubenstein has agreed to continue in his current roles until March 31, the Toronto-based company said.
Cinram did not give a reason for Rubenstein's departure.
For 2008, Cinram said it lost $31.5 million or 56 cents per unit on $1.9 billion in revenue compared with a loss of $301.1 million or $5.19 per unit on $1.88 billion in revenue.
Units in the fund, which reported its results after the close of markets, closed down 25 cents at 70 cents on the Toronto Stock Exchange on Monday.
The maker of DVDs and CDs which keeps its books in U.S. dollars said the loss amounted to 42 cents per unit for the three months ended Dec. 31 compared with a loss of $316.6 million or $5.53 per unit a year ago when the fund took a $386.3-million charge to goodwill.
Revenue in the quarter totalled $598 million, down from $666.6 million.
Last month, Cinram announced CEO David Rubenstein resigned as a trustee and officer of the fund after more than 15 years with Cinram.
Rubenstein has agreed to continue in his current roles until March 31, the Toronto-based company said.
Cinram did not give a reason for Rubenstein's departure.
For 2008, Cinram said it lost $31.5 million or 56 cents per unit on $1.9 billion in revenue compared with a loss of $301.1 million or $5.19 per unit on $1.88 billion in revenue.
Units in the fund, which reported its results after the close of markets, closed down 25 cents at 70 cents on the Toronto Stock Exchange on Monday.
Comments
Related Articles
Other Articles By This Writer
