Although many had originally feared Image Entertainment would take serious damage from the
breaking Laserdisc market, the company is going stronger than ever and now
announced a 190% increase in net sales over the comparable prior-year period
for their third fiscal quarter, ending December 31.
As Martin W. Greenwald, Image’s President and CEO explains, the Holiday selling
season had been exceedingly strong with DVD sales exceeding laserdisc
sales for the first time. DVD related sales are expected to account for 65%
of the company’s total fiscal 1999 third quarter net sales, a significant
increase over the 19% reported for the comparable prior-year period.
Greenwald also attributes the rocketing sales to the strong Internet presence
on DVD retailers. “Approximately $3 million or 23% of net DVD sales in
our third quarter came from sales to Internet customers versus approximately
4% for the comparable prior-year quarter.”, he says.