Point.360 Announces Receipt of $1.6 Million From Sale of Building
LOS ANGELES, June 30, 2014
LOS ANGELES, June 30, 2014 /PRNewswire/ --Point.360 (NASDAQ: PTSX), a leading
provider of integrated media management services, today announced the receipt
of $1.6 million from the sale of real estate.
Haig S. Bagerdjian, the Company's Chairman, President and Chief Executive
Officer said: "The sale of our excess Hollywood real estate yielded net cash
of $1.6 million after transaction expenses and payoff of the related $2.9
million mortgage. The proceeds, together with approximately $0.3 million of
future annual cash savings from debt service, property taxes and maintenance
costs related to the property will be used for working capital and to support
business expansion opportunities."
Point.360 (PTSX) is a value add service organization specializing in content
creation, manipulation and distribution processes integrating complex
technologies to solve problems in the life cycle of Rich Media. With locations
in greater Los Angeles, Point.360 performs high and standard definition audio
and video post production and archives and distributes physical and electronic
Rich Media content worldwide, serving studios, independent producers,
corporations, non-profit organizations and governmental and creative agencies.
Point.360 provides the services necessary to edit, master, reformat and
archive clients' audio and video content, including television programming,
feature films and movie trailers. Point.360's interconnected facilities
provide service coverage to all major U.S. media centers. The Company also
rents and sells DVDs and video games directly to consumers through its Movie>Q
retail stores. See www.Point360.com and www.MovieQ.com.
Certain statements in Point.360 press releases may contain "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements include, without limitation, statements
regarding (i) the Company's projected revenues, earnings, cash flow and
EBITDA; (ii) planned focus on internal growth and acquisitions; (iii)
reduction of facilities and actions to streamline operations; (iv) actions
being taken to reduce costs and improve customer service and (v) new business
and new acquisitions. Please also refer to the risk factors described in the
Company's SEC filings, including its annual reports on Form 10-K. The Company
has no responsibility to update forward-looking statements contained herein to
reflect events or circumstances occurring after the date of this release.
Contact: Alan Steel, Executive Vice President, (818) 565-1444
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