Harmony Holdings Reports $120,505 Profit in Quarter
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Harmony Holdings Inc., the Burbank producer of television commercials and music videos, reported a profit of $120,505 for the third quarter that ended March 31, in contrast to a loss of $713,387 in the first quarter the previous year. The turnaround was on a revenue increase of 68% to $12.28 million from $7.30 million a year earlier.
For the nine months that ended March 31, the company’s loss widened to $1.87 million, compared with a loss of $1.48 million reported for the same period a year before. Revenue for the nine months was $31.96 million, 83% higher than $17.49 million the previous year.
The company attributed the first-quarter results to an increase in the number of commercials it produced and to restructuring.
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