Harmony Holdings Posts 1st-Quarter Earnings
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Harmony Holdings Inc., a Burbank-based producer of special-effects television commercials and music videos, reversed a year-earlier loss in its fiscal first quarter that ended Sept. 30.
The company posted earnings of $304,634 in the quarter, compared to a loss of $802,063 a year earlier. Revenues jumped 22% to $12.4 million from $10.2 million in the same three-month period in 1993.
Harmony attributed the improved results to a restructuring undertaken last year, when the company consolidated accounting and other operations once spread among four divisions. The company also said it has benefited from customers expanding advertising budgets that had been tightened during the economic recession of recent years.
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