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Cinram reports Q2 2012 loss of $91.8m

Toronto-based global replicator and supply-chain service provider Cinram - recently sold to investment house Najafi Companies - reported a net loss for the second quarter of 2012 of $91.8m. The corresponding Q2 2011 figure was a loss of $97.4m

This year?s Q2 consolidated revenue was $143.2m, compared to $147.5m in the same period last year.

Revenue from the pre-recorded discs segment fell to $123.5m from $125.8m in the second quarter of 2011, primarily as a result of a reduction in units shipped for standard DVD and CD units during the second quarter of 2012 compared with the second quarter of 2011, partially offset by an increase in Blu-ray disc shipments.

Revenue from the Video Game segment in the second quarter of 2012 was $5.5m, down from $6.4m in 2011, primarily as a result of reduced orders from key customers resulting from increased competition and reduced consumer demand.

For the first six months of 2012, revenue was $310.8m, a 4% decrease from $324.2m in the previous year?s comparable period.

On 12 July the Canadian Court approved the sale of substantially all of Cinram's assets and businesses in North America and Europe to Najafi Companies. The Sale was also approved by the US Court on 25 July. Najafi purchased those assets for a cash consideration of $82.5 million, subject to certain adjustments.

Story filed 16.08.12

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