Independent Telemedia Posts 2nd-Quarter Loss
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Independent Telemedia Group Inc., which recently changed its name from Independent Entertainment Group Inc., posted a second-quarter $25,000 loss even though its revenue more than doubled.
The Sherman Oaks-based pay-per-call and audiotext services concern said its loss in the three months ended June 30 compared with a $68,844 profit in last year’s second quarter.
Independent Telemedia’s revenue increased to $4.5 million in the latest quarter compared with revenue of $2.2 million a year earlier, primarily because of acquisitions.
Despite its latest loss, Independent Telemedia said its results represented a “substantial turnaround” from the first quarter, when it lost $472,184. The company added that it anticipates that a cost-cutting program it has implemented will return the company to profitability in this year’s third quarter.
For the first six months of this year, Independent Telemedia lost $496,923 compared with net income of $148,034 for 1992’s first half.
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