As Full Company Loses $6.8 Million
Posted by Milton Griepp on March 17, 2020 @ 5:29 am CT
The turnaround in IDW Publishing, even if temporary, was a welcome change from the recent past, with losses of $5.2 million for fiscal 2019 and $3.4 million in 2018 (see "IDW Publishing Lost $800,000 in Fiscal Q4, $5.2 Million for the Year").
New division Clover Press, which has results consolidated with IDW Publishing, accounted for roughly a $200,000 loss for the quarter, partially offsetting a $300,000 profit in the rest of IDW Publishing.
Management attributed the improvement in performance of IDW Publishing to increased sales of Locke & Key books behind the Netflix series, and pre-sales of its Teenage Mutant Ninja Turtles Adventures game. Publishing sales were $6.3 million for the quarter, up 21% from sales of $5.2 million in the corresponding quarter last year.
IDW Entertainment lost $5.6 million for the quarter behind costs associated with October Faction, and CTM lost $1.1 million.