IDW Publishing lost around $200,000 on declining sales in its fiscal Q2 ended April 30, 2023, an improvement from the $300,000 loss in Q2 2022, according to IDW Media Holding’s Q2 release. The Q1 loss was $335,000 (see "IDW Publishing Loses $335,000").
IDW Publishing sales were $1.9 million, down from $2.3 million in the year ago quarter, a decline the company attributed to a difference in sales to Scholastic. The company’s entertainment division had no meaningful sales.
The company-wide loss was $1.9 million, an improvement from the $2.3 million loss in the year ago period. There was no mention of a reserve or expenses related to a major downsizing around the end of April (see "IDW Lays Off 39% of Staff"); those costs and eventual savings have presumably not hit the operating statement yet. The loss for the first half of the fiscal year is $3.9 million.
New CEO Davidi Jonas laid out his plans for the company in an ICv2 interview shortly after the restructuring was announced (see "Davidi Jonas Interview").
On Declining Sales
Posted by Milton Griepp on June 15, 2023 @ 2:33 am CT
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