Harmony Holdings Reports 4th Quarter Turnaround

Harmony Holdings Inc., a Burbank producer of television commercials and videos, said its profit in the fiscal fourth quarter that ended June 30 was $292,000, compared to a loss of $1.7 million in the fourth quarter last year. The turnaround was on revenue of $9.7 million, up 33% from $7.3 million the previous year.

For the fiscal year, Harmony Holdings narrowed its loss to $1.57 million, from $3.21 million last year. Revenues for the year grew 68% to $41.7 million from $24.8 million.

The company attributed the results for the year to increased business at all of its four operating subsidiaries, and to internal restructuring which has cut overhead costs.