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Navarre: Funimation Exceeds Q1 Expectations in Sales (Updated)
posted on by Egan Loo
Dragon Ball videogame rights to Bandai."
Navarre's publishing segment, which includes Funimation, Encore, and BCI, had net quarterly sales of US$24.9 million, compared to US$27.4 million in the same period last year. However, Navarre noted that it is shutting down its BCI budget video division this year; BCI had "nominal sales" this past quarter, compared to US$4.4 million in the same period last year. Operating income for the segment rose from US$3.4 million to US$6.1 million year-to-year. (Navarre does not normally report Funimation's financial figures separately from BCI and Encore.)
As a whole, Navarre had 5% less net sales year-to-year at US$134.3 million, but it also reported higher quarterly net income at US$4.2 million.
Update: In Thursday's earnings conference call, Deacon said that Funimation has about 60 properties, of which about 20% are "A" properties. He singled out Dragon Ball as Funimation's "leading nomination will help future sales. He noted that although the retail DVD market has been weak industrywide, Funimation's sales were consistent this quarter.
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