$1-Million Net Loss for Intermark Inc.
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Despite revenue that grew 13% to $113 million, Intermark Inc. reported a $1-million net loss for the third quarter ended Dec. 31. The San Diego-based holding company reported a $2.8-million net loss for the same quarter a year ago.
For the nine months, Intermark reported $1 million in net income and revenues that rose 12% to $375 million. The company reported a $1.4-million loss during the same period a year ago.
Intermark benefited from the sale of a major real estate holding during the quarter, company officials said.
Continuing operations sustained a $1.2-million loss during the third quarter, compared to a $2.9-million loss a year ago. Those operations generated a $77,000 loss during the nine-month period, compared to a $1.5-million loss during the previous year.
In the third quarter, Intermark exchanged its 100% interest in U.S. Press for 25 million new shares of Triton Group Ltd. Triton is not consolidated in Intermark’s financial statements and U.S. Press was reclassified as a discontinued operation.
Intermark is a La Jolla-based holding company that owns all or part of 18 growth companies in 11 industries.
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