Matthews Studio Reports 20% Jump in Net Income

Matthews Studio Equipment Group, a Burbank company that makes, sells and rents film production equipment, said its net income for the second quarter ended March 31 grew 20% to $142,000 from $118,000 a year earlier. The company’s revenue for the period increased 8% to $5.08 million from $4.73 million a year ago.

For the six months ended March 31, Matthews’ net income jumped 131% to $591,000 from $256,000 in the year-earlier period. The company’s revenue for the six-month period was $11.8 million, up 32% from $8.9 million a year ago.

Separately, Matthews said it sold the operating assets of its Matthews Europe Ltd. subsidiary to a new company being formed by its previous managing director for $1 million. Beginning in June, the new company will be the exclusive distributor of Matthews’ equipment in the United Kingdom.