Matthews Studio Equipment Earnings Slide 42%

Matthews Studio Equipment Group, a Burbank renter and retailer of film production equipment, posted earnings of $168,000 for the first quarter that ended Dec. 31, down 42% from a net of $292,000 in the same period a year ago.

Revenues were $6.4 million, down 5% from $6.7 million in the corresponding period a year earlier.

The company said first-quarter sales fell because of delays in delivering new products. The firm added that it invested $1.5 million in rental equipment inventory during the quarter.