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Platinum Entertainment Inc. reported its fiscal third-quarter net loss widened to $1.01 million, or 20 cents a share, from $243,000, or 10 cents a share, in the year-earlier period, when it had less than half as many shares outstanding.
The Downers Grove-based producer and marketer of recorded music said results for the more-recent quarter reflect a one-time charge of $608,000 for merger and restructuring costs. Revenues in the period, ended Feb. 28, nearly doubled, to $11.7 million from nearly $5.9 million.
For the fiscal nine months, the firm posted a net loss of $2.6 million, or 50 cents a share, reversing profits of $184,000, or 5 cents a share, in the 1996 period. Revenues climbed 32 percent, to $25.8 million from $19.5 million.
