IDW Media Holdings posted a rare quarterly profit in its fiscal Q3 ended July 31, 2024, with sales up and expenses down, the combination the company sorely needed. The company reported $124,000 in net earnings, a big improvement from the $1.498 million loss in the year ago quarter.
IDW Publishing revenues hit $7.3 million in the quarter, up from $6.3 million a year ago, due primarily to increases in direct market sales of $505,000 and of $448,000 in book channel sales, both due to Teenage Mutant Ninja Turtles titles, the company reported. Meanwhile, expenses in the quarter were down $332,000 due largely to reductions in salaries and benefits of $253,000 from the management layoffs earlier this year (see “IDW Layoffs“). IDW Publishing showed a $48,000 profit in the quarter, compared to a $1.474 million loss a year ago.
IDW Entertainment had small negative revenues, due to an adjustment to a transaction in the previous quarter, but a net profit of $76,000, an improvement from the $24,000 loss in the same quarter a year ago. The big positive event in the quarter was the recouping of $251,000 in costs from Wynonna Earp.
The path to showing a profit for the full fiscal year, which ends October 31, remains difficult; through three quarters, the company is showing a $1.007 million net loss. But on the positive side, the company showed a profit in its fiscal Q4 last year, the publishing division’s sales are riding high due to the success of its Teenage Mutant Ninja Turtles books, and the company has continued to cut costs, laying off one of its two Co-Publishers and other staff earlier this month (see “IDW Posts Another Quarterly Loss“).
Source: ICv2
