Image Entertainment Receives Going Concern Opinion for Fiscal Year Ended March 31, 2009
02 Julho 2009 - 5:45PM
Business Wire
Image Entertainment, Inc. (NASDAQ: DISK), a leading independent
licensee and distributor of entertainment programming in North
America, announced today that its audited consolidated financial
statements for the fiscal year ended March 31, 2009, included in
the Company's Annual Report on Form 10-K filed on June 29, 2009,
contained an explanatory paragraph, within the report of its
independent registered public accounting firm, that expresses
substantial doubt about the ability of the Company to continue as a
going concern for a reasonable period of time. The factors
contributing to this concern include the Company's recurring losses
from operations, negative cash flows and limited access to capital.
The Company may not be successful in its efforts to continue as a
going concern. Management's plans to address the going concern
issues are discussed in Note 2 of the financial statements included
in the Company's Annual Report on Form 10-K.
This announcement is required by Nasdaq Marketplace Rule
5250(b)(2), which requires separate disclosure of receipt of an
audit opinion that expresses doubt about the ability of a company
to continue as a going concern for a reasonable period of time.
This announcement does not represent any change or amendment to the
Company�s financial statements or to its Annual Report on Form 10-K
for the fiscal year ended March 31, 2009.
About Image Entertainment:
Image Entertainment, Inc. is a leading independent licensee and
distributor of entertainment programming in North America, with
approximately 3,200 exclusive DVD titles and approximately 340
exclusive CD titles in domestic release and approximately 400
programs internationally via sublicense agreements. For many of its
titles, the Company has exclusive audio and broadcast rights and,
through its subsidiary Egami Media, Inc., has digital download
rights to approximately 2,000 video programs and over 300 audio
programs containing more than 5,100 tracks. The Company is
headquartered in Chatsworth, California. For more information about
Image Entertainment, Inc., please go to
www.image-entertainment.com.
Forward-Looking Statements:
This press release includes forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
relating to, among other things, the Company�s goals, plans and
projections regarding the Company�s financial position, results of
operations, market position, product development and business
strategy. These statements may be identified by the use of words
such as �will,� �may,� �estimate,� �expect,� �intend,� �plan,�
�believe,� and other terms of similar meaning in connection with
any discussion of future operating or financial performance or
other events or developments. All forward-looking statements are
based on management�s current expectations and involve inherent
risks and uncertainties, including factors that could delay, divert
or change any of them, and could cause actual outcomes and results
to differ materially from current expectations.
These factors include, but are not limited to, (a) the Company�s
ability to continue as a going concern, (b) the Company�s ability
to secure media content on acceptable terms, (c) the Company�s
ability to service it�s principal and interest obligations on it�s
outstanding debt or otherwise renegotiate or refinance such
outstanding debt, (d) the ability of the Company�s common stock to
continue trading on NASDAQ, (e) changes in the retail DVD and
digital media and entertainment industries, (f) changes in the
Company�s business plan, (g) the Company�s limited working capital
and the Company�s inability to raise additional working capital on
acceptable terms or at all, (h) the Company�s ability to borrow
against the Company�s revolving line of credit, (i) heightened
competition, including with respect to pricing, entry of new
competitors, the development of new products by new and existing
competitors, (j) changes in general economic conditions, including
the performance of financial markets and interest rates, (k)
difficult, adverse and volatile conditions in the global and
domestic capital and credit markets, (l) claims that the Company
infringed other parties� intellectual property, (m) changing public
and consumer taste and changes in customer spending patterns, (n)
decreasing retail shelf space for the Company�s industry, (o) the
performance of business partners upon whom the Company depends
upon, (p) changes in accounting standards, practices or policies,
(q) adverse results or other consequences from litigation,
arbitration or regulatory investigations, and (r) further sales or
dilution of the Company�s equity, which may adversely affect the
market price of the Company�s common stock.
For further details and a discussion of these and other risks
and uncertainties, see �Forward-Looking Statements� and �Risk
Factors� in the Company�s most recent Annual Report on Form 10-K,
and the Company�s most recent Quarterly Reports on Form 10-Q. Many
of the factors that will determine the outcome of the subject
matter of this press release are beyond Image Entertainment�s
ability to control or predict. Actual results for the periods
identified may differ materially from management�s expectations.
Unless otherwise required by law, the Company undertakes no
obligation to publicly update any forward-looking statement,
whether as a result of new information, future events or
otherwise.
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