Funimation parent Navarre enjoyed increased profitability on lower sales in its fiscal second quarter, according to results it reported after the bell on Thursday, with a “soft new release schedule for anime” contributing to lower sales in the publishing division, which includes Funimation. Sales in that division, which includes Funimation, Encore, and BCI, declined 26% to $21.4 million from $28.8 million in the year ago period. Over half of that decline was related to the shutdown of BCI. Funimation sales were up in the previous quarter (ending June 30, see “Funimation Powers Navarre Earnings”).
Profits were $2.3 million, vs. a year ago loss of $44.5 million.
The company, joining in the massive deleveraging of American corporations, reduced its debt $25.7 million (56%) vs. the year ago period, down to $19.9 million.
