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Deep losses at valley. (vidbits).(Valley Media Inc.)(Brief Article)

Video Business, December, 2001

* Valley Media was the picture of bad health in its latest earnings report, registering a net loss of $47.8 million ($5.54 a share) for its second quarter ended Sept. 29. That compared to a net loss of $3 million in the comparable period last year. The distributor filed for Chapter 11 bankruptcy on Nov.

20. Its loss included a $20.4 million income tax charge and $5.6 million for bad debts, many incurred when a number of its customers went out of business. Net sales fell 26% to 136.1 million. The company also reported that it borrowed $112.5 million in a revolving line of credit agreement on which it had defaulted and warned that the bank could demand immediate repayment under the agreement.

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