TORONTO -- Debt restructuring and cost-control measures after a takeover late last year allowed computer animation company Mainframe Entertainment to swing from a loss of C$2.4 million ($1.8 million) to a gain, with net earnings of $1.3 million.
Revenue for the third quarter, ended Dec. 31, was $1.7 million, down from $2.7 million posted a year ago. Revenue was higher last year on the strength of more deliveries of the "Spider-Man" TV series to Sony.
Mainframe is in production on a Popeye-inspired one-hour special for King Features. Spec will air on Fox in the fall and be distributed on video and DVD in North America by Artisan.
It is also in production on the fourth Barbie feature-length direct-to-video/DVD project for Mattel and a direct-to-video/DVD based on the "Inspector Gadget" franchise co-produced with U.S.-based DIC Entertainment.
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