Limners and Bards, The LAB, has reported a net loss of $13.4 million for the six months ended April 30, reversing the profit recorded in the corresponding period last year.
The marketing, media and production company says revenue declined to $337.7 million from $460.2 million a year earlier, largely due to the lingering effects of Hurricane Melissa, which disrupted commercial activity during what is usually one of its strongest business periods.
Despite the decline in revenue, management says the second quarter showed improvement as the company continued to implement cost-control measures and operational restructuring aimed at restoring profitability.
The LAB says it remains focused on diversifying its revenue streams through the development and ownership of intellectual property and original content.
Among its recent projects, the company highlighted the success of the film Happily Ever Awkward, which generated more than 380,000 views within two months of release and is scheduled to debut on Amazon Prime Video and Apple TV later this month.
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