Sales were down but earnings up at Intervisual Books for the third quarter ended September 30. Revenue dipped to $4.8 million from $4.9 million, but the company reported net income of $157,413, compared to a loss of $79,624 in last year's third quarter.
In its quarterly filing with the Securities & Exchange Commission, Intervisual reported that self-publishing sales rose $281,000 in the period, while packaging sales were off $388,000. The decline in packaging revenue was attributed to strong sales of Harry Potter product last year that were not duplicated in 2002. The improvement in the publishing segment was due to increased sales through the bookstore chains plus increased shelf space at some mass market retailers. Larry Nusbaum, Intervisual CEO, said he was pleased with the trend in the publishing division, where sales are up $787,000 for the first nine months of the year, and he was confident that packaging sales will increase to give Intervisual a strong finish to 2002.
Intervisual also announced that it had signed a three-year credit agreement with Wells Fargo Credit Inc. that will provide the company with a $2.5 million revolving credit line it will use to grow the company.
