New Image Expects First-Quarter Loss
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New Image Industries of Woodland Hills said that it expects to report a loss for its first quarter that ended Sept. 28. The maker of computer systems for hair stylists, landscape architects and other designers said it also expects revenue to decline for the period.
The company did not provide a reason for the loss, but New Image said it expected to earn a profit in the second quarter.
New Image added that Nutri/System Inc. decided not to market a computer system that New Image developed for the diet center chain. But the company announced plans to develop a computer system for Akzo Corp. under a similar arrangement, for which New Image is to be paid $75,000.
New Image said it will soon market a new version of its computer system for hair salons. The new system would allow a salon’s customers to operate a computer that would show them lifelike computer-generated images of how they would look with a variety of different hair styles. Earlier versions are meant to be operated by a hair stylist.
Separately, New Image said it would buy back up to 500,000 shares, or 12%, of its common stock.
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