Image Entertainment Posts $772,700 1st-Quarter Profit

Image Entertainment Inc. said it posted a fiscal first-quarter profit of $772,700, compared to a loss of $1.7 million in the same period last year.

Image Entertainment said sales rose 74% to $17 million for the quarter that ended June 30, compared to $9.8 million in revenues last year.

The Chatsworth-based distributor of laser discs said the change to profitability resulted from a March restructuring that included the laying off of 17% of the firm’s employees, including three high-paid executives, trimming down its work force to 76.