Matthews Income Drops Despite Rise in Revenue

Matthews Studio Equipment Group, a Burbank company that manufactures and rents film production equipment, said its net income for the year that ended Sept. 30 declined 41% to $138,000 from $233,000 a year earlier. The company’s revenues increased 13% to $14.7 million from $13.1 million a year before. The figures for both years include results for Hollywood Rental Co. and its subsidiary, which Matthews acquired in August.

Matthews attributed the lower earnings in part to the costs of acquiring new subsidiaries.