Iwerks Entertainment Sees Net Income Fall 80%

Iwerks Entertainment Inc. posted a $2.8-million loss in its first quarter.

The Burbank-based company, which produces simulation rides and giant-scene theaters, said that net income for the first quarter fell 80% to $270,000 compared with $1.4 million a year ago.

The loss was due in part to one-time cancellation settlements from the Tokyo Expo and an AT&T; sponsorship, Iwerks reported.

The company launched a joint venture, Iwerks’ Turboride, in Ontario, Calif., in March and owns other jointly held operations in Philadelphia and Maryland. Iwerks Entertainment also recently acquired Pioneer Technology Corp., a projector manufacturer, for cash and stock.