Expected to close end of January 2007.
While announcing its financial results, Hirsch International said its merger with Sheridan Square Entertainment is progressing and is now expected to close towards the end of the company's fiscal 2007 first quarter, at the end of January.
The merger process has been delayed with Sheridan's acquisition of the assets of V2 North America, which includes catalog albums from the White Stripes and Moby.
Hirsch and Sheridan management are working to revise the contents of the preliminary proxy filed with the SEC, afterwich it will be resubmitted. After the SEC approves the deal, shareholders will vote on it.
In the meantime, Hirsch, a distributor of industrial machines that allow for embroidary on textiles, reported net income of $235,000, or three cents per diluted share, on sales of $12.6 million in its fiscal quarter ended Oct. 29. That compares with the $508,000, or six cents per diluted share, it made, on $11.9 million.