Art In Motion Income Fund (TSX:AIM.UN) has reported a net loss of $2.3 million in its current first quarter. The Coquitlam-based company posted net earnings of $2.6 million for the same quarter last year.
Sales dropped 56% to $6.2 million compared with $14.1 million for 2007's first quarter.
The income fund indirectly owns 75% of Art in Motion, a publisher and framer of fine art reproductions.
The company attributes its sales drop to a high Canadian dollar and a faltering U.S. economy. The fund expects significant fallout in the industry before the situation improves and is scaling back its operations.
Art In Motion's share price range during the past week: between $0.57 and $0.54; 52-week high: $2.60; 52-week low: $.05.