It's a month old, but last night I was looking over the 10-K of Entertainment Distribution Company, Inc. and noticed its mixed performance. The company was formed from the acquisition of Universal Music Group's manufacturing U.S. and central European CD and DVD manufacturing and distribution operations. EDCI is the exclusive manufacturer of CDs and DVDs for UMG in those markets as well as the UK. In the UK it counts Ministry of Sound, Union Square Music, Demon Music Group and Warner Music Group as its customers.

For the quarter ending March 31, revenue was basically constant at $83.1 million and the net loss of $6.2 million was almost dead on last year's loss. Europe did well for EDCI -- slightly lower prices but slightly higher revenue -- but CD sales to U.S. companies dropped 25.6%.

As for the outlook for 2008, the filing says this: "Overall, we expect the challenging operating environment to continue throughout the duration of 2008 and anticipate industry declines of approximately 10-12% on a world-wide basis for the full year."