Lorimar’s First-Quarter Profits Decline by 59%
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Lorimar reported net income of $7.2 million for the first quarter ended Oct. 26, down 59% from the similar quarter a year ago, despite a 9% increase in revenue. Barbara S. Brogliatti, a spokeswoman for the Culver City entertainment company, attributed the increase in revenue to the company’s stepped-up television production schedule, with eight series expected to air this season, compared to three last year.
The earnings decline occurred largely because Lorimar recorded unusually strong profits in the first quarter last year from its sale of “Dallas” to syndicated television markets, Brogliatti said.
For the first quarter, Lorimar reported revenue of $107.7 million, compared to $98.4 million last year. Operating income was $11.1 million, compared to $25.2 million in the same period a year ago.
Lorimar reported $4.2 million in net interest expense, compared to $3.9 million in the first quarter last year.
For detailed data and results of other companies, please see tables, Page 21.
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