Despite reported record first-quarter revenue, operating cash...

Despite reported record first-quarter revenue, operating cash flow and earnings from operations for 1987, Viacom International Inc. posted a net loss of $45.7 million, which the company said resulted from “the expenses incurred under certain surviving provisions of a terminated merger agreement with MCV Holding Inc.” The company has since entered into a definitive merger agreement with Arsenal Holding Inc., a wholly owned subsidiary of National Amusements Inc. A year ago, the company posted earnings of $4.1 million.