Intl. Family Entertainment reported net income doubled for the three months ended Sept. 30 to $ 8.1 million (27 cents per share) from $ 4.0 million (23 cents) for the prior year quarter. Third-quarter revenues rose 14% to $ 31.7 million from $ 27.7 million last year.
For the first nine months, revenues were up 14% to $ 95.6 million from $ 83.5 million the year before. Net income for the nine months rose 37% to $ 23.3 million (90 cents) from $ 17.0 million (84 cents) for the same period a year ago.
IFE chief financial officer Tim Robertson said higher advertising revenues and subscriber fees were responsible for the third-quarter increase, with ad revenues up 10% for the quarter vs. last year, and subscriber fees up 21%.
He also noted that interest expenses as a percentage of revenue fell by one-half, primarily because of the conversion of $ 127 million principal amount of convertible notes concurrent with IFE’s initial public stock offering in April.
Rating agency Standard & Poor’s Corp. assigned its A-3 rating yesterday to Viacom Intl. Inc.’s commercial paper program, which will provide alternative funding to the company’s bank credit facilities for working capital and other short-term corporate needs.
S&P affirmed ratings on Viacom’s BB+ subordinated debt and preliminary BBB-/BB+ mixed senior/ subordinated shelf registration.
S&P said about $ 748 million of subordinated debt is affected and that the implied senior rating is BBB or investment grade.
Viacom’s ratings were raised Oct. 29 due to continuing improvement in operating results and multistage restructuring of most of its debt.
All American Communications reported net income (applicable to common shareholders) of $ 30,848 (1 cents per share) for the three months ended Sept. 30 compared to a net loss of $ 777,422 (15 cents per share) during the third quarter of 1991. Third-quarter revenues rose 43% to $ 14.6 million, vs. $ 10.2 million for the period last year.
For the nine-month period, the company reported a net loss (applicable to common shareholders) of $ 662,079 (11 cents) vs. a net loss of $ 2.6 million (54 cents) for the like period of 1991. Revenues more than doubled to $ 41.3 million from $ 19.5 million for the period last year.
The company said the improved results were due to substantial revenue increases in the company’s TV production amd syndication business related to a higher level of deliveries and higher ratings on its syndicated program “Baywatch.”
Also in the third quarter, AAC began distribution of “T. Rex,” a cartoon series, and “Family Feud.”
CST Entertainment Imaging Inc. posted a narrower net loss of $ 216,000 (1 cents a share) for the first fiscal quarter ended Sept. 30. The company recorded a net loss of $ 637,000 (5 cents) for the comparable quarter last year.
Revenues increased 9% to $ 1.2 million.
Separately, the company announced it has appointed Stanton Rutledge to VP of sales and marketing and Charles Mitman, as VP of production. Before joining CST, Rutledge held the same position at rival American Film Technologies Inc. Mitman previously was production manager at Project X Prods. and Filmation Studio.
Harmony Holdings Inc. posted a net loss of $ 397,284 (13 cents a share) for the first fiscal quarter, ended Sept. 30. For the same period last year, the company recorded a net profit of $ 125,705 (6 cents).
Revenues were down 19% to $ 4.1 million, from $ 5 million last year.