King World Prods. Inc. posted record earnings for the fourth quarter and fiscal year ended Aug. 31.

For the quarter, the TV syndicator posted net profits of $ 20.6 million (53 cents per share), a 4% increase over the same period last year.

Revenues jumped 5% to $ 98 million.

For fiscal 1992, net earnings were $ 94.9 million ($ 2.43), up 5%, vs. the previous year. Revenues for the year increased 6% to $ 503.2 million.

The performance pushed the stock up $ 1.62 to a new 52-week high of $ 30.37.

The company reported that its cash on hand had increased to $ 356 million at year end. Stephen Palley, King World’s exec VP, noted that it will be looking to invest in TV programming, acquisitions and/or stock repurchases.

Palley added that the revenues gain was due primarily to the introduction of “Candid Camera” and increased cash license fees from “The Oprah Winfrey Show.”

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0