Republic Pix reports record 3rd-qtr. profit

Republic Pictures Corp. posted record third-quarter net earnings of $ 162,000 (4 cents a share) for the quarter ended Sept. 30.

Profits increased 2.5% in comparison to the same period last year.

Revenues for the film and TV production and distribution company were up 5.4% to $ 19.6 million. The biggest gain was in the television unit, were revs climbed 113% to $ 7.9 million.

The company also lowered its operating income by creating a $ 1 million reserve, it said, in reaction to mergers and acquisitions among its customer base and to cover future “doubtful accounts receivables and video returns above and beyond normal historical levels.”

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