A slimmed-down Live Entertainment finished the third quarter in the black, with net income of $ 1,082,000.
Sales for the quarter (ended Sept. 30) were $ 91,215,000.
It represents a sharp contrast to the third quarter of 1991, when Live lost $ 40,086,000 on sales of $ 85,675,000.
Higher sales a factor
The company attributed the turnaround to higher sales and gross profit margins at its Live Home Video unit, and lower overhead.
Since last year, the company has consolidated or jettisoned divisions and trimmed its staff significantly.
Other factors reflected in the turnaround included a $ 15 million writedown in the third quarter of ’91 in connection with Live’s earlier acquisition of Vestron.
Also in that period, Live took a $ 22.5 million hit from discontinued operations, connected to the sale of its Lieberman rackjobbing operation.
Live Home Video re-released “Terminator 2: Judgment Day” in the third quarter of ’92, which (along with a re-promotion of “The Terminator”) contributed around $ 18 million in revenue.
Also included in third-quarter results was the release of “Basic Instinct” on vid, worth more than $ 30 million in gross sales. (“Basic Instinct” billed in the quarter, though the title hit the street in October.)
German subsid down
The specialty retail division of Live Entertainment reported better sales in the quarter than last year, though Live’s German subsidiary VCL/Carolco Communications had lower sales than in the same period of 1991.
Per-share income was 5 cents in the third quarter of ’92.
For the nine months ended Sept. 30, Live showed a loss of $ 13,645,000 on sales of $ 201,840,000 compared to a loss of $ 99,765,000 the year before on sales of $ 238,929,000.
Shares lost $ 1.26 in the nine-month period, compared to a loss of $ 8.30 during the same period in 1991.