General Instruments, the nation’s largest manufacturer of cable TV set-top boxes, posted a net income of $ 12 million (20 cents a share) for the second quarter, ended June 30, vs. a net loss of $ 10 million (23 cents) the same period last year. Revenues were up 20% to $ 312 million vs.
$ 259 million in 1992. In the period, the company restructured debt, cutting interest expenses by nearly 30%.
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National Lampoon’s parent, J2 Communications Inc., announced that it has received timely payment of $ 102,987 from Universal City Studios Inc. The payment related to residuals from “National Lampoon’s Animal House.” U had owed the amount to Yearbook Movie Co. for its profit participation in the film. Yearbook is a joint venture between National Lampoon Players Inc. and Ivan Reitman, the film’s producer.
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Walt Disney Co. confirmed its $ 300 million issue of debentures, due July 15, 2093, priced to yield 7.55% (Daily Variety, July 21). The debentures, non-callable for 30 years, were priced at a spread of 95 basis points above the 30-year U.S. Treasury bonds. The offering size was increased from $ 150 million. Rated Aa3 by Moody’s Investors Service Inc. and AA by Standard & Poor’s Corp., the issue will be sold through underwriters led by Morgan Stanley & Co.
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Heritage Media Corp. said it has repurchased a subordinated note that was originally issued in connection with the acquisition of KOKH-TV in Oklahoma City in 1991. Heritage purchased the note, which was incurring interest costs at the rate of 15% a year, for a cash payment of $ 2.8 million. As a result of this transaction, the company said it will record an extraordinary gain of about $ 400,000 in the third quarter ending Sept. 30.