Granite Broadcasting Corp. reported second-quarter losses of 5 cents a share vs. 17 cents a share in the year-earlier period. The company — owner and operator of four network affiliates, including ABC’s KNTV in San Jose — attributed the 70% decrease in its net loss for the period ended June 30 to lower interest expense and slightly higher net revenue. Net revenue was $ 9.9 million, an increase of just under 1% from a year earlier. Operating income before corporate, depreciation and amortization expenses was $ 4.2 million, down 3.8%. For the first half, Granite’s net revenue rose 3.4% to $ 18.5 million and net losses narrowed to $ 1.9 million from $ 2.9 million a year earlier.
RHI Entertainment said its net income in the second quarter was $ 400,000 (5 cents a share) compared with $ 407,000 (7 cents) a year earlier. However, the weighted average number of shares outstanding for the second quarter increased 42% as a result of the company’s initial public offering completed in July 1992. Revenue climbed 40% to $ 11.3 million.
Carmike Cinemas reported net income of $ 1.9 million (24 cents a share) in the second quarter ended June 30, a 17% drop from the year-earlier period. Revenue rose 22% to $ 51 million. Company said results were expected and reflect a less successful motion picture mix than last year. However, there were “strong titles” in June — notably “Jurassic Park”– which “continue to favorably impact the third quarter.” Carmike expects a record third quarter, citing B.O. from “The Fugitive” and recently completed purchase of Westwynn Theatres.
Moody’s Investors Service Inc. assigned an Aa3 rating to Walt Disney Co.’s $ 1 billion shelf registration of senior debt, basing it on the company’s unique franchises, diversified media assets and strong cash flow. Moody’s voiced concerns about the weak performance of Euro Disney, 49% owned by the Walt Disney Co.
Capital Cities/ABC has acquired Expansion S.A., a Mexican publisher of business magazines and financial information services, for an undisclosed amount. Expansion, based in Mexico City, will operate as part of the CapCities/ABC Diversified Publishing Group, which specializes in trade magazines.