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Goldwyn posts profit

Samuel Goldwyn Co. posted a net profit of $ 1 million (18 cents a share) for the fiscal year ended March 31. That compares to a $ 3.1 million net loss (57 cents) in fiscal 1992.

For the period, revenues were up substantially to $ 107.8 million from $ 63.8 million.

For the final quarter, the indie film distributor recorded a net income of $ 877,000 (15 cents), a 8.2% drop from the $ 955,000 (17 cents) it posted in the comparable period last year.

Revenues were up to $ 35.9 million from $ 30.6 million.

Goldwyn shares moved up 1/4 to $ 2.125.

Reverse split

The company said stockholders have approved a 1-for-4 reverse stock split of its common stock effective today. It had proposed the move last month. Chairman Samuel Goldwyn Jr. has voting control of 86% of the common stock.

Giving effect to the reverse stock split, the company currently has about 5, 950,000 common shares outstanding. No shares of preferred stock are outstanding.

In connection with the reverse stock split, the company said its number of authorized common shares has been decreased to 15 million from 50 million and the number of authorized preferred shares has been decreased to 3 million from 10 million.

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