Television producer RHI Entertainment Thursday reported mixed first-quarter operating results.
Revenues for the first quarter ended March 31 were up slightly to $ 10,689, 441 from $ 10,210,329 in the year earlier period.
Despite thehigher revenues, first-quarter net income plummeted to just $ 161, 335, or 2 cents per share, from $ 1,131,926 (20 cents) in the first quarter last year.
The company said the weighted average number of shares outstanding for the quarter increased 42% to 8,109,000 compared with 5,700,000 in 1992 as a result of RHI’s intitial public offering in July.
The company said first-quarter revenues reflect the delivery of vidpix “Sworn to Vengeance,””Dying to Love You” and “Life Pod.”
The year-ago quarter results reflect revenues from the delivery of one telefilm, “The Secret,” as well as substantial fees from the foreign licensing of library programming.
RHI prez/CEO Robert Halmi Jr. said that although revenues for the two quarters were comparable and consistent with RHI’s internal projections, the higher profit margin associated with foreign licensing revenues in 1992 was principally responsible for net income in the first quarter 1992.
Commenting on current development and production activity, Halmi said RHI has more thanr 20 vidpic projects under development (the most in company history), and expects to deliver 12 of them over the next three quarters. RHI recently acquired the exclusive TV rights to basketball star Earvin (Magic) Johnson’s life story, which it is developing into a four-hour mini.
RHI is in pre-production on the mini “Return to Lonesome Dove,” which will begin principal photography this month, and “Scarlett,” skedded to start principal photography in the fourth quarter of 1993.
Halmi said they plan to deliver “Dove” in the second half of 1993 and anticipate delivery of “Scarlett” in the first half of 1994.”