GCC picks up new name

General Cinema Corp. is changing its corporate name to Harcourt General Inc., effective today.

The company said the name “reflects the major strategic repositioning undertaken by the company over the past 18 months.”

In November 1991, General Cinema acquired Harcourt Brace & Co., an educational, scientific and medical publisher. Since then, the company’s share price has roughly doubled. The announcement of the name change was made at the company’s annual meeting.

Harcourt General will have a new ticker symbol for its common stock on the New York Stock Exchange, which would be H, and its series A cumulative convertible stock will have the ticker symbol HPRA.

Separately, the company noted that it expects “a strong performance by our educational segment to result in a meaningful increase in operating profit from our publishing businesses in fiscal 1993.”

The company also said that the Neiman Marcus Group, a 65% owned subsidiary, “should improve its profitability significantly in fiscal 1993 as we benefit from the past several years of investment spending.”

Insurance and theater operations, General Cinema said, also showed strong earnings gains in the first quarter of fiscal 1993.

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