Orion Pictures Corp. posted a net loss of $ 16.8 million (84 cents per share) , for the fiscal first quarter of 1994, ended May 31. That compares to a net loss of $ 10.7 million ($ 67.14 a share) in the same period last year.
Revenues were $ 39.6 million, vs. $ 80.8 million in the comparable quarter.
The company, which emerged from bankruptcy last November, had just two films in release in the period, “Married to It” and “Love Field.””The Dark Half,” which has generated $ 9.5 million in box office receipts, was released in mid-May.
Other contributors to earnings were foreign distribution fees for pay and free TV.
In connection to the bankrutpcy proceedings, Orion reported $ 822,000 in expenses related to legal fees.
But Orion still has troubles. While it has pared its overhead by nearly 50% to $ 5.2 million, the company is laboring under enormous interest expenses servicing its debt. For the quarter, the company laid out $ 8.3 million, compared to $ 4.4 million in the same period last year.
The company noted that it has seven unreleased films hitting the market starting in November. Main Line’s “Boxing Helena” will be released by Orion in September.