Orion Pictures Corp.’s year-end fiscal results show that life after Chapter 11 bankruptcy makes for a great-looking balance sheet.
For the fiscal year ended Feb. 28, Orion posted a phenomenal $ 250.2 million ($ 38.70 a share) in net income, compared to a $ 312 million ($ 1,938.50) net loss the previous year.
However, due to greatly reduced operations, revenues dropped to $ 214.8 million from $ 445.6 million for the year.
The company emerged from bankruptcy last November and consequently posted a $ 323.2 million one-time extraordinary non-cash gain as trade creditors, talent and bondholders forgave Orion’s debt.
Without the extraordinary gain, however, Orion would have posted a $ 72.9 million ($ 11.29) loss. Chapter 11 reorganization items were listed as $ 20.8 million, which a spokesman said was primarily legal fees.
In the fourth quarter alone, Orion said it had revenues from continuing operations of $ 52.7 million and a loss of continuing operations of $ 41.7 million ($ 2.08). The slice of extraordinary gains for that quarter was $ 10.6 million, which resulted in the reporting of a net loss of $ 31,036,000 ($ 1.55).
Fiscal revenues were largely from “homevideo, foreign TV syndication, foreign theatrical, foreign pay cable and some domestic theatrical,” according to the spokesman.
Numbers include Orion’s lucrative homevid sell-through deal with McDonald’s on “Dances With Wolves.””The Silence of the Lambs” and “Little Man Tate” also generated homevid revenues.
Orion also announced that its board of directors has skedded the annual stockholders meeting for July 19.