The Samuel Goldwyn Co. yesterday reported net income of $ 816,000 (3 cents a share) for the third quarter ended Dec. 31, compared with a net loss of $ 434, 000 (2 cents) a year ago.
Revenue for the Los Angeles-based entertainment company was $ 31,015,000 vs.
$ 15,276,000 a year earlier.
Company president and chief operating officer Meyer Gottlieb said the quarterly results indicate the company is “headed in the right direction.”
During the quarter, the company’s theatrical performance was punctuated by contributions from “Traces of Red,””Flirting” and “Peter’s Friends,” while television performance was driven by “American Gladiators” and “Why Didn’t I Think of That?” Video sales from “Mississippi Masala” added to the mix.
Key contributors to Goldwyn’s earnings were its television operations and the Landmark Theatre circuit, which was acquired last year in its merger with Heritage Entertainment. The company said the theater group added $ 8.3 million in revenues for the quarter.
Nine-month figures for Landmark indicated that $ 24.7 million of the company’s $ 71.8 million in earnings were generated by its specialized film distribution chain.
“Goldwyn’s earnings have been stabilized by the addition of the Landmark Theatres,” Paul Kagan Associates analyst David Davis said.
Davis said the impact of the circuit is particularly significant since Goldwyn’s theatrical releases have been flat over the last three years, registering between $ 27 million and $ 35 million annually.