Harcourt General Inc. reported net income of $ 5.8 million (7 cents) for the second quarter ended April 30, compared with a net loss of $ 3.3 million (4 cents) a year ago.
Revenue for the retail, insurance and movie theater conglomerate, which controls General Cinema, was $ 1 billion vs.
$ 930.7 million for last year.
Film quality to blame
Harcourt said operating income from its General Cinema Theatres declined to $ 800,000 in the quarter from $ 3.4 million in the year-ago quarter. The plunge was ascribed to a dearth of commercially appealing films in February, March and April.
“We are optimistic that operating results from the theater division will improve in the third quarter due to the excellent film fare scheduled for release this summer,” said company president and chief executive officer Robert J. Tarr Jr.
The company’s theater division sports 1,405 screens in 33 states.
During the quarter, revenue from the company’s specialty retail segment jumped 27% from $ 31.7 million to $ 40.3 million. Insurance business operating income also bolted to $ 15.7 million from the $ 8.3 million recorded in 1992.