Cinar profits jump by half for fiscal ’93

Cinar Films posted its biggest-ever one-year jump in earnings last year thanks to increased sales of its family TV programming in the U.S. and Europe. The Montreal-based producer and distributor increased its net profit by over 50% to $ C1.83 million ($ 1.36 million) in fiscal 1993, up from $ C1.2 million ($ 893,000) the year before.

Net profit-per-share went from 18 cents per share in 1992 to $ 25 cents per share in 1993.

Total revenue was up 11.7% to $ 15.63 million, compared to $ 14 million in 1992. Cinar’s fiscal year ended Nov. 30, 1993.

Net earnings increased to $ 379,542 in the fourth quarter of 1993. Cinar earned $ 366,891 in its fourth quarter a year earlier.

“It puts us in a very good position,” says Don Teichroeb, Cinar’s finance veepee. “To show that we hit the targets and went a little bit past adds credibility to the company. We’re doing what we said we’d be doing. The amount of money we’re getting out of U.S. and European territories has increased much faster than the growth in Canada.”

The profit and revenue results are up slightly from the company’s forecasts released when it was going public last fall. Cinar issued 2.5 million common shares in September, netting over $ 7.44 million for the company.

Most of Cinar’s recent growth has come via international sales. International production revenue has jumped from 7% of company revenue in 1989 to 61% in 1993, according to Cinar CEO Micheline Charest.

Cinar generated a record $ 14.88 million worth of production last year, including live-action series “Chris Cross,” co-produced with U.K.-based Central Independent Television, and animated series “The Busy World of Richard Scarry,” produced in association with Paramount Pictures.

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