Financial Briefs

The troubled Showscan Corp., parent of the CineMania theater at Universal’s CityWalk, continued to lose money and posted only modest sales. For the third quarter ended Dec. 31, Showscan lost $ 1.7 million (35 cents), compared with a loss of $ 896,000 (19 cents) in the like period a year ago. Revenue was $ 435, 000, down from $ 2.2 million. For the first nine months, the company lost $ 5.8 million ($ 1.25) vs. a loss of $ 2.5 million (53 cents) in the first nine months of the last fiscal year. Revenue was $ 1.8 million.

* * *

Hemdale Communications Inc. said it is anticipating record sales for the first quarter from its homevideo division. The company said its projection is based on its release of three new films as sell-through titles: the animated musical film “The Magic Voyage,” the live-action “The Polar Bear King” and “Highlander 2,” starring Christopher Lambert and Sean Connery.

* * *

Fourth-quarter earnings at General Instrument Corp., makers of cable converter boxes and digital compression systems, grew more than sixfold. For the quarter, General Instrument earned $ 39.5 million (64 cents), compared to $ 7.2 million (12 cents) in the like period a year ago. Revenue was $ 408.4 million, up from $ 298.1 million. For the year, the company earned $ 90.4 million ($ 1.48 ), compared to a net loss of $ 53 million ($ 1.08) in 1992. Revenue was $ 1.4 billion.

* * *

People’s Choice TV Corp. completed the follow-on public offering of 1.25 million of its common shares. The company said it raised net proceeds of about $ 34 million from the sale of the stock, which sold at $ 29 a share.

* * *

Rogers Communications Inc. said it plans to make an offer valued at $ C2.7 billion ($ 2.03 billion) for 83% of Maclean Hunter Ltd. The bid, which was unsolicited, would create a media company that would control a third of Canadian cable television. Rogers Communications said it would arrange C$ 2 billion in debt financing to fund the offer.

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Biz News from Variety