Revenue slid modestly and operating income fell by more than a third in Samuel Goldwyn Co.’s third quarter even as the company rang up strong B.O. from “The Wedding Banquet.”
With a one-time gain from retiring debt, the independent studio, theater operator and programmer of such TV fare as “American Gladiators” reported a 32% jump in profit.
“Our results continue to reflect the soundness of our strategy of balanced contributions from our three operating divisions,” Meyer Gottlieb, Goldwyn’s prexy and chief operating officer, said in a statement. “While quarterly results will continue to fluctuate, our long-range results should continue to add growth and value to our balance sheet.”
For the quarter, Goldwyn earned $ 1.1 million (13 cents), compared to $ 816, 000 (14 cents) in the like period a year ago. Revenue was $ 28.3 million, down from $ 31 million.
For the first nine months, Goldwyn earned $ 4.2 million (62 cents),compared to $ 186,000 (3 cents) in the first three quarters of the prior fiscal year. Revenue was $ 88.5 million, up from $ 71.9 million.
Income in the recent third quarter and nine months were buoyed by $ 695,000 by retiring an undisclosed piece of debt early. Goldwyn cut its overall debt from roughly $ 95 million to about $ 55 million.