MONTREAL — Alliance Communications Corp. announced Monday that revenues and operating profit were up significantly for the second quarter and the first six months of the year, largely thanks to major gains in the TV and feature film divisions.
Net earnings and net earnings per share were down for the quarter, but the dip was entirely due to a large one-time gain in the second quarter last year when Alliance sold off C$7.5 million ($5.3 million) worth of its shares in Vancouver high-tech company Mainframe Entertainment.
Revenues for the second quarter were up 73% to $67.6 million, compared with $39 million for the same period last year. Six-month revenues were up 37% to $115 million from $84 million a year earlier. Net operating earnings for the quarter were $4 million, up from $885,000 the previous year, and the net operating profit for the six months was $7.4 million, compared with $1.6 million for the first six months of last year.
Not including the Mainframe sale last year, earnings per share for the quarter were up to 30¢ from 7¢ last year, and earnings per share for the first six months were 56¢, compared with 14¢ last year.
Including the Mainframe sale in the second quarter last year, net earnings for the second quarter were down, going from $4.5 million last year to $4 million this year, and earnings per share also were down, going from 38¢ per share last year to 30¢ per share this year.
Even with the Mainframe sale included, net earnings were up for the six-month period, at $9.5 million or 72¢ per share, compared with $5 million (45¢) the previous year.