King World wraps fiscal year with $36 mil profit

NEW YORK — King World Prods. reported flat net profit of $36 million for the fourth fiscal quarter, which ended Sept. 30, on 4% higher revenues of $165.1 million, it said Wednesday.

The quarter ended King World’s fiscal year, which saw net profit rise 3% to $143.4 million on 1% higher revenues of $671.3 million.

The unexciting performance belied what has been a year of upheaval at King World, with senior management appointments, signing of Roseanne to do a talkshow, renewal of Oprah Winfrey’s talker and a deal with Columbia TriStar Television to bring “Hollywood Squares” back for firstrun syndication.

“King World is stronger today than at any time in its history,” said King World CEO Michael King, noting that the syndie had $730 million in cash at the end of the quarter.

Financial resources

“King World has the financial resources and leadership to take advantage of the best growth opportunities in the entertainment market of tomorrow,” he added. Under new president Jules Haimovitz, King World has been looking at acquisition candidates believed to include Telemundo Group.

Wall Street is looking ahead to the impact of the new shows on King World. Its stock closed up 31¢ to $46.37 Wednesday.

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