Kushner-Locke Co. reported lower revenues, but sharply higher profit in the third quarter, the company announced Thursday.
For the third quarter ended June 30, the Los Angeles-based production company net income of $902,000, compared to $276,000 for the same period last year. The company’s third-quarter operating income rose 9% to $2 million.
Kushner-Locke’s third-quarter revenue of $13.4 million fell more than 50% from last year’s $29 million. Company officials said the drop is due to partnerships on pics versus more solo projects.
“We are showing higher net profit on lower revenues, which we consider positive,” co-chairman and co-chief exec Donald Kushner told Daily Variety.