Overseas Filmgroup Inc.’s first quarter profits were cut in half, largely due to increased administrative and personnel cost, the company reported.
For the quarter ended March 31, the Los Angeles-based company reported a profit of $306,032, compared to $625,731 for the same period last year. Income from operations fell to $379,346, compared to $571,836 in 1996.
Overseas Filmgroup reported first quarter revenue of $6.2 million, compared to $6.5 million last year.
Company officials say personnel was beefed up to support a wider slate of film releases and distribution services.