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Nelvana toonery flat in ’96

MONTREAL — Nelvana Ltd., Canada’s largest animation producer, reported flat results for 1996, with both revenue and net earnings showing little change. Nelvana chairman Michael Hirsh blamed the lackluster numbers on upper-management’s preoccupation with a proposed takeover of the company by Golden Books Family Entertainment. “The company got distracted during the year by the Golden Books discussions and the net impact was that the company suffered,” Hirsh said. “It definitely had an impact on our financial results. We would’ve obviously liked to see some growth.”

For the year ended Dec. 31, Nelvana reported overall revenue of C$64.7 million ($46.5 million), up from C$56.4 million ($40.5 million) in 1995. Net earnings for the year were $3.2 million, compared with $3.4 million a year earlier.

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