TV producer/distrib posts large gains in 1st qtr.
All American Communications Inc. enjoyed a big first quarter of the year, posting a 41% revenue increase over a year ago to $67.6 million. Its 1996 count for the same period was $48.1 million.
The increase, for the period ending March 31, was thought to be due primarily to the continued strength of the company’s international TV operations and improvements in other TV distribution revenues related to new series and other TV program delivery.
Operating income at the company rose an impressive 60% to $9.6 million, compared with $6 million in first quarter ’96, which company spokesmen attributed to All American’s international TV operations. Amortization of goodwill increased by 9% to $1.1 million from $1 million a year ago.
The company’s net interest expense in the first quarter also increased — to $3.9 million from $2.4 million a year ago — as a result of higher interest rates, production costs and the October 1996 issuance of $100 million on senior subordinated notes.
There was also a first quarter rise in net income of a healthy 61%, to $3.3 million, compared with $2 million a year ago.
Said Anthony J. Scotti, All American’s chairman and CEO: “(Our) first quarter results continue to reflect the diversification that has taken place over the past three years. … (Our acquisitions) have strengthened the company’s position as an important domestic and international television distributor.”
All American produces and/or distributes more than 100 TV shows in 30 countries, including such gameshows in foreign territories as “The Price is Right,” “Family Feud,” “Match Game,” “Card Sharks” and “Let’s Make a Deal.”