Increased TV prod'n, eatery expansion drives numbers
Dick Clark Prods. Inc. on Wednesday reported a record 30% jump in revenues and 26% increase in net income for fiscal year 1998.
Revenues during fiscal 1998, ended June 30, rose to $86.3 million, compared with $66 million in fiscal 1997, while net income rocketed to $8 million, compared with $6.5 million a year ago.
Higher fourth quarter earnings also marked the Burbank-based company’s 22nd consecutive profitable quarter.
Revenue was down slightly to $22.6 million compared with $23 million during fourth quarter 1997. Net income was $1.7 million compared with $1 million (or $0.12) per share a year ago.
The company attributes the boost in earnings to an increase in series television production and the expansion of its Dick Clark’s American Bandstand Grill eateries.
“The company’s diversification strategy — both within television production and in allied areas — enabled record revenue and profitability in fiscal 1998,” said Francis C. La Maina, Dick Clark Prods.’ president and chief operating officer.
Dick Clark Prods. produces a range of television programming for broadcast and cable networks, distributors and advertisers, including awards and entertainment specials, Fox’s “Beyond Belief: Fact or Fiction” and nine “Bloopers” specials for NBC, among others.