Harvey Entertainment Co., which owns the rights to such characters as Casper the Friendly Ghost, Richie Rich and Baby Huey, on Friday reported a second quarter drop in revenues to $420,000, compared with nearly $2.9 million a year ago.
The Los Angeles-based company attributed the higher earnings in 1997 to payments it recorded from a deal it inked with Universal Studios to produce and distribute a “Casper” motion picture sequel, and licensee fees it collected for an order to produce 26 new episodes for the “Casper” television series on the Fox Kids Network.
The revenue decrease in the second quarter also reflects fluctuations in earnings related to the timing and accounting treatment of other merchandising licenses.
The company reported a net loss for the 1998 second quarter of $983,000, or $0.24 per share, compared with net income of $183,000, or $0.05 per share, in the second quarter of 1997.
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LIN Television Corp. and LIN Holdings Corp., which operate eight network-affiliated television stations, on Friday said second quarter losses narrowed to $5.7 million from $9.7 million a year ago. The group, which has agreed to be acquired by Chancellor Media Corp. in the fourth quarter for $1.6 billion, said revenues for the second quarter rose 10.8% to $61.8 million from $55.8 million in 1997. Broadcast cash flow increased 22% to $22.7 million.
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The Kushner-Locke Co. on Friday reported a 14% boost in revenues of $15.3 million, compared with $13.4 million in 1997, for its third quarter ended June 30. The producer and distributor of theatrical and straight-to-video films, TV movies, miniseries and game shows, recorded a $2.2 million net loss for the quarter, or $0.24 per share, compared with net earnings of $902,000, or $0.10 per share, for 1997.
Losses were attributed to investments in its new Internet venture, 800-U.S. Search, and foreign ventures.
— Marc Graser