NewStar Media Inc. experienced a 60% drop in third-quarter earnings, reporting revenues of $3.7 million compared with $6.2 million a year ago, mainly from reduced TV revenues.
The Los Angeles-based independent publisher of books and books-on-tape under the Dove Books banner, also reported net income of $505,000 compared with a net loss of $1.5 million a year ago, due to an improvement in publishing gross margins as well as a gain of $1.7 million on the sale of the company’s office building and land.
NewStar attributed the drop in earnings to the timing of motion picture delivery to TV networks. The company recently ventured into made-for-TV movies and feature-length film distribution, drawing from its stable of titles for material. Its most recent title “Futuresport,” with Dean Cain, aired on ABC in October.