Lower revs from syndie strips cause 2.5% dip
Dick Clark Prods. Inc., reported a slight dip in first quarter revenues of $13 million Tuesday, compared with $14 million a year ago, along with a 2.5% drop in net income, as a result of lower revs from its syndicated television strips and specials programming.
The Burbank-based producer reported net income dropped to $46,000 for the first quarter, from $115,000 a year ago.
During the first quarter, Dick Clark began production of its one hour syndie talker “Donny & Marie”; began production on a 13-episode commitment from Fox for “Beyond Belief: Fact or Fiction” for the 1998/99 season, the third for the series; produced a one-hour special, “Neighbors from Hell” for ABC; and delivered 65 episodes of the game show “Mad Libs,” now broadcasting on the Disney Channel.
The announcement sent Dick Clark’s stock price down $1.13 to close at $15.25.