Earnings plunge 65%
NEW YORK — Dick Clark Prods. announced Thursday that profits during its 1999 fiscal year plunged to $2.8 million from $8.2 million the year before, partly due to a $2.6 million writedown in value of three of its restaurants.
Net income for the year ending in June, excluding the writedown for the Dick Clark’s American Bandstand Grill units, was $5.4 million.
Revenue compared with the prior year fell 16% to $72 million.
In TV production, its main business, the Burbank company produced a handful of award shows and entertainment specials, a fourth season of “Prime Time Country” for TNN, 13 episodes for the third season of “Beyond Belief: Fact or Fiction” for Fox, “Bloopers” specials for ABC, “Mad Libs” for the Disney Channel and “The Donny & Marie” talkshow for syndication.
It also started production of a new gameshow, “Your Big Break,” which will begin airing in syndication this month.