You will be redirected back to your article in seconds

K-L searches ‘net profit

June IPO raises $54 million

NEW YORK — Kushner-Locke Co. Tuesday said it swung to a hefty net profit of nearly $20 million in the latest quarter from a loss of $2 million the year before, due mainly to the spinoff of its 55%-owned subsidiary, U.S. Search.com. Revenue fell 35% to $10 million.

The June IPO raised $54 million. Kushner-Locke realized a gain of $13 million from the sale of Search shares and an additional $21 million paper gain from the increased value of its remaining stake in Search.

However, the company still posted an operating loss, excluding one-time items from the Search IPO, of $11 million, with both Search and Kushner-Locke’s filmed entertainment business in the red.

Kushner-Locke co-chairman Peter Locke said in a statement the company is pleased with its mix of businesses, which has changed over the past several years. “We have aggressively built Gran Canal Latino and U.S. Search.com. We have continued our core production and distribution business and increased the value of our library,” he said.

Kushner-Locke shares jumped $1.44 Tuesday in a weak market to close at $5.44.

More Biz

  • ATT Time Warner

    AT&T Extends Time Warner Deal Termination Date, Awaiting DOJ Approval

    NEW YORK — Kushner-Locke Co. Tuesday said it swung to a hefty net profit of nearly $20 million in the latest quarter from a loss of $2 million the year before, due mainly to the spinoff of its 55%-owned subsidiary, U.S. Search.com. Revenue fell 35% to $10 million. The June IPO raised $54 million. Kushner-Locke […]

  • BYU Broadcasting to Streamline TV and

    BYU Broadcasting to Streamline TV and Radio Operations, Boost BYUtv Distribution

    NEW YORK — Kushner-Locke Co. Tuesday said it swung to a hefty net profit of nearly $20 million in the latest quarter from a loss of $2 million the year before, due mainly to the spinoff of its 55%-owned subsidiary, U.S. Search.com. Revenue fell 35% to $10 million. The June IPO raised $54 million. Kushner-Locke […]

  • tencent logo

    Tencent to Float Online Bookstore With $5.5 Billion Valuation

    NEW YORK — Kushner-Locke Co. Tuesday said it swung to a hefty net profit of nearly $20 million in the latest quarter from a loss of $2 million the year before, due mainly to the spinoff of its 55%-owned subsidiary, U.S. Search.com. Revenue fell 35% to $10 million. The June IPO raised $54 million. Kushner-Locke […]

  • Discop Africa TV Market Kicks off

    Discop Africa TV Market Kicks off with All Eyes on African Biz Boom

    NEW YORK — Kushner-Locke Co. Tuesday said it swung to a hefty net profit of nearly $20 million in the latest quarter from a loss of $2 million the year before, due mainly to the spinoff of its 55%-owned subsidiary, U.S. Search.com. Revenue fell 35% to $10 million. The June IPO raised $54 million. Kushner-Locke […]

  • Bill OReilly Roger Ailes Sexual Harrassment

    Bill O'Reilly, Roger Ailes Still Loom Over Fox's Business (Analysis)

    NEW YORK — Kushner-Locke Co. Tuesday said it swung to a hefty net profit of nearly $20 million in the latest quarter from a loss of $2 million the year before, due mainly to the spinoff of its 55%-owned subsidiary, U.S. Search.com. Revenue fell 35% to $10 million. The June IPO raised $54 million. Kushner-Locke […]

  • Monica Macer

    MPTF's NextGen Member Monica Macer: 'We Believe in Taking Care of Our Own'

    NEW YORK — Kushner-Locke Co. Tuesday said it swung to a hefty net profit of nearly $20 million in the latest quarter from a loss of $2 million the year before, due mainly to the spinoff of its 55%-owned subsidiary, U.S. Search.com. Revenue fell 35% to $10 million. The June IPO raised $54 million. Kushner-Locke […]

  • Éric Salvail Suspends Career After Sexual

    Quebec Radio Star and Producer On Leave Over Sexual Harassment Allegations

    NEW YORK — Kushner-Locke Co. Tuesday said it swung to a hefty net profit of nearly $20 million in the latest quarter from a loss of $2 million the year before, due mainly to the spinoff of its 55%-owned subsidiary, U.S. Search.com. Revenue fell 35% to $10 million. The June IPO raised $54 million. Kushner-Locke […]

More From Our Brands

Access exclusive content