Lower film, TV revenue to blame
Declining film and television revenues and a $3 million loss from Internet subsidiary 1-800-U.S. Search hurt the Kushner-Locke Co. across the board in the December quarter, the indie distributor said Wednesday.The Los Angeles-based company posted a net loss of $5.9 million for the quarter ended Dec. 31, 1998, compared with profits of $178,000 a year earlier. Besides the Internet service, about $300,000 in losses were also attributed to Kushner-Locke’s recently established Latin American satellite broadcasting and film and television licensing of subsidiaries, Gran Canal Latino and KL/Phoenix. First-quarter revs dropped 31% to $13.9 million, compared with year-ago revs of $20 million. The company made about $7 million for distributing “Ringmaster” and “One Man’s Hero” for Artisan Entertainment and MGM, respectively. Public-record Internet search service 1-800-U.S. Search’s revs represented 16% of the company’s first-quarter earnings. Kushner-Locke acquired the company in 1997.
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