Dick Clark Prods. said Monday its fiscal third-quarter profit was chopped by more than a third due to a fall-off in TV projects but added that lower overhead in a restaurant unit would bolster year-end financial results.
The Burbank-based company posted a $3.7 million profit in the three-month period ended March 31, down 36% from the $5.8 million profit reported in the year-earlier period.
Quarterly revenue slid 29% to $22.3 million.
“The decrease in revenue and earnings in the third quarter was due to a decrease in revenue from series production and annual specials,” prexy Francis La Maina said. “With these results and our fourth quarter activities, we believe the company will report a profitable fiscal year.”
Shares in Dick Clark Prods fell 45¢, or 4%, to close at $9.95 on Monday.