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KW nets earnings record

King World Prods. Inc. posted record earnings for the fourth quarter and fiscal year ended Aug. 31.

For the quarter, the TV syndicator posted net profits of $ 20.6 million (53 cents per share), a 4% increase over the same period last year.

Revenues jumped 5% to $ 98 million.

For fiscal 1992, net earnings were $ 94.9 million ($ 2.43), up 5%, vs. the previous year. Revenues for the year increased 6% to $ 503.2 million.

The performance pushed the stock up $ 1.62 to a new 52-week high of $ 30.37.

The company reported that its cash on hand had increased to $ 356 million at year end. Stephen Palley, King World’s exec VP, noted that it will be looking to invest in TV programming, acquisitions and/or stock repurchases.

Palley added that the revenues gain was due primarily to the introduction of “Candid Camera” and increased cash license fees from “The Oprah Winfrey Show.”

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