Severe cost-cutting helped National Lampoon parent J2 Communications reverse last year’s loss to earn $ 67,000 or 2 cents a share last quarter, despite declining revenues.J2, which licenses the National Lampoon name for movies, books, merchandise and other entertainments, lost $ 74,000 (3 cents) after special gains in the same period last year. First-quarter revenues fell 27% to $ 464,000 as J2 switched its focus from homevideo to “more profitable” National Lampoon business, the company said. J2 also said it cut general and administrative expenses through downsizing. “J2 is proceeding with a clean balance sheet,” J2 topper James Jimirro said in a statement. J2 shares closed down 6 cents at $ 1.50.