Kushner-Locke Co. posted a tenfold increase in fourth-quarter losses as the company wrote down the value of its library. At the same time, revenue tripled from new network skeins and a miniseries.
The company decided to cut $ 4.3 million from the library value column on its balance sheet, largely from the one-time HBO football skein “1st & Ten.” That move largely contributed to the $ 2.6 million loss for the quarter.
Kushner-Locke also announced that CBS increased its production order of “Harts of the West” and bought two telepix.
For the quarter ended Sept. 30, Kushner-Locke lost $ 2.6 million (9 cents), compared with a loss of $ 259,000 (1 cents) in the like period a year ago. Revenue was $ 12.9 million, up from $ 4.2 million.
For the year, the company lost $ 1.8 million (6 cents), compared with earnings of $ 244,000 (1 cents) in the previous fiscal year. Revenue was $ 42.5 million, up from $ 24.1 million.
Separately, Kushner-Locke announced production of “Andre the Seal,” a film based on the true story of a Maine seal and his adopted family. The $ 9 million pic will be distribbed domestically by Paramount Pictures and is skedded for a summer 1994 release. Turner Entertainment will handle international distribution.