Cannon revs trigger 2nd qtr. Explosion

Cannon Pictures Inc. more than doubled revenue for the second quarter, ended July 3. Revenue was $ 13.4 million compared to $ 5.8 million a year earlier.

Unaudited net income was $ 1.04 million.

In the second quarter of 1992, Cannon earned net income of $ 472,000.

For the six months, net income was $ 1.17 million, compared with $ 62,000 in the comparable period. Revenue rose 45% to $ 16.5 million from $ 11.4 million in first-half 1992.

Cannon president Christopher Pearce also reported Monday that Cannon will release at least five theatrical motion pictures this fall and winter: “Rescue Me” and “Midnight Ride,” starring Michael Dudikoff; sci-fi “American Cyborg: Steal Warrior”; “Hellbound,” starring Chuck Norris; and “Tobe Hooper’s Night Terrors.”

In addition, Cannon has entered into a five-year distribution contract for foreign representation of its films with Melrose Entertainment, superseding previous plans to merge Global Pictures and Melrose Entertainment into Cannon.

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