NEW YORK — All American Communications reported a 59% increase in net income for the second quarter, due largely to the settlement of certain outstanding claims in its international television operations. A spokesman said further details on the settlement were not available.
The Santa Monica-based company produces, distributes and markets television programming and recorded music on a worldwide basis. In the U.S., All American’s programming franchises include “Baywatch,” “The Price Is Right” and “The Adventures of Sinbad.” Overseas, it produces and distributes local-language gameshows including “The Price Is Right,” “Family Feud” and “Card Sharks.”
Net income for the latest quarter was $241,000, or 2¢ a share, compared with $152,000, or 1¢, in the year-ago period. The weighted average number of shares grew to 13.3 million from 12.1 million following the conversion of certain subordinated notes into common shares. This was partially offset by the company’s repurchase of certain Class B shares in October.
Operating income rose 38%, to $4.1 million, from $2.9 million.
Revenues slipped 6%, to $36.8 million, from $39.4 million in the 1996 quarter, when the company benefited from the platinum record “Bad Hair Day” by its artist Weird Al Yankovic. Also contributing to the decline was a delay in the release of Yankovic’s latest album.
During the quarter, revenues from television operations increased slightly because of the continued strength of the company’s international television operations and revenue improvements from domestic television distribution.
“All American’s second quarter, historically the slowest period in our core television business, benefited from the company’s broad and growing worldwide television operations,” chairman and chief executive officer Anthony J. Scotti said. “The company’s enhanced development capabilities, worldwide distribution operations and position as a leading provider of local television programming in foreign territories provide us with a unique programming platform.”