NEW YORK — Intl. Family Entertainment Inc. reported net income declined 81% in the second quarter to $2.7 million or 6¢ a share.
In the comparable 1996 quarter, IFE had net earnings of $14.5 million, or 31¢, including an $8 million after-tax gain on the disposition of assets. The average number of outstanding shares was 46 million in the latest quarter, compared with 48.1 million in the year-earlier period.
The latest quarter includes $1.7 million in expenses incurred by IFE in connection with its pending merger with Fox Kids Worldwide Inc.
Operating cash flow rose 7% in the latest quarter to $19.9 million from $18.5 million.
Revenue rose 32% to $99.2 million from $75.5 million.
Based in Virginia Beach, Va., IFE owns the Family Channel, FiT TV health and fitness cable net and MTM Entertainment Inc.