NEW YORK — Boosted by a strong performance in its core camera business, Panavision Inc. reported net income for the second quarter rose 142% to $2.9 million from $1.2 million.
Earnings per share were 15¢ in the latest quarter, when there were an average of 19.3 million shares outstanding, compared with 9¢ in the year-ago period, when an average of 15.3 million shares were outstanding.
Cash flow grew 27% to $11.6 million from $9.1 million. Revenues were up 56% to $37.7 million from $24.1 million.
Results for the 1996 quarter were restated as if the acquisition of Lee Lighting had occurred on Jan. 1, 1996, and to exclude a $1.2 million charge representing the non-controlling partners’ interest in Panavision. There will be no such charges in the future since the company purchased this interest as part of its May 1996 recapitalization.