NEW YORK — Unapix Entertainment Inc. on Thursday reported record earnings and revenues for the fourth quarter ended Dec. 31.
Revenue in the quarter increased to $7.2 million, an all-time high for any quarter in the company’s history and up 31% from the record $5.5 million registered in the 1995 closing period. Earnings before taxes rose to $537,000, also a quarterly high, and up 57% from the record $343,000 the year earlier. Net income climbed 79%, to $323,000, from $180,000 in the year-earlier period.
Earnings before taxes increased to $989,000 from $950,000. Net income was $589,000 vs. $935,000, which included $362,000 in tax credits in 1995.
While revenues for 1996 totaled $22.4 million and grew by 23%, the company’s selling, general, and administrative expenses were up by 26%, reflecting investments in key personnel, expansion of the company’s headquarters and costs incurred in developing several key projects.