TORONTO — Rave reviews for Livent Inc.’s Los Angeles production of “Ragtime” came too late to pump up second-quarter financial results.
The Toronto-based legit producer said Wednesday that revenue dropped in the three months ended June 30 to C$89.4 million ($65.3 million) from C$90.4 million ($66 million) in the corresponding period of 1996. President Myron Gottlieb told Daily Variety the slight decline in revenue may also be related to the time lost by touring productions.
However, profit edged up to $2.8 million in the latest three months from $2.6 million a year earlier.
Gottlieb said the profit gain can be attributed to higher margins in some ancillary activities, such as sponsorship, licensing and merchandising.
For the six months, profit was $6 million on revenue of $117.9 million, compared with $3.8 million on revenue of $120 million in 1996.