BURBANK (Dow Jones) — Dick Clark Prods. Inc. (DCPI), buoyed by new TV production and expansion of its restaurant division, expects to report a 27% increase in fiscal third-quarter earnings per share, to 65¢ from the year-earlier 51¢.
Earnings-per-share figures were adjusted to include a 5% common stock dividend to be distributed May 15. The company’s third quarter ends March 31.
Net income for the quarter is expected to come in at about $5.7 million, up from $4.4 million a year earlier, with sales of $36 million, up from $22.2 million.
For the fiscal nine months, the company expects to post net income of $6.5 million, or 74¢ a share, compared with $5.4 million (63¢) for the year-earlier period. The company expects revenue to hit $63 million, up from $43 million.
For the fiscal year ending June 30, company president Fran La Maina expects revenue of $80 million, up from $66 million.
The company is expected to report earnings later this month.
In 1995, Dick Clark Prods., known for producing TV awards programs such as the “American Music Awards,” began a strategy of diversification to produce more talkshows, gameshows, comedies and television dramas. This year, La Maina said, it has five series in production and three on the air, a record number for the company.
La Maina said he expects the company to continue increasing its TV series production, although it is impossible to predict how many it will have on the air at any given time. “We’re the firemen; we can produce things at the drop of a hat,” he said.