You will be redirected back to your article in seconds

Harvey loses $1.5 mil in qtr as plans unfold

Restructuring, development in new areas takes toll

NEW YORK — Harvey Entertainment reported a hefty $1.5 million operating loss in the latest quarter Monday as expenses well outpaced revenues in a company struggling to rebuild itself.

That compares with a net loss of $3.7 million in the 1998 period for the owner of cartoon characters including Caspar the Friendly Ghost, Richie Rich and Baby Huey.

Net revenue of $117,000 came solely from minimal merchandising initiatives and was offset by operating expenses of $1.65 million. The puny figures are due to the limited scope of Harvey’s recent operations, which led to a restructuring, a $19 million recapitalization and the installation of new management last spring.

The team, led by chairman-CEO Roger Burlage, is developing and marketing new homevideo, TV, film, Internet and entertainment projects that Harvey said require significant time to develop. Execs are also working to reduce overhead costs.

“There are no surprises here,” Burlage said, given that a number of projects are still in the early stages. “We are on target with the initiatives we established in our business plan and remain confident we will achieve our objectives. We are optimistic about the progress we are making.”

Harvey will continue with its planned acquisition of PM Entertainment, a producer and distributor of pics in homevideo and TV markets and owner of a film and TV library.

As of Sept. 30, Harvey said it had about $10.2 million in cash and marketable securities and no outstanding balance under its line of credit.

More Biz

  • Peloton Sued for $150 Million for

    Peloton Sued for $150 Million for Using Drake, Lady Gaga Music Without License

    A group of publishers including Downtown Music Publishing, Pulse Music Publishing, ole, peermusic, Ultra Music, Big Deal Music, Reservoir, Round Hill, TRO Essex Music Group and The Royalty Network filed a lawsuit against Peloton for infringement of more than a thousand musical works, according to a statement from the National Music Publishers Association. The plaintiffs are [...]

  • Bruce Ramer Re-Appointed to Corporation for

    Bruce Ramer Re-Appointed to Corporation for Public Broadcasting Board

    Top showbiz attorney Bruce Ramer has been reappointed to the board of the Corporation for Public Broadcasting, the nonprofit org that administers federal funding for public broadcasting. Ramer, a partner at Gang, Tyre, Ramer, Brown & Passman, was elected chair of the CPB board in October. He previously served as board chair from 2010-2012. His [...]

  • Gary Knell

    Listen: National Geographic Chief Gary Knell on Disney Future, Fox's Legacy

    The marriage of National Geographic Partners and Disney, which becomes official today, is the proverbial brand match made in heaven. Disney is taking over the stewardship of Nat Geo Partners — a joint venture with the National Geographic Society — as part of its acquisition of 21st Century Fox. The transition comes at a time [...]

  • Celebrity Admissions Scandal

    Admissions Scandal Reveals the Deep-Seated Ties Between Celebrities and Top Colleges

    Hollywood is fixated on the federal investigation into a massive college admissions scam. It’s a scheme that has all the ingredients of a ripping yarn, a portrait of the corrosive influence of celebrity and wealth in higher education. It’s also a story that has deep links to the entertainment industry. Felicity Huffman and Lori Loughlin, [...]

  • Songtrust’s Joe Conyers III Slams Streaming

    Songtrust’s New Chief Strategy Officer, Joe Conyers III, Slams Streaming Services’ CRB Appeal

    Songtrust, the digital rights-management platform cofounded by Downtown Music Publishing’s Justin Kalifowitz, today announced that Joe Conyers III has been elevated to Chief Strategy Officer. According to the announcement, as co-founder and GM of Songtrust for the past eight years, Conyers has led the company from prototype to servicing over 20,000 publishers to collect their [...]

  • Paul Ryan

    Fox Corporation Emerges as Standalone Entity, Paul Ryan Joins Board

    UPDATED: 21st Century Fox said Tuesday it has completed the distribution of shares to birth the Fox Corporation. “21CF and FOX are now each a standalone, publicly traded company,” 21st Century Fox said in a statement issued at 8:30 a.m. ET. The separation of new and old Fox begins a new era for the Murdoch [...]

More From Our Brands

Access exclusive content