Harvey shows 2nd qtr. loss as sale nears

Bottom line hurt by nearly $4 mil loss absorbed on sale of stock in Kushner-Locke

HOLLYWOOD — Harvey Entertainment, which is close to a sale of all or part of the company, Tuesday reported a second-quarter loss broadened in part by the sell-off of a stake in another entertainment company.

Los Angeles-based Harvey reported a second-quarter loss of $6 million, compared with red ink of $2.1 million in the same period last year. Its bottom line was hurt by a nearly $4 million loss absorbed on the sale of stock in Kushner-Locke, a film and TV company.

Harvey licenses cartoon characters such as Casper the Friendly Ghost and Richie Rich for movies and other entertainment. But a 13-fold swell in its second-quarter revenue — to $5.1 million — was attributed to its earlier acquisition of filmed-entertainment company PM Entertainment.

Meanwhile, Harvey is only about a week away from naming a winning suitor from among an original list of about eight bidders for all or part of the company. Houlihan Valuation Advisors of Los Angeles has been helping to review the offers.

Lions Gate had been considered a favorite among the various bidders, but a well-placed source said the company is now a long shot to succeed in its buyout quest. At least four or five other suitors are better positioned to acquire all or part of Harvey, the source said.

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