August 16, 2000 12:00AM PT

Paradise lost with SAG/AFTRA strike

Revs climb to $6.3 mil, but company pink slips 33 to cut costs

Having weathered the suicide of ex-CAA agent-turned-company prexy Jay Moloney and celebrity investment adviser Dana Giacchetto’s fiscal chicanery, Paradise Music & Entertainment now finds itself buffeted by the SAG/AFTRA strike, which has affected performance of its commercial production operations.

In addition to releasing its second-quarter financial results — which saw Paradise’s quarterly revenues climb to $6.3 million from last year’s $1.9 million, while it posted a quarterly net loss of $2 million as opposed to a loss of $1.5 million in the year-previous period — the multimedia firm unveiled a series of cost-cutting measures.

Measures include trimming 33% of Paradise’s work force (33 jobs lost), companywide voluntary salary and compensation package decreases and merging the offices of its Straw Dogs and Shelter Films commercial production units.

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