Dick Clark Prods. profits dip

Quarterly revs slide 29% to $22.3 mil

Dick Clark Prods. said Monday its fiscal third-quarter profit was chopped by more than a third due to a fall-off in TV projects but added that lower overhead in a restaurant unit would bolster year-end financial results.

The Burbank-based company posted a $3.7 million profit in the three-month period ended March 31, down 36% from the $5.8 million profit reported in the year-earlier period.

Quarterly revenue slid 29% to $22.3 million.

“The decrease in revenue and earnings in the third quarter was due to a decrease in revenue from series production and annual specials,” prexy Francis La Maina said. “With these results and our fourth quarter activities, we believe the company will report a profitable fiscal year.”

Shares in Dick Clark Prods fell 45¢, or 4%, to close at $9.95 on Monday.

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