HOLLYWOOD — Dick Clark Prods. said Monday its profit was halved in its fiscal fourth quarter and year, as revenue dropped because economic stagnation led to fewer TV projects.
The Burbank-based company, which also saw declines in its restaurants and corporate events operations, posted a $5.2 million profit for the 12-month period ended June 30. That compares with a $10.4 million profit in the previous fiscal year.
Annual revenue was off 23% at $70.8 million.
In the fiscal fourth quarter, Dick Clark reported $1.6 million in profit, compared with almost $3.3 million in the same period of the previous fiscal year.
Quarterly revenue declined 21% to $21.6 million.
“The decrease in revenue and net income (was) chiefly attributable to the impact of the decline in the economy,” the company said.
Dick Clark shares closed down 1.29% at $9.92 Monday.