Communications And Entertainment Reports First Quarter Results.NEW YORK--(BUSINESS WIRE)--November 11, 1994--Communications and Entertainment Corp. (ComEnt) (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CECO CECO Council of Engineering Companies of Oregon CECO Cost Estimate Change Order CECO Center for Economic and Community Outreach CECO CENTCOM Engineer Contingency Organization CECO Concrete Engineering Company of Omaha (Ceco Concrete Construction LLC) , CECOA) today reported operating results for the first quarter ended September September: see month. 30, 1994. ComEnt reported a net loss of $906,169 or $0.06 per share, on revenues of $497,825 for the first quarter of 1994, compared to net income of $666,868 or $0.05 per share, on revenues of $6,426,442 for the first quarter of 1993. The Company stated that adverse results in the first quarter were attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to a temporary decrease in available film inventory for sale due to a drop in acquisitions in the second and third quarters of 1993. Shane Shane a classic, serious western film about a pioneer family protected by a mysterious stranger. [Am. Cinema: Halliwell, 651] See : Wild West O'Neil, newly elected e·lect v. e·lect·ed, e·lect·ing, e·lects v.tr. 1. To select by vote for an office or for membership. 2. To pick out; select: elect an art course. President of ComEnt and its subsidiary, Odyssey Odyssey (ŏd`ĭsē): see Homer. Odyssey Homer’s long, narrative poem centered on Odysseus. [Gk. Lit.: Odyssey] See : Epic Odyssey Entertainment Ltd., noted that the Company is continuing its positive actions to return Odyssey and ComEnt to profitability. Odyssey's management is aggressively seeking film acquisitions and evaluating an expansion into the related business of international television syndication See syndication format. . Mr. O'Neil believes these steps will help return Odyssey and ComEnt to profitability within the year. Odyssey Entertainment Ltd., co-finances and distributes independent American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of motion pictures to international theatrical, television, satellite and home video markets. -0-
Communications and Entertainment Corp.
Consolidated Statements of Operations
(Unaudited)
For the Three Months
Ended September 30,
1994 1993
Revenues: $497,825 $6,426,442
Expenses:
Film costs 500,385 4,350,320
Selling, general and
administrative expenses 925,234 1,334,171
1,425,619 5,684,491
Operating income (927,794) 741,951
Other Income (Expenses):
Interest income 27,101 16,419
Interest expense (5,476) (5,830)
Income (loss) from
continuing operations (906,169) 752,539
Loss from discontinued
operations -- (85,671)
Net income (loss) ($906,169) $666,868
Earnings per share:
Income (loss) from
continuing operations ($0.06) $0.05
Loss from discontinued
operations -- --
($0.06) $0.05
Weighted average common
shares outstanding 14,088,223 14,592,245
CONTACT: Shane O'Neil, 212/486-3999
or
Herbert L. Lanzet
a/o Paul Holm, 212/687-0061
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