IDB income plunges despite soaring sales.

IDB income plunges despite soaring sales

IDB Communications Group Inc., a Culver City-based satellite transmission services company whose profits tripled in the last fiscal year, reported its first quarter income decreased by 87 percent, even though revenues were 43 percent higher.

For the quarter ended March 31, net income was $49,000, or 1 cent a share, on revenues of $18.8 million vs. a profit of $365,000, or 7 cents a share, on revenues of $13.1 million a year earlier.

The company continued to fare well with a fourth-quarter acquisition of a satellite network, CICI, but the major league baseball strike adversely affected its income, according to Chairman and CEO Jeffrey P. Sudikoff.

IDB is also reworking the debt it acquired while acquiring CICI. That debt reduced net income by approximately $268,000 during the first quarter, said President Edward R. Cheramy. By increasing the amortization and depreciation levels of the debt, IDB hopes to increase cash flow and reduce income taxes, he said.

Despite the lower income, IDB stock traded over-the-counter last week at the $9.50 level, near its 52-week high of $10.50 a share and double its 52-week low of $4.75 a share.

The company recently announced it has begun digital voice and data transmission service between the United States and Chile and that it will transmit the 1990 Wimbledon Tennis Championships this summer for HBO.