Kushner-Locke Anticipates Fiscal 1997 Net Loss.LOS ANGELES--(BUSINESS WIRE)--Dec. 18, 1997--The Kushner-Locke Co. (Nasdaq/NNM:KLOC (Kilo Lines Of Code) One thousand lines of programming source code. See lines of code.(unit, programming) KLOC - Thousand (kilo-) Lines of code. ) Thursday announced that it expects to report a net loss of approximately $4 million for its 1997 fiscal year ended Sept. 30, 1997, on revenues of approximately $56 million. This compares with fiscal 1996 results of approximately $730,000 net income, on revenues of approximately $80 million. Actual results for fiscal 1997 will be released within the next two weeks. "The expected 1997 loss is largely a result of certain non-recurring adjustments, including a reduction in the carrying value Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. of library product and an increase in the allowance for doubtful accounts Allowance for Doubtful Accounts An estimation made by a company and documented on its balance sheet for receivables that might go uncollected. Notes: It is standard practice for a company to have funds set aside for money that cannot be collected. . These total approximately $2 million," stated president and COO Bruce Lilliston. "There is also an additional write-down of approximately $1 million on a recently discontinued network series, `Gun,'" added Lilliston. "The balance of the expected fiscal 1997 loss can be attributed to the fact that our product mix during the fourth quarter consisted largely of recently introduced episodic episodic sporadic; occurring in episodes. e. falling a paroxymal disorder described in Cavalier King Charles spaniels in which affected dogs, starting at an early age, experience episodes of extensor rigidity, possibly brought on by stress. e. television product with lower-than-historical operating margins. "We expect our fiscal 1998 product mix to return to normal profitable operating margins." "We are optimistic about our fiscal 1998 slate," stated co-chairman Donald Kushner. "On the television side, our new ABC ABC in full American Broadcasting Co. Major U.S. television network. It began when the expanding national radio network NBC split into the separate Red and Blue networks in 1928. primetime series `Cracker' was recently expanded to a 22-episode order. We are also producing the series 'Mike Hammer' for the syndication market and 'Mowgli: The New Adventures of The Jungle Book' for the FOX network. "The total production commitments payable to Kushner-Locke or its joint venture partners for these three series, including both completed and scheduled episodes deliverable in fiscal years 1997-98, exceed $50 million. We are also associated with Franklin/Waterman Worldwide in producing the series 'Born Free' for Columbia. "In addition," added co-chairman Peter Locke Peter Locke is a retired Welsh professional darts player who competed in the 1980s. He competed in the 1986 BDO World Darts Championship and succeeded in reaching the quarter-final round by defeating Canadian Bill Steinke in the first and Singapore player Paul Lim in the second but , "we have released or expect to release or deliver over 10 feature films, with budgets ranging from $2 to $18 million per picture, during fiscal 1998. These include 'Beowulf,' where we are partnered with Capitol Films of London and producer Larry Kasanoff Biography Lawrence Kasanoff is Chairman and Chief Executive Officer of Threshold Entertainment, Threshold Digital Research Labs (TDRL) and Threshold TV. Kasanoff founded Threshold Entertainment in 1994, TDRL in 1997 and Threshold TV in 1999. in producing a picture starring Christopher Lambert, and 'One Man's Hero,' starring Tom Berenger Tom Berenger (born May 31, 1949) is an Academy Award nominated and Golden Globe winning American actor known mainly for his roles in action films. Biography Berenger was born Thomas Michael Moore in Chicago, Illinois. which will be released domestically by MGM MGM in full Metro-Goldwyn-Mayer, Inc. U.S. corporation and film studio. It was formed when the film distributor Marcus Loew, who bought Metro Pictures in 1920, merged it with the Goldwyn production company in 1924 and with Louis B. Mayer Pictures in 1925. . "Our scheduled product mix for the current fiscal year is larger and more diversified than we have had in the past and, we believe, consistent with the types of product demanded in today's competitive worldwide marketplace." The Kushner-Locke Co. is a leading independent producer and distributor of feature films, direct-to-video films, television series, made for television movies, miniseries and animated programming for theaters, network and cable television. Visit the company's Web site at www.kushner-locke.com . -0- Except for the historical information in this news release, this news release includes forward-looking statements that involve risks and uncertainties, including but not limited to the fact that actual results for the fourth quarter are subject to completion of the company's annual audit, future fluctuations in results, the management of growth, dependence on a limited number of continuing and new projects, fluctuations in ratings and advertising rates, competition and other risks detailed from time to time in the company's Securities and Exchange Commission filings. Actual results may differ materially from such information set forth. CONTACT: The Kushner-Locke Co., Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. Caroline A. Chartier, 310/445-1111 |
|
|||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion