REPUBLIC PICTURES CORP. REPORTS FIRST QUARTER RESULTS
REPUBLIC PICTURES CORP. REPORTS FIRST QUARTER RESULTS LOS ANGELES, May 6 /PRNewswire/ -- Republic Pictures Corp.
(NASDAQ: RPICA) today announced revenues, operating income and net income of $14,027,000, $983,000 and $494,000 (11 cents per share), respectively, for the quarter ended March 31, 1992, as compared with revenues of $28,409,000, operating income of $1,701,000 and net income of $448,000 (10 cents per share) for the first fiscal quarter of 1991. Both revenues and operating income for the prior year's first quarter remain the highest such quarterly totals ever for the company, primarily as a result of the network license fees for two miniseries and one television movie completed during that three-month period.
Operating income in this year's first quarter included a nonrecurring gain upon sale of the company's videocassette duplication facility in the amount of $2,089,000. The company sold its facility as part of a plan to consolidate its videocassette duplication operations with a third party, pursuant to an agreement under which the company expects to achieve meaningful future cost-savings and service efficiencies. The decline in operating results, as compared with the prior year's first quarter primarily reflects both the aforementioned record performance of the prior year and the fact that none of the current year's scheduled network television productions were delivered in the first quarter of 1992. Video revenues increased to $10,241,000 in 1992 from $4,186,000 in the first quarter of 1991, as a result of the release of the theatrical motion picture "Beastmaster 2" and the initial releases under the company's new output agreements with The Hallmark Hall of Fame ("Sarah Plain and Tall") and the Overseas Film Group (three feature films). Television revenues decreased to $3,786,000 in 1992 from $24,223,000 in 1991 as a result of the difference in the delivery schedule of new productions. Republic Pictures Corp. is a producer and worldwide distributor of television programs, including the winners of both the Emmy and Golden Globe Awards for Best Movie/Miniseries of 1991. The company also acquires theatrical and television productions for its worldwide television, theatrical and home video distribution operations. Republic is well-known for its extensive library of classic films, such as "The Quiet Man" and "High Noon," its Emmy-winning series "Beauty and the Beast" and such other popular off-network series as "Bonanza." REPUBLIC PICTURES CORP. AND SUBSIDIARIES Condensed Consolidated Statement of Income (Unaudited) Three Months Ended March 31, 1992 1991 Operating revenues: Television $3,786,000 $24,223,000 Video 10,241,000 4,186,000 Total operating revenues 14,027,000 28,409,000 Operating expenses: Television 4,626,000 21,042,000 Video 9,701,000 4,951,000 General and administrative 806,000 715,000 Total operating expenses 15,133,000 26,708,000 Sale of video duplication facility 2,089,000 --- Operating income 983,000 1,701,000 Other income and expenses: Interest (expense) income, net (349,000) (379,000) Minority interest in television venture 180,000 (536,000) Income before taxes 814,000 786,000 Provision for income taxes 320,000 338,000 Net income $494,000 $448,000 Earnings per share $.11 $.10 Weighted average shares outstanding 4,431,070 4,340,000 -0- 5/6/92 /CONTACT: Rachel McCallister of Rachel McCallister & Associates, 213-939-5991, for Republic Pictures/ (RPICA) CO: Republic Pictures Corp. ST: California IN: ENT SU: ERN
DM-AL -- LA039 -- 7331 05/06/92 17:55 EDT
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|Date:||May 6, 1992|
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