Net Income Doubles for Dick Clark Productions
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Dick Clark Productions Inc., a Burbank television production company, said its net income for the fiscal year that ended June 30 more than doubled on a 47% increase in revenues compared to a year earlier.
Profits in the latest year rose to $2.9 million compared to $1.35 million in fiscal 1990, the company reported, and its fiscal 1991 revenues were $44.5 million compared to $30.26 million last year.
For the fiscal fourth quarter, net income doubled to $1.04 million from $522,000 during the same period last year, the company reported. Fourth-quarter revenues surged 93% to $14.9 million from $7.7 last year.
Francis C. La Maina, the company’s president and chief operating officer, attributed the higher earnings to an increase in television production and to the licensing of “The American Music Awards” trademark for the production of the American Music Awards Concert Series in Japan. All talent for the series was booked by the company’s subsidiary, the Dick Clark Agency, the company said.
The company said that in fiscal 1991, its television production increased to 205 hours of programming compared to 79 hours in fiscal 1990.
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