J2 Communications/National Lampoon Announces Earnings Of $.41/Share for Third Fiscal Quarter
LOS ANGELES, June 12 /PRNewswire/ -- J2 Communications (Nasdaq: JTWO - news), parent company of National Lampoon, today announced earnings of $562,000, or $.41 per share on revenues of $420,000 for the three month period ending April 30, 2000. Earnings and revenues for the comparable period in 1999 were, respectively, $6,000, or $.01 per share, and $208,000.
For the nine months ending April 30, 2000, earnings totaled $749,000, or $.54 per share versus $141,000, or $.12 per share for the same period in 1999. Revenues for the two nine month periods were, respectively, $996,000 and $991,000. All earnings were reported on a fully diluted basis.
James P. Jimirro, J2 President and CEO commented, ``A significant factor in this report is that we are now beginning to see revenues being generated by our website, nationallampoon.com. Given that we launched it just six months before the end of this reporting period, we have every reason to be optimistic concerning the potential of this revenue stream.''
Mr. Jimirro added that increases in royalties for National Lampoon filmed entertainment were primarily responsible for the dramatic revenue growth.
A company spokesperson noted that the disparity between earnings and revenue is due to a decrease in liabilities for vested stock appreciation rights (SAR's) caused by a decrease in the price of the common stock during the quarter.
In conclusion, Mr. Jimirro stated, ``With the recent opening of 'Smash and Grab,' our online retail store, we have completed the first stage of developing nationallampoon.com and have put into place all of our fundamental revenue streams. From here on we will be building on this foundation and pursuing ever more aggressive marketing strategies as we broaden the reach of this extraordinary website.'' |
