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LOS ANGELES--(BUSINESS WIRE)--May 16, 1997--The Kushner-Locke
Company (KLOC-NASDAQ/NNM) today reported revenues of $11,707,000 for
its second quarter ended March 31, 1997, as compared to $13,230,000
in the comparable quarter last year. Net earnings for the second
fiscal quarter were $28,000 or $0.001 per share, as compared to
$128,000, or $0.004 per share for the year earlier quarter on fewer
shares than outstanding. The company reported revenues of
$28,255,000 for the first six months of its current fiscal year, as
compared to $29,337,000 in the comparable six month period last year.
Net earnings for the current six months were $188,000 of $0.004 per
share, as compared to $1,140,000, or $0.03 per share for the year
earlier period on fewer average shares than outstanding.
Co-Chairmen Peter Locke and Donald Kushner stated,"We are
pleased to report our second consecutive profitable quarter and keep
pace with last year's record level of revenues. The fact that
revenues continue at this healthy level is particularly noteworthy
because there were no new feature films and only two network
television episodes delivered during the quarter. The company has
many exciting projects currently in production, including the films
"Basil," starring Christian Slater, Claire Forlani and Jared Leto,
"Denial," starring Jason Alexander, "Double Tap," starring Steven
Rea and Heather Locklear, and two "Brave Little Toaster" sequels for
Disney. The company's "Gun," executive-produced by Robert Altman,
is currently airing on ABC, and the company recently delivered
"Cracker," a one-hour pilot, to ABC and a presentation pilot
entitled "Unlikely Angel," starring Dolly Parton, has been delivered
to CBS. Other television productions include the syndicated show
"Miracles," "Mowgli's Jungle Book," a half-hour live action family
show for the Fox Network, and a half-hour series for HBO entitled
"Confessions."
The company's revenues for the second quarter of fiscal 1997
include approximately $3,000,000 for domestic and international
delivery of four family home video features in the Magic Adventure
series, approximately $4,100,000 for delivery of two episodes of
"Gun," which aired in April on ABC and for other television
programming, and approximately $1,500,000 for continued international
exploitation of "The Adventures of Pinocchio," starring Martin
Landau and Jonathan Taylor-Thomas, which was theatrically released
in the U.S. in 1996. In addition, the KLC/New City Televentures
generated revenues of more than $1,000,000, while the company's
growing library generated revenues of more than $1,700,000.
The Kushner-Locke Company (KLOC/NASDAQ/NNM,
kushner-locke.com) is a leading independent producer and
distributor of feature films, direct to video films, television
series, made-for-TV movies, mini-series, infomercials, and animated
programming for theaters, network and cable television.
-0-
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THE KUSHNER-LOCKE COMPANY
RESULTS OF OPERATIONS
Three Months Ended
March 31, March 31,
1997 1996
(unaudited) (unaudited)
Revenue $ 11,707,000 100.0% $13,230,000 100.0%
Cost of Revenue (9,679,000) -82.7% (11,052,000) -83.5%
Selling, general and
administrative expenses (1,121,000) -9.6% (1,072,000) -8.1%
Operating profit 907,000 7.7% 1,106,000 8.4%
Interest Income 11,000 0.1% 6,000 0.0%
Interest Expense (879,000) -7.5% (975,000) -7.4%
Earnings before taxes 39,000 0.3% 137,000 1.0%
Income taxes (11,000) -0.1% (9,000) -0.1%
Net earnings $ 28,000 0.2% $ 128,000 1.0%
Earnings per share $ 0.001 $ 0.004
Weighted average shares 52,903,000 36,337,000
outstanding
Six Months Ended
March 31, March 31,
1997 1996
(unaudited) (unaudited)
Revenue $ 28,254,000 100.0% $29,337,000 100.0%
Cost of Revenue (23,699,000) -83.9% (24,365,000) -83.1%
Selling, general and
administrative expenses (2,293,000) -8.1% (1,968,000) -6.7%
Operating profit 2,262,000 8.0% 3,004,000 10.2%
Interest Income 39,000 0.1% 60,000 0.2%
Interest Expense (2,096,000) -7.4% (1,904,000) -6.5%
Earnings before taxes 205,000 0.7% 1,160,000 4.0%
Income taxes (17,000) -0.1% (20,000) -0.1%
Net earnings $ 188,000 0.7% $ 1,140,000 3.9%
Earnings per share $ 0.004 $ 0.030
Weighted average shares 52,870,000 35,961,000
outstanding
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--30--kam/ny* ls
CONTACT: The Kushner-Locke Company
Donald Kushner, Co-Chief Executive Officer
310/445-1111
kushner-locke.com
or
Rubenstein Investor Relations
Kate Zadek
212/843-8096
fax - 212/843-9200
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: ENTERTAINMENT EARNINGS
REPEATS: New York 212-752-9600 or 800-221-2462; Boston 617-236-4266 or
800-225-2030; SF 415-986-4422 or 800-227-0845; LA 310-820-9473
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