KREN
KINGS ROAD ENTERTAINMENT INC - Increase in Second-Quarter Revenues and
Earnings
New York, New York, Dec. 27, 2000 (Market News Publishing via COMTEX) -- Kings
Road Entertainment Inc. ("Company") announced continued improving results for
the three and six months ended Oct. 31, 2000.
Revenues for the second-quarter 2000 were $382,746 compared with $198, 575 for
the prior-year comparable period, an increase of $184,171, or 92%. Revenues
surged during the second-quarter 2000, principally resulting from continued
increasing royalties on the Company's previously released feature films as well
as initial merchandise catalog sales resulting from the Company's acquisition of
Animal Town Inc. on Aug. 31, 2000. Revenues for the six months ended Oct. 31,
2000, were $1,075,311 compared with $290,440 for the comparable prior-year
period.
Net income for the three months ended Oct. 31, 2000, was $102,887 or $O.03 per
share (basic and diluted) compared with a loss of $1,175,997 or $O.34 loss per
share (basic and diluted) for the prior-year comparable period. Net income for
the six months ended Oct. 31, 2000, was $381,703 or $0.11 per share compared
with a loss of $1,725,455 or $0.50 loss per share (basic and diluted) for the
comparable prior-year period.
The Company attributed the substantial earnings improvement to significantly
increased revenues, higher profit margins on the Company's business activities,
reductions in general and administrative costs, and a combination of the
elimination of losses of affiliates and valuation adjustments of certain
investments that were recorded during the six months ended Oct. 31, 1999, for
which there were no comparable losses during the six months ended Oct. 31, 2000.
According to David W. Dube, president and chief operating officer of the
Company: "We are very pleased with the continuing revenue increases in all of
our business activities. The Company intends to continue developing a niche
strategy within specified segments of the entertainment industry where it can
apply a focused approach that will enhance overall operations, lead to new
opportunities and further strengthen the Company's brand name."
Kings Road Entertainment Inc. was founded in 1984 as an independent film
production company. The Company presently has operating interests in film script
development, catalog publishing, and live theatrical production.
Any statements contained in this release that relate to future plans, events or
performance are forward-looking statements that involve risks and uncertainties,
including, but not limited to, market acceptance risks, the impact of
competitive products and pricing, the results of current and future licensing
and other collaborative relationships, the results of financing efforts,
developments regarding intellectual property rights and other risks identified
in the Company's U.S. Securities and Exchange Commission filings. Actual
results, events or performance may differ materially. Readers are cautioned not
to place undue reliance on these forward-looking statements, which speak only as
of the date hereof. The Company undertakes no obligation to publicly release the
results of any revisions to these forward-looking statements that may be made to
reflect events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events.
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TEL: 212/252-9519 David W. Dube, Kings Road Entertainment Inc.
TEL: 212/252-9519 David W. Dube, Kings Road Entertainment Inc
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