THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Wednesday, August 14, 1996 TAG: 9608140474
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
SOURCE: BY DAVE MAYFIELD, STAFF WRITER
DATELINE: VIRGINIA BEACH LENGTH: 32 lines
With ratings and ad sales at The Family Channel continuing to increase, International Family Entertainment Inc. on Tuesday reported a sharp rise in its second-quarter profits.
The Beach-based company said it earned $14.5 million, or 31 cents a share, in the second quarter - up from a net profit of $4 million, or 9 cents a share, in the same period last year.
Even after a one-time gain of $8 million, or 17 cents a share, from the previously announced sale of its majority stake in the British version of The Family Channel, IFE still posted net income of $6.5 million in the latest quarter - up 61 percent from the year before.
The profit increase came on a 21 percent increase in revenues from the year before - to $75.5 million in the latest quarter.
The company's flagship, the U.S. version of The Family Channel, continued to drive the profit growth. It showed an operating profit of $24.1 million in the second quarter, up 35 percent from the year before.
While the company's other key subsidiary, MTM Entertainment, showed a wider operating loss in the latest period, IFE President Timothy B. Robertson said MTM should post stronger revenues in the second half of the year. MTM has either syndicated or placed on broadcast networks four new original series for fall TV. It also has successfully syndicated re-runs of the CBS hit ``Dr. Quinn, Medicine Woman'' for the upcoming fall season.
In trading on the New York Stock Exchange Tuesday, Class B shares of IFE, closed up 12 1/2 cents at $17.50 a share. by CNB