VALLEY BUSINESS : BUSINESS ROUNDUP : Dick Clark Productions’ 4th-Quarter Profits Down
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Dick Clark Productions reported a net loss of $2.3 million for the fourth quarter ended June 30 compared with net income of $1.7 million for the same period last year. Revenues dropped from $22.6 million to $14 million.
In reporting the loss, the company cited a writedown of its investments at three of its restaurants.
For fiscal 1999, net income was $2.8 million, down from $8.2 million for fiscal 1998. Revenues dropped to $72.3 compared with $86.3 million.
The company produces television programming and advertising for broadcast and cable networks, and creates corporate marketing programs.
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