Cinergi's fourth qtr. awash in sea of red
Disney-based indie chalked up $14 mil loss
The Disney-based indie, founded in 1989 and headed by Andy Vajna, recently agreed to sell all of its film library to the Walt Disney Company and to terminate its distribution agreement with the studio.
Revenues for the quarter ending Dec. 31, 1996 were $43 million, consisting mainly of overseas theatrical rentals of "Evita," the company said. Cinergi also took a writeoff on its Charlie Sheen starrer, "The Shadow Conspiracy," which failed to perform at the box office.
'Dredd' results
Cinergi's comparable 1995 last quarter saw $77.7 million from the release of "Die Hard With a Vengeance," "Judge Dredd" and "The Scarlet Letter." The company saw losses of $16 million in 1995.
Revenues for 1996 were $133 million, compared with $193 million for 1995.
Cinergi went public in 1994, selling shares at $8.50 and at $9.50 in a second offering, raising a total of $55 million. Disney and Cinergi announced their decision this month to liquidate the company in exchange for canceling $38 million of production advances and erasing Disney's 5% stake in Cinergi after a year-long review. Vajna still holds the largest stake, with about 6.2 million shares.
(Martin Peers contributed to this story.)
