Kings Road seeks suitor$
Kings Road officials said that management began to reconsider its recent business approach of producing and distributing low-budget action and martial arts films last fall shortly after the death of the company's founder, Stephen Friedman.
"We don't have the capitalization necessary to produce the volume of mainstream independent films that we'd like to," said Ken Aguado, Kings Road's chairman and CEO.
The Los Angeles-based indie has struggled financially for several years. For six months ended Oct. 31, 1996, Kings Road reported a profit of $174,000 compared to a loss of $451,000 for the same period the previous year.
For the first six months in 1996, the company reported revenue of $1.4 million, compared to $2 million for the same period the previous year.
Kings Road, which produced "The Big Easy" and "All of Me," sold international rights to 20 of its films to Icon Entertainment in 1995.
