NEW YORK --- All American Communications Inc. increased net profit 38% to $4.3 million in the fourth quarter, reflecting higher television revenues and its full takeover of Mark Goodson Prods.
The quarter completed a stellar year for the syndie, when net profit rose 75% to $12.6 million on 4% higher revenue of $236 million. In the quarter, revenue rose 24% to $82.3 million.
Before goodwill and interest costs, profit rose 68% to $13.9 million in the quarter. All American credited the growth on "higher television operating margins on increased revenues related to Mark Goodson Prods., 'The Adventures of Sinbad' and 'Baywatch.' " During the year All American increased its stake in Goodson from 50% to 100%.
The bottom line was marred by a one-time charge of $1.4 million related to early retirement of public debt, which followed a $100 million note offering.
"Our record 1996 performance is attributable to our long-term strategy to growth both internally and through acquisitions," said All American chairman/CEO Tony Scotti.
Contact the Variety newsroom at
news@variety.com