Todd-AO profits way down

3rd qtr. hits $62,000, down from $1.6 mil in '98

By MARC GRASER

HOLLYWOOD -- Post-production house Todd-AO reported sharply lower third-quarter profits Thursday of $62,000 versus $1.6 million a year ago, due to a soft demand for sound services in the Los Angeles market and the acquisition of Gotham sound facility Sound One.

The Los Angeles-based company said revenues for the period ended May 31 were up slightly to $28 million from $27.2 million in the same period a year ago.

Earnings before interest, taxes and amortization (EBITA) for the period were $4.8 million versus $5.7 million a year earlier.

Todd-AO said it hopes the acquisition of Sound One will enable it to recapture some of the post-production sound work that has been shifting from Hollywood to New York. The company provided sound services for Disney's "Tarzan."

Shares of Todd-AO inched up 13¢ Thursday to close at $12.63.