Boxoffice-January.2000

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j£ quality spare parts Spare parts for 55 & 55/70 mm Westar. Century. Westrex. Cinecita. Wlonee. Cmemex. Simplex. Brenkert, Motiograph, and many other projectors, soundheads and sound systems Finest quality, attractively priced, dealer discounts, fast service Write for our list Dealer inquires invited Westar precision machine parts exclusively distributed by International Cinema Equipment Company. Inc . .^ international cinema il-jO equipment company inc Response No. 15 STUDIO NEWS by Annlee Ellingson INVESTORS OVERSUBSCRIBE LEO On the eve of the latest Bond release, MGM announced that company investors had oversubscribed a $720 million rights offering, raising $721 million even before controlling shareholder Tracinda Corp., Kirk Kerkorian's investment company, had exercised its rights. The studio had cancelled its initial public offering when its shares reflected a generally weak market (see National News, December 1999), opting instead CORPORATE REPORT CARD to offer current shareholders one discounted share for every three they already owned. "The oversubscription of our rights offering underscores the financial community's support of our vision for the new MGM," says Alex Yemenidjian, MCM's chairman and CEO. The studio estimates that 99.3 percent of its shareholders exercised their rights in the offering, and Tracinda purchased all the rights available to it, bringing Tracinda's shares to 44.3 million and all other holders' to 5.4 million. MCM's total common stock stands at 201 .3 million shares. SHHH.. .DISNEY'S GOT A SECRET The Walt Disney company has combined its visual effects house, Dream Quest Images, with its feature animation division For the fiscal year ending September 30, the Walt Disney Co. reported a 30 percent drop in net income, down to $1.3 billion. Operating income, excluding a $132 million tax restructuring charge and a $322,000 loss from its purchase of Internet portal Infoseek, fell 21 percent to $3.2 billion. Revenues barely budged, rising two percent to $23.4 million. For the fourth quarter, Disney reported a net income of $212 million, or 10 cents a share, down from $296 million a year earlier. Fourth-quarter profits also dropped 37 percent. The company largely blames the sluggish performance on its home video and product licensing businesses and expects the trend to continue for at least another year. Film, however, is performing well: Income from theatrical releases, including "The Sixth Sense," which is now the 12th highest grossing film of all time, rose by $150 million for the year. Still, Disney plans to shed development deals and slash costs in the division. Universal Studios parent Seagram Co. likewise reported in the red for the quarter ending in September. The company lost $95 million, or 22 cents a share, compared with earnings of $95 million, or 27 cents a share, in the same time period last year. Net loss came in at $124 million on a 62 percent rise in revenues to $3.6 billion, largely reflecting the company's acquisition of Polygram. Universale film division reported an operating loss of $59 million, down from $75 million in operating profits a year ago, and revenues of $873 million due to the disappointing showings of "Mystery Men," "Dudley Do-Right" and "For Love of the Came" at the boxoffice. Time Warner, however, posted a net income of $369 million for the quarter ending September 30, up significantly from $39 million in the same timeframe last year, including a one-time $477 million gain due to the sale and/or exchange of various cable systems. Operating cash flow reached a record $1.61 billion, up nearly 50 percent from $1.08 billion in 1998. Revenue nudged two percent to $6.72 billion. The company's film division, which encompasses Warner Bros, and New Line, saw revenue fall two percent to $228 million, despite an 11 percent gain at Warner. Viacom likewise reported strong quarter results. Revenues were $3.32 billion, compared with $3.29 billion for the same time period in 1998. Cash flow reached $610 million, excluding a one-time restructuring charge associated with the acquisition of Spelling Entertainment, compared with $599.8 million in last year's third quarter. Operating income, however, declined to $402.3 million from $407.3 million last year, excluding the restructuring charge, as did net profit, down 22 percent to $97 million. The company's entertainment division, suffering from comparisons to last year's titanic gains, reported revenues of $1 .2 billion, down from $1 .3 billion a year ago, and operating cash flow of $95.7 million, down 55 percent from $214.7 million in 1998, including the Spelling restructuring charge. Sony Corp. surprised analysts by posting a 3.1 percent rise in net income to $435 million for the quarter ending in September, despite a strong yen and disappointment at the boxoffice. Operating income dropped by 37 percent to $656 million, and revenue slid seven percent to $15.3 billion. Sony Pictures Entertainment suffered a 19 percent sales slide to $1 .07 billion and saw its operating income halve to $82 million due to the poor performances of "Jakob the Liar," "Dick" and "Muppets from Space." Like Viacom, News Corp. suffered from comparisons to last year's fiscal figures, when "Titanic" boosted the bottom line. Net earnings for the three months ending in September slid 1 6 percent to $165 million from $196 million in the same timeframe last year. Revenue dropped ever so slightly—one percent—to $3.16 billion from $3.19 billion last year, and operating income declined to $395 million from $407 million in 1998. Filmed entertainment's revenue slumped 28 percent to $791 million from $1.09 billion a year ago, and operating income for the division dropped 63 percent to $46 million from $1 23 million in 1998. Seeing results from the video release of "A Bug's Life," Pixar Animation Studios announced a quarter net income of $32.3 million on sales of $79.2 million against a net of $867,000 on revenue of $2.5 million in the same timeframe in 1998—a 3,700 percent rise in net earnings. 56 BOXOFFH E
to create a new entity dubbed the Secret Lab. Together, Dream Quest, which worked on the effects in "Armageddon," "Mighty Joe Young" and "Con Air," and Disney's animation department, which has handled the computer-generated effects most recently in "Tarzan" and the upcoming "Dinosaur," will generate state-of-the-art CGI character animation and visual effects for Disney's live action and animated projects. "102 Dalmations," scheduled for a holiday 2000 release, is slated be the Secret Lab's first film. THE BLAIR RICH PROJECT Artisan Entertainment, whose "Blair Witch Project" put the distributor on the map, has hammered out a three-year, $200 million revolving credit facility that will fund a minimum of eight films with budgets of up to $40 million, plus marketing costs. The deal could lead to a total investment of up to $400 million to $500 million if the first pictures covered by the pact generate the funds to supplement the initial investment. The move frees up the studio's existing $1 75 million credit facility to acquire film and television libraries and clears the way for other capital-raising ventures, such as the publicrights offering the company has been considering lately. "DOGMA" ROARS FOR LIONS GATE "Dogma," which Lions Gate acquired from Miramax's Weinstein brothers, has proven to have wings, opening on 1,269 screens and pulling in $8.8 million on its opening weekend for the independent distributor. By its second week of release, the comic fantasy surpassed Lions Gate's previous highest grossing film, "The Red Violin," which earned $10 million at the boxoffice. "This is a certifiable home run for Lions Gate," says Tom Ortenberg, co-president of the company. "The movie exceeded industry expectations and, more importantly, displayed Lions Gate's ability to open a picture in wide release throughout North America." ON THE MOVE Brian Mulligan, recently appointed cochairman of Universal Pictures (see National News, September 1 999), has been named CFO of Universal parent company Seagram, replacing Robert Matschullat, who departed his post to pursue other business ventures. As a result, Stacy Snider, Mulligan's partner at Universal, will take over as the studio's sole chairman. Meanwhile, Rick Finkelstein, previously a senior VP, has been promoted to president of Universal Pictures. 20th Century Fox also did the executive shuffle, creating the position of president of the 20th Century Fox Film Group for Tom Rothman, who will oversee the Fox production arm (now dubbed TCF) and Fox 2000, working closely with Bill Mechanic, chairman and CEO of Fox Filmed Entertainment. In the wake of the departure of Fox 2000's president Laura Ziskin, who's leaving to return to independent producing, Elizabeth Gabler has been promoted to take the reins, and Hutch Parker, an executive VP, has been tapped to take her previous position as president of production or TCF. HEARTFELT DONATIONS Taking time out of their busy schedules, Wayne Lewellen, president of distribution at Paramount Pictures, and Erik LomK, senior executive VP at MGM, traveled across the country presenting major gifts to prestigious pulmonary hospitals on behalf of the Will Rogers Institute. The funds were raised in part by the theatrical public service announcements featuring Fox NFL Sunday sportscasters lames Brown, Howie Long, Cris Collinsworth and Terry Bradshaw (see National News, August 1999) run in local movie theatres across the country. Century Theatres' Jim Naify, University of San Francisco's Dr. lay Nadel, Lomis and Lewellen. SUPERGLO A durable pearlescent, smooth surface offers maximum reflectivity & light distribution. Regal s Greg Dunn and Mike Campbell, University of Tennessee's Dr. John Griffin, Lewellen and Lomis. HURLEY SCREEN SILVERGLO A smooth, aluminized surface offering the highest reflectivity for special applications such as 3D. Lomis, Lewellen, Cornell Medical Center's Robert Zalaznick and Loews' Bob Lenihan. MW-16 A heavy guage matte white surface offering excellent light distribution, image clarity, and color rendition. Screen Framing • All Types A vailable FAX # (410) 838-8079 /j////////tl//f£lL/ AUTOMATED HIGH SPEED U/L APPROVED TICKETING EQUIPMENT Factory Service, the only authorized manufacturer and repair center. AUTOMATICKET A Division of Cemcorp 110 Industry Lane - P.O. Box 296 Forest Hill, MD 21050 HURLEY SCREEN CORP. A Subsidiary of Cemcorp 410-838-0036 • 410-879-3022 • 410-879-6757 • 410-836-9333 JMC JOHN MEYER CONSULTING 120 Bedford Road Armonk, New York 10504 914.273.5225 • 914.273.2102 Fax 914.273.8261 BBS mail@johnmeyerconsulting.com Site Planning Transportation Landscape Architecture Civil Engineering Design Management Environmental Studies Land Surveying Hazardous Waste Construction Services Complete Theater/Entertainment Center Services X^JET XJS BEA I*AJE*T OJF" YOUK FUTURE Response No. 524 January. 2000 57
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Boxoffice-January.2000

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