Boxoffice-August.02.1976

Carl L Patrick Is
Named Recipient
Of '76 Pioneer of the Year Award
NEW YORK—Carl L. Patrick, president
Carl L. Patrick
of Fuqiia Industries. vmII be honored by the
Motion Picture Pionccis
with the presentation
of the 1976
"Pioneer of the Year"
Award, it was announced
by James R.
Velde, president of
the film industry organization.
Time and
place of the award
dinner have not been
determined.
In making the announcement,
the Pioneers' president paid
tribute to Patrick as "one of the most productive
figures in the development and
growth of the motion picture theatre indus-
to Texas. His methods were innovative, as
Martin designed a new system for drive-in
construction using prefabricated materials
thus enabling the circuit to open an average
of two outdoor theatres per week. Under
Patrick, the circuit recognized the future
potential of shopping center locations and
constructed new theatres in retail centers
throughout the Southeast.
He became president of Martin in 1968
and a year later merged with Fuqua. In
1970, Patrick was named president and
chief operating officer of Fuqua. Under his
leadership, Fuqua reached a joint agreement
with Cox Broadcasting Co. to produce motion
pictures through Bing Crosby Productions.
Such films as "Walking Tall," "The
Reincarnation of Peter Proud" and "Part 2
Walking Tall" were produced with BCP.
try—a man who has served the entertainment
Patrick currently is chairman of the
community and its membership with
distinction and dedication."
board of Martin Theatres; a member of the
executive committee of NATO; an international
Patrick first assumed his duties with
ambassador for Variety Clubs Inter-
Fuqua in 1969, following a merger with national, and past president of the Ass'n of
Martin Theatre Cos. of Columbus, Ga. He the U.S. Army.
joined Martin in 1945 and within three Patrick makes his office at Fuqua headquarters
years was promoted to general manager.
in Atlanta. He has two sons: Carl
During Patrick's tenure, Martin expanded Loyd jr., a student at the University of
from 90 theatres in Georgia and Alabama
to 263 screens in nine states from Virginia
Georgia Law School, and Michael, a district
manager for Martin Theatres.
Wometco Earnings, Net
Hit Peak for 1st Half
MIAMI — Wometco Enterprises, Inc.,
leisure-time industry giant, reported net income
soared a record of 35 per cent in the
second quarter and 41 per cent in the first
fiscal half of 1976.
Wometco, which operates a circuit of theatres
as well as other entertainment ventures,
recorded primary per-share earnings
for the quarter of 47.6 cents, up 36 per cent
from 35.1 cents last year.
Net income dramatically rose 35 per cent
to $4,117,000, as compared to $3,039,000
in 1975. Sales for the quarter reached $47,-
336,000 in comparison with $40,177,000
last year, an 18 per cent hike.
Half year figures included a rise of 42
per cent in primary per share earnings,
now at a record 78.4 cents (55.2 cents in
1975). Net income rose 41 per cent to a
record $6,760,000 from $4,782,000 a year
ago. Sales in the half year rose 18 per cent
to $90,190,000 from $76,545,000 in 1975's
first half.
Per-share figures were adjusted for both
periods to reflect the 3-for-2 stock split of
June 30, which increased the average number
of shares outstanding during the period
to 8,618,000.
Wometco president Mitchell Wolfson
commented that he was particularly pleased
by results because "Wometco's profit and
sales records were achieved, not from low
recession-based levels of last year, but rather
from record-breaking highs in both the second
quarter and first half of 1975." He
pointed out that Wometco's compound
growth rate of net income for the first fiscal
half over the last five years is 24.
Wolfson attributed second-quarter profit
gains primarily to the continuing performances
of the TV broadcasting, bottling,
and vending operations.
Entertainment division profits for the second
quarter were down, as expected, primarily
because of a shortage of films with
broad-based audience appeal. The division,
which includes the Miami Seaquarium and
several smaller tourist attractions, turned in
a profit decrease of 20 per cent on lower
sales of 4 per cent.
"Because of the new motion picture product
such as 'Midway,' 'The Omen,' several
summer Disney releases and similar popular
films, I believe theatre attendance will show
marked improvement in the third and fourth
quarters," Wolfson said.
WB Promotes Paul Maran
To Graphic Arts Director
BURBANK—Paul Muran has been promoted
to graphic arts director for Warner
Bros. Pictures, it was announced by Sidney
Ganis, director of advertising.
Maran, who for the last ten years has
served as production manager for Warner
Bros.' advertising and publicity department,
will assume his expanded duties immediately,
reporting to Ganis and to Arthur Manson,
vice-president, worldwide advertising
and publicity.
WCI's Revenues, Earnings,
Set New Records for Firm
NEW YORK—Warner Communications,
Inc.. July 21 reported second-quarter results
which set all-time records. Net income
was $16,082,000, 21 per cent higher than
the $13,318,000 earned in 1975's second
quarter.
Fully diluted earnings per share of 95
cents were 25 per cent higher than the 76
cents for the comparable period last year.
Revenues rose to $194,601,000, compared
to $154,679,000 in 1975's second period.
Average fully diluted shares outstanding
during the 1976 second quarter were 16,-
958,000, compared to 17,689,000 in 1975.
For the six months ended June 30, net
income rose to $31,619,000, a gain of 15
per cent over the $27,572,000 earned in
1975. Fully diluted earnings per share of
$1.87 were 24 per cent above last year's
$1.51. First-half 1976 revenues of $376,-
576.000 compared to $325,968,000 last
year. These were all first-half records.
Average fully diluted shares outstanding
during 1976's first half were 17.001,000, as
against 18,336,000 during the first six
months of 1975.
Commenting on second-quarter results,
WCI chairman Steven J. Ross said in part,
"Theatrical film rentals were up sharply
domestically, partially offset by an expected
revenue decline. This decline was
foreign
the principal reason for the decrease in income
from filmed entertainment. The strong
domestic performance was led by 'All the
President's Men,' with substantial contributions
from the rereleases of 'Blazing Saddles'
and "The Exorcist.' "
Cable TV recorded its sixth successive
quarter of growth in profits, showing a fivefold
increase of 1975's second quarter, Ross
noted.
Choice Program Planned
For Telluride Festival
TELLURIDE, COLO.—Three famous
filmmakers, rare film treasures, new motion
pictures and public open-air discussions will
be part of the third Telluride Film Festival
to open here for four days beginning September
3.
New movies will have their American
premiere at the festival, which also will
honor the filmmakers. The unusual film
items to be screened will include some from
the Eastman House collection and from the
Cinematheque Francaise.
Filmmakers, critics and historians will
participate in the open discussions in the
Telluride Park. Major film exhibitions will
be in the Sheridan Opera House which was
built in 1914 and recently restored to its
original grandeur.
Two hundred general admission tickets
for the annual event have gone on sale on a
first-come, first-served basis. Mail orders will
be honored according to the postmarks.
Reservations and information concerning
the festival may be obtained by writing
Telluride Film Festival, P. O. Box 247,
Telluride, Colo. 81435.
August