20th Century Fox Ends Year Back in the Black

Twentieth Century Fox Film Corp. on Tuesday reported its first profitable year since 1981, with earnings of $30.4 million on revenue of $568.3 million.

The Los Angeles-based entertainment company shortened its fiscal year to a 10-month period to conform to the financial periods of News Corp. Ltd., the movie studio’s parent company controlled by financier Rupert Murdoch.

Operating income for the 10 months ended June 28 totaled $51.8 million, compared to a loss of $40 million for the 12 months ended Aug. 31, 1985.

Fox noted that the results did not include the box-office income generated by its two summer hits, “Aliens” and “The Fly.” The company credited three earlier motion pictures-- “Cocoon,” “Jewel of the Nile” and “Commando”--for the financial turnaround.

The 10-month results also reflected reduced costs relating to operating revenue. For the 10-month period, Fox said it spent $438.9 million, compared to $585.7 million in the 12-month period a year earlier. The company said it paid $18.6 million in interest expense for the 10 months ended June 28, down from $37 million paid in the prior year.