New World Entertainment Ltd. said net income...

New World Entertainment Ltd. said net income fell first- quarter 59% to $4.3 million while revenue rose 37% to $115.6 million. The Los Angeles-based entertainment firm said first quarter 1988 includes extraordinary items related to a gain on early extinguishment of debt and utilization of a net operating loss carryforward amounting to $12.5 million. The loss before extraordinary items amounted to $7.9 million. The 1987 period included a realized gain on investments in common stock holdings of $23.2 million.