In Brief : MGM-UA Posts $39.5 Million Loss
MGM-UA Communications Co., subject of recent takeover rumors, said today it lost $39.5 million in its most recent quarter.
The loss in the first quarter of the company’s 1989 fiscal year contrasts with a profit of $2.1 million, or 4 cents a share, in the first quarter of last year.
Revenue in the quarter ended Nov. 30 was $57.7 million, up from $48.4 million a year earlier, the company announced.
Jeffrey Barbakow, MGM-UA’s chairman and chief executive officer, blamed increased interest expense and higher write-offs on movies in production and already released for the loss.
The company lost $48.7 million in its 1988 fiscal year.
The biggest entertainment stories
Get our big stories about Hollywood, film, television, music, arts, culture and more right in your inbox as soon as they publish.
You may occasionally receive promotional content from the Los Angeles Times.
