Live Entertainment Posts Drop in Quarterly Income
Live Entertainment Inc., a Van Nuys company that sells recorded music and videocassettes, reported a 63% decline in net income in the fourth quarter that ended Dec. 31, to $4 million from $10.6 million a year earlier. Revenues rose 37% to $181.1 million from $132.1 million.
Live said earnings in the latest quarter were hurt by a higher income-tax rate.
For the year that ended Dec. 31, Live earned $19.4 million, an 11% gain from $17.5 million in 1988. Revenues increased 24% to $437.3 million from $352.1 million.
Live said its 1989 results included $6.2 million, before taxes, from key-man life insurance policies covering Jose E. Menendez, Live’s late chairman.
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