Live Entertainment Shows $107-Million Loss for 1991 : BY PATRICE APODACA

Live Entertainment Inc., revealing that its auditors have expressed doubts about the home video firm’s ability to continue as a going concern, on Wednesday reported a $107-million loss for 1991.

The Van Nuys company, 53%-owned by troubled movie producer Carolco Pictures Inc., reported a fourth-quarter loss of $7.8 million, contrasted with earnings a year earlier of $13.7 million. Revenue for the quarter fell 10% to $122 million, from $136 million in 1990.

In addition to slower sales in its videocassette distribution and retail divisions, Live blamed the 1991 loss on increased operating expenses, the write-off of $15 million in goodwill from its acquisition of videocassette distributor Vestron Inc., costs associated with the sale of its Lieberman Enterprises subsidiary and additional costs from Live’s aborted attempt to merge with Carolco last year.

Wednesday’s announcement was the latest in a string of bad news for Live and Carolco. Despite Carolco’s current hit, “Basic Instinct,” and last year’s blockbuster “Terminator 2: Judgment Day,” both companies have teetered on the brink of bankruptcy in recent months.

Live’s stock fell 75 cents Wednesday to close at $2.25 a share, an all-time low, in New York Stock Exchange trading. Carolco fell 12.5 cents to $2.125 a share.

Last month, as Carolco obtained a refinancing pact from its bank lenders and foreign investors, Live won some breathing room when a lender group headed by Chemical Bank agreed to extend Live’s $50-million line of credit through Dec. 2.