COMPANY TOWN ANNEX

Seagram Earnings Drop: The entertainment, juice and spirits company reported a drop in fourth-quarter profit, reflecting lower earnings from its beverage and MCA’s music operation. The company said the music results were down because its year-ago performance was so strong because of investments in its music venture with Dream Works SKG and its new Universal Records label. The Canadian-based company posted an operating profit of $234 million in the three months ended Jan. 31, down from $253 million in the year-earlier quarter. MCA--80% owned by Seagram--contributed operating earnings of $133 million for its fourth quarter ended Dec. 31, down from $162 million a year ago. Although filmed entertainment benefited from the success of summer films such as “Apollo 13,” “Casper” and “Babe,” its music operating earnings tumbled more than 70% to $27 million for the quarter.