Harvey Hatches Better Results For 1st Quarter
The Harvey Entertainment Company announced that its first quarter income has improved nearly 25% over last years results. Net operating revenues improved to US$882,000 in the first quarter of 2000, compared to $562,000 in 1999. Harvey saw a reduced loss from operations of $598,000 in the first quarter of 2000, compared to a loss of $2,412,000 a year ago. These figures do not include the CASPER owners recent purchase of PM Entertainment. In addition, Harvey announced that in conjunction with the combining of PM Entertainments accounting and financial personnel with the Harvey team, Glenn R. Weisberger, Harvey's senior VP and general counsel, was appointed acting chief financial officer. Weisberger replaces Ronald B. Cushey who is leaving Harvey to pursue another career opportunity. Roger Burlage, chairman and CEO, said, "Bringing the PM Entertainment acquisition to closure, including related bank funding, occupied a large portion of management's time in the first quarter, but resulted in the successful completion in April of what we believe represents a very attractive acquisition for Harvey. The PM acquisition provides a significant base of recurring revenue for Harvey, while also significantly expanding our library of entertainment product and providing important domestic and international distribution. We have already begun to leverage our new distribution capability and personnel through third party relationships as well with our existing Harvey titles and view this as important long-term growth opportunity." The company also received licensing funds from the three-year pact with Tutornet that allows the company to use Richie Rich as the spokesman for their on-line tutoring service. In November, Harvey hopes for large revenues from the direct-to-video release of the 3D-animated CASPER'S HAUNTED CHRISTMAS. In the first quarter, Harvey also signed a deal to handle international sales and distribution for toon house Film Roman.