Boxoffice (Jan-Mar 1962)

$4,465,486 Disney Net Follows Big I960 Loss BURBANK. CALIF.— Walt Disney Productions and its domestic subsidiaries showed a consolidated net profit, after taxes, of $4,465,486 for the fiscal year ended Sept. 30, 1961, compared to a net loss of $1,342,037 for the previous fiscal year, according to Roy O. Disney, president, in his annual report to shareholders. The 1961 figure represents $2.75 per share on the 1,626,023 shares outstanding, compared to 83 cents per share on the same number of shares outstanding in the previous year. During the past year, the company paid cash dividends of 40 cents per share. Provision for income taxes of $5,322,000 was made for 1961, compared with a net income tax credit of $1,300,000 for 1960. Gross income for the year was $70,247,772, an increase of $19,316,788 over the $50,930,729 reported for 1960. Film rentals for the year were $41,159,729, an increase of $18,229,980. Disneyland Park revenues and television income also showed increases, Disney said. The big increase was due to Disney’s 1961 pictures, “Swiss Family Robinson,” “101 Dalmatians,” “The Absent-Minded Professor” and “The Parent Trap,” enabling the long-term debt to be reduced by $17,105,406. The year beginning October 1, promises to be another good year for the company with the first quarter showing “larger earnings than in any similar period in the company’s history,” Disney said, due to continuing substantial income from last year’s product. Museum Groundbreaking To Be Held in June HOLLYWOOD — June has been set as the groundbreaking date on the Hollywood Museum, according to Sol Lesser, who revealed the news before founder members of the museum at a reception at Pickfair. The $4,000,000 main structure will be erected on a four-acre site across from the Hollywood Bowl which will be called the Hollywood Museum Center. In an address to the Hollywood Press Club, Lesser disclosed that the Hollywood Motion Picture and Television Museum will be called simply the Hollywood Museum, this avoiding slight to any segment of the entertainment industry. With the addition of a tower adjunct, Lesser said an additional $1,000,000 has been budgeted to the $4,000,000 original construction cost of the building. A late development in plans for the museum is the acquisition of unused portions of films from studios which will be cut into small pieces and sold as souvenirs. 20th-Fox Stock Dividend NEW YORK — Twentieth Century -Fox Film Corp. has declared a semi-annual stock dividend of two per cent on the outstanding common stock of the company, payable March 31, 1962 to stockholders of record March 8. 2nd Best Profit Quarter For Stanley Warner WILMINGTON, DEL.— Stanley Warner Corp. recorded its second highest netprofit quarter in the three-month period ended November 25, S. H. Fabian, president, reported to stockholders at their annual meeting last week. The consolidated net profit for the period was $1,312,700. Yet, this was less than the net profit in the same period a year ago when an all-time high mark of $1,470,600 for a single quarter was recorded. Fabian said that theatre admissions, merchandise sales and other income for Stanley Warner and its subsidiaries totaled $35,283,400 as compared with $33,351,000 for the quarter a year ago. Commenting on the theatre outlook, Fabian said he was reasonably confident that boxoffice receipts during the coming months would be at a higher level. He said marginal theatres were being weeded out, key properties were being refurbished and new theatres were being added in centers where a real future was in evidence. “We are about to commence the renovation of the Fabian Theatre in Paterson, N. J., and we expect to construct a new theatre in Storrs, Conn., the home town of the fast growing University of Connecticut,” he said. “We are scouting new theatre locations in other growth areas.” He said major steps had been taken in expanding foreign operations in Sarong girdles, Playtex and bras. He also reported on the activities in the pharmaceutical division and the industrial chemical division. The stockholders approved the five-year extension of the management contract with the Fabian interests. Re-elected to the board of directors for two-year terms were Harry M. Kalmine, W. Stewart McDonald and Dr. Charles F. McKhann. Spiro J. Papas Is Elected Chairman of NAC Board Chicago — Spiro J. Papas, executive vice-president of Alliance Amusement Co., and retiring president of the National Ass’n of Concessionaires, has been named chairman of the board of NAC, according to Russell Fifer, executive director and secretary of the association. The new office was created by an amendment to the bylaws approved by members in a mail ballot. The duties of the board chairman will be mainly advisory and the position honorary in character. Hereafter, each retiring president will automatically assume this title. The board chairman exercises voting power and becomes an honorary member of the board when a new president is elected, for the duration of his membership in the association. Augie Schmitt, veteran popcorn merchandiser of Houston, is the new president of the concessionaires group. MGM Earns $2,173,000 In Opening Quarter NEW YORK — Metro-Goldwyn-Mayer, Inc., earned $2,173,000 in the first quarter of the current fiscal year, compared with $2,177,000 for the similar period last year, Joseph R. Vogel, president, reported to stockholders, Monday (15). Accompanying the report to stockholders was a dividend check for 50 cents per share, the first dividend check to reflect the 10 cents per share quarterly increase voted by the board of directors in November. The consolidated net income for the 12 weeks ended November 23, represents earnings of 85 cents per share on the 2,545,229 shares outstanding at the end of the period, compared to 87 cents per share on the 2,506,129 outstanding at the end of the corresponding period last year. “The company is continuing to diversify and expand its interests in the whole field of entertainment throughout the world,” Vogel said, pointing to recent management changes, including Robert H. O’Brien’s recent election as executive vicepresident and Robert M. Weitman’s appointment as studio administrator, succeeding Sol C. Siegel. Vogel also discussed the schedule of releases for 1962, including “The Four Horsemen of the Apocalypse,” which had its world premiere in Paris January 17 and is to have its first American performance in Washington, D. C., February 8; the first MGM-Cinerama production, “How the West Was Won,” to be completed for opening engagements this summer, and “Mutiny on the Bounty,” now being edited and scored, which he called “a major entertainment achievement.” Variety Week, Convention Plans Get Under Way MIAMI — Plans for Variety Week, to be held February 11-17, as well as the 35th annual convention to be held May 15-19 in Dublin, Ireland, were the chief topics discussed at the recent Variety Clubs International four regional meetings held in Las Vegas, Cincinnati, Atlanta and Washington, D.C. Rotus Harvey, first assistant international chief barker, will be in charge of the forum meetings at the Dublin convention. William Koster, Heart chairman, will initiate a new format for the Heart reports at the convention, it was announced. New fund-raising methods were discussed at the regional meetings, as well as the availability of funds from the HillBurton Act, for the construction of hospitals, clinics and facilities. Another item of discussion was the new Wishing Well of Variety Clubs at Disneyland. Deneau Resigns Para. Post As Assistant Sales Chief NEW YORK — In a surprise move, Sidney G. Deneau announced his resignation Friday (12) as vice-president and assistant general sales manager of Paramount Film Distributing Corp. His future plans will be announced shortly. Deneau has been associated with Paramount for the last eight and a half years. 14 BOXOFFICE :: January 22, 1962