Independent Exhibitors Film Bulletin (1962)

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FINANCIAL REPORT i/lovie Stocks on Toboggan as tears Hold Siege on Market Movies continued to toboggan during the past two weeks as he entire market failed to halt the steady slide. At the May 10 leadline, the DowJones industrial average had closed at its owest point since Feb. 14, 1961. Fifteen of the 18 cinema issues covered in the Film BULLE IN chart dropped over the past fortnight, while three manged to withstand the strong downward pull. M-G-M, which ome observers felt had declined to a point where its yield was ttractive, advanced 7/g, despite losing some ground late in the ession. United Artists, buoyed by an impressive product anouncement for the remainder of the year, moved up II/4, and imerican Broadcasting-Paramount jumped a smart 2l/2 points. Heaviest losers were: Walt Disney and Columbia Preferred, ach of which slumped 4l/2 points; Paramount, down $y8, most f it following president Balaban's message to stockholders; tanley Warner, registering a 3-point loss, and Cinerama, which '/as down 2% on the heaviest trading (108,900 shares). A good idication that the bears had taken hold was found in the fact pat five companies showing improved profit statements during ie period — Decca, Warner Bros., Screen Gems, National Genral and Seven Arts — all declined in price. In addition, all six lovie shares in the over-the-counter list dropped over the past jrtnight. API Statement Reveals Film Investments 1 In its fourth annual report to shareholders, Motion Picture rvestors, Inc. revealed the details of two interesting deals into hich it entered to help stimulate the flow of product to leatres. In the fiscal year ended March 31 MPI realized a "substantial" rofit from its contract with Allied Artists for the re-release of Friendly Persuasion", "The Oklahoman" and "Wichita". Not ) successful was MPI's move to assist in the financing of prouction costs for "The Deadly Companions", which is being istributed by Pathe America. The initial loan of $150,000 to Carousel Productions, Inc., producer of the film, had been reduced to $130,000 and is now represented by a note in the amount of $122,690.04. However, in view of the picture's slow play-off, the MPI statement reports, it appears "improbable that future receipts will be sufficient to recover the unpaid balance" of the loan, and it has therefore been written down to $65,000. MPI net assets as of March 31 was $348,682.91. Outstanding shares numbered 43,619. The company holds stock in all major film companies except 20th-Fox. Seven Arts '62 Profit Up Seven Arts Productions, Ltd., which boasts participation in such motion pictures as "West Side Story," and various other entertainment vehicles, in addition to its television distribution activities, jumped from a loss of $1,090,212 for fiscal 1961 to a profit of $1,100,555 (85c per share) for the fiscal year ended Jan. 31, 1962. In a letter to shareholders, president David B. Stillman reported that Seven Arts total revenue for the term was about $18,000,000, of which $13,000,000 represented rentals from TV distribution via the firm's subsidiary, Seven Arts Associated Corp. The balance, he added, representing income from theatrical distribution, was offset by amortization taken on a costrecovery basis. Paramount Still Cost-Cutting — Balahan Paramount Pictures will hold its annual stockholders meeting June 5 to elect 11 directors to the firm's board and, among other matters, to vote on a resolution that would impose certain restrictions on future stock options. According to the proxy statement, the principal officers received the following remuneration last year: Barney Balaban, president — $124,000; vice president Y. Frank Freeman — $57,200; vice president and secretary Paul Raibourn — $59,800; v.p. George Weltner — $62,400; Adolph Zukor, board chairman — $52,000; v.p. Jacob H. Karp — $78,000. Previously, in a message to the firm's stockholders, Balaban had said that Paramount was continuing with its policy of consolidation and cost-cutting to meet the rising cost of production and the "competition we have had to meet from other aspects of the entertainment field." ( Continued on Page 22 ) FILM SHARES FAR DOWN FROM MAY, '61 What tt Difference a Year Makes! The chanciness of movie stocks — every bit as unpredictable as the films and stars they represent — has made itself felt on the market over the past year. The object of much of Wall Street's affection in the Spring of 1961, cinema shares are back on the shelf this season, and the prospects of another romance with investors before fall are highly unlikely. That the decline in movie prices is temporary, awaiting merely another powerful line of theatrical product to switch the caravan back into high gear, is an accepted fact on the Street, but a fact it definitely is. According to the Financial Report statistics department, 12 film and theatre stocks were down as of May 1 from the comparable rate in 1961. Only two were up. The drops range from in Decca (currently stirring plenty of interest via its planned marriage with MCA) to a huge 331/? point plunge by Paramount (attributable to lacklustre product and its pay-TV flop in Etobicoke). The average decline is sizable: a shade under 12 points. In the May 1 (1961) issue of Film BULLETIN, we wrote: "The romance between Wall Street and movie stocks continue apace." Now that the ardor has cooled considerably, many observers see the plus factors in motion pictures as pretty well discounted, and some issues poised for another take-off. Little in the way of an upsurge is seen before fall, however, because most of the companies' big (picture) guns are slated to go off during the coming holiday season, thereby postponing any realization of important revenue until later in the year. In fact, one firm, 20th-Fox, does not figure to improve to any great degree until 1963, after its highly-heralded "Cleopatra" has been finished and placed in release. One exception, Walt Disney, appears ready to take a ride at any moment, as substantial grosses continue to roll in from successful films, and more of the same will soon (Continued on Page 22) Film BULLETIN May 14. 1942 Page 9