Motion Picture Daily (Oct-Dec 1956)

Lday, October 16, 1956 Motion Picture Daily Hied Artists Magna, Fox, UATC Invest Alfred Starr (Continued from page 1) year before taxes of $801,875 as .pared with SI. 064,494, Broidy . Domestic and Canadian film _.al income in 1956 increased to jK.854,000 from 89,441,000 in 1955, foreign film rentals increased to 146.000 from 82,601,000. icluded in the 1955 income was item of $461,557, Broidy pointed which was received from the of fullv amortized pictures, jnereas no such extraordinary inie was received in 1956. If this i were excluded, die 1955 net me before taxes would have been '|2,937, compared with the 1956 re of 8801,875 indicating a subjtial increase from normal operais in 1956. Federal income taxes ? 8430,000 in 1956 and 8466,000 [955, leaving net income of 8371,' in 1956 and 8598,494 in 1955." Inventories Hit High Mark urrent and working assets of the pany as of June 30 this year exled current liabilities by $5,432,Broidv continued. "Inventories lined a record level of 89,219,000 [pared with 85,282,000 on July 2, I. This increase in inventor)' was mainly to our enlarged program lajor pictures. vt this time we have the largest :log of completed and unreleased ires in our history. To finance large inventor)', our bank loans ' increased to 83,609,000 at June 1956 from 81,700,000 on July 2, ifad o 4.. Annual Meeting 11 Be Held Nov. 14 (OLLYWOOD, Oct. 15.-The anmeeting of Allied Artists stockers will be held here on Nov. 14 ilect nine directors and transact r business. Management's proxy aiittee for the election of directors ists of Samuel Broidy, G. D. ows, H. J. Mirisch and Herman in. nitine' Talks ( Continued from page 1 ) j In Chicago, Davis talked with cc Howell officials on new equip: developed by the company. He Rank has a long term agreement B & H for equipment manufac1 under a joint licensee program ^listribution in many parts of the :• conferred here yesterday with srt Benjamin, president of the : American company. >//' Big in Atlanta if biggest opening weekend gross nv 20th Century-Fox picture to the Fox, Atlanta, this year was d Friday-Saturday-Sunday by veen Heaven and Hell" in TiaScope, according to theatre ts. The 3-day take bests "The and I" by more than $2,000 and bstantially ahead of the marks Jus Stop" and "Carousel." ( Continued company, 47 per cent of the net profits from the Todd-AO version of "South Pacific" would be received by R & H Pictures. Skouras said that Magna would receive 53 per cent of the net profits from the film with 10 per cent of tiiis going to 20th-Fox, which is investing 82,000,000 in the production. "Twentieth will also pay monies ac RKO Radio Pictures, which has the foreign distribution rights to the CinemaScope and Todd-AO versions of "Oklahoma!", has informed Magna Theatre Corp. that it foresees a foreign gross of $12,000,000 for the film, George P. Skouras, president of Magna Theatres, said here yesterday. crued if the film goes over the budget which has not yet been set," Skouras said. Skouras added that 20th-Fox, which will also distribute "South Pacific" world-wide after its roadshow engagements, has agreed upon a 20 per cent distribution charge for the picture. He said that the same distribution charge applies to "Oklahoma!" with Magna MPf A Meeting Today on Four License Divisions The division of licenses in Burma, Formosa, Indonesia and Pakistan will highlight the agenda of today's meeting of the board of directors of the Motion Picture Export Association. Also on the agenda, according to a representative of the MPEA, is a labor problem in Brazil. from page 1 ) having approval on all sales contracts. Skouras said he expects to have at least 50 roadshow engagements for "South Pacific" in Todd-AO. He said that "Oklahoma!" in 30 roadshow engagements grossed domestically $6,500,000, of which the New York engagement at the Rivoli Theatre contributed $1,275,000. Commenting on the agreement with 20th-Fox regarding "Oklahoma!" Skouras said that Fox will pay Magna $1,000,000 on Feb. 1, 1957, and $1,500,000 in March. Hammerstein said that thus far no cast has been set for "South Pacific," which will be directed by Joshua Logan. He said it is the intention of R & H Pictures to eventually produce as motion pictures "Allegro," "Me and Juliet" and "Pipe Dream." He said that Magna Theatres has first call on film rights to these stage plays. "I find that the Todd-AO process is the best film medium employed in the industry today," Hammerstein said, "because of the wide-angle landscape features as well as the intimate closeups which it affords." Hammerstein said that he will leave here shortly for Australia via Hawaii to look for locations for "South Pacific" and to attend the openings of "Oklahoma!" and "The King and I," the latter in CinemaScope, in Australia. Campbell Named (Continued from page 1) elected at a board meeting last Friday here. As vice-president of RKO Teleradio, the company operating the entertainment properties of General Tire & Rubber Co., Campbell will supervise national sales for General Teleradio's owned and operated stations and for the Mutual Broadcasting System, the firm's radio network. Prior to his election, Campbell was national sales manager for General Teleradio. Campbell's election, O'Neil said, is part of the recently announced plan by means of which RKO Teleradio Pictures is knitting more closely the related activities of its various entertainment adjuncts. O'Leary Retires (Continued from page 1) remain as a consultant to the company. He was with the Comerford organization for 30 years, making his headquarters in Scranton, Pa. A member of the Motion Picture Pioneers, O'Leary also was an officer of Theatre Owners of America and its predecessor, Motion Picture Theatre Owners of America, for many years. (Continued from page 1) Co., which he managed in cooperation with his brother, Milton, was highly instrumental in making Theatre Owners of America prominent in industry affairs, having been president of TOA during 1953-54. He served as chairman of the executive committee and was a member of the board of directors from 1954 to 1956. At the recent TOA convention, the prominent Southern theatreman was named a member of the executive committee and the finance committee. He was also a member of the board of the Will Rogers Memorial Hospital. Active in Civic Affairs Starr was also active in local community affairs here. He was a founder of the Nashville Symphony Orchestra and past president of the Nashville Community Chest. He was treasurer and trustee of the Nashville Children's Museum and an incorporator of the Nashville Educational Television Foundation. As co-chairman of the Committee Against Pay-AsYou-See Television, Starr, along with Trueman Rembusch, of Allied States Association, led the fight against subscription television, which is currently pending before the Federal Communications Commission. Burial will take place here on Wednesday.