Motion Picture Daily (Jan-Mar 1959)

Motion Picture Daily Tuesday, March 10, Loew's Capital (Continued from page 1) ante sheets indicate the new theatre company would have total current assets of '$12,251,721, as of Aug. 31, 1958, and $14,483,251, as of Nov. 20, 1958. Current liabilities would be $8,523,391 and $7,534,811, respectively. Dividend Restrictions Set The new Loew's Theatre company will not be permitted to pay dividends (other than common stock dividends ) in excess of earnings accumulated after the date of reorganization and no dividend will be permitted which reduces the balance of current assets, as defined, to less than twice current liabilities, as defined. As of last Aug. 31, under the dividend restriction the theatre company's current assets amounted to approximately $8,800,000, or approximately $7,200,000 less than twice the current liabilities, as defined. At Nov. 20 current assets, as defined, were approximately $3,400,000 less than twice current liabilities, as defined. The pro forma consolidated income statement shows that of total income of $118,256,874 from film rentals and theatre receipts in the fiscal year ended last Aug. 31, the picture company's share was $87,232,066. For the quarter ended Nov. 20, 1958, the picture company's income was $22,972,457, on the pro forma basis. Theatre Income Estimated On the same basis, the theatre company's income (including broadcasting) for the last fiscal year would have been $38,185,273 and, with rent, interest and other income, $42,522,000. For the first quarter of the current fiscal year it would have been $9,327,432 and $10,291,106, respectively. For the fiscal year, the theatre company's expenses were $38,039,546, leaving net of $1,967,490 after taxes. For the first quarter, expenses are listed at $9,264,772, leaving net of $466,334 after taxes. The picture company's expenses for the last fiscal year, pro forma, were SI 14,375,734, resulting in a loss of $1,193,492 after taxes and interest. For the first quarter, also pro forma, picture company expenses were $24,831,150, leaving net income of $2,158,534 after taxes and interest. The picture company's pro forma balance as of Aug. 31, 1958, and Nov. 20 was $31,748,930 and $33,944,925, respectively. Must Pay $5,000,000 Under the reorganization agreement, the theatre company is obligated to pay $5,000,000 as its share of the Loew's, Inc. sinking fund debentures, plus certain interest payments. Its long term debt includes $8,515,431, in addition to $1,206,781 due within one year. After Thursday Loew's shareholders will receive one-half share of stock in both the new picture and the new theatre companies for every share of stock presently held. Trading in the new stock on a "when issued" basis began yesterday. REVIEW: The Wild and the Innocent Universal — CinemaScope A long and venerable line of Westerns are mildly satirized in this Audie Murphy, Joanne Dru starring vehicle in CinemaScope and Eastman Color. Written, directed and acted with tongue-in-cheek exaggeration of Audie's innocence as a mountain boy on his first visit to town back in the frontier days, and his equally exaggerated heroic exploits there, "The Wild and the Innocent" is nicely made, lightweight entertainment. It should go over well with outdoor and action fans and should please and entertain the rest. With Gilbert Roland, Jim Backus and Sandra Dee co-starred, and an excellent supporting cast, the Sv Gomberg produced and Jack Sher directed story has good selling values. When Murphy, accompanied by Miss Dee as an unkempt mountain girl in search of employment in the town, reach Casper, Wyo., he becomes infatuated with Miss Dru, as a dancehall hostess, about the same time that Miss Dee finds herself in love with Murphy. While he pursues Miss Dru through a riotous Fourth of July celebration in the gun-ruled town, Miss Dee, in turn, is pursued bv Roland, as the sheriff with an eye for the ladies. Snubbed at a dance bv the townspeople. Miss Dru's pique gets the best of her and she gives Murphy a disillusioning glimpse of her real character, which is enough to send him to the rescue of Miss Dee, who even then is being plied with champagne, jewels and a smart wardrobe by the sheriff, who ultimately dies in a duel with the heroic mountain boy. With the obstacles removed, Audie and the girl head back to the mountains for the uncomplicated life of fur trappers. There is one song in the film, "Touch of Pink," with words and music bv Diane Lampert and Richard Loring, sung bv Murphy, which has a catchy lilt that could become popular and thereby further help ticket sales. The east also includes Jim Backus as a hen-pecked storekeeper; George Mitchell as Murphy's fur trapper uncle; Lillian Adams as the latter's Indian wife; Peter Breck as an unruly cowhand; Bettv Harford as Backus' wife; Weslev Tackitt as the cigar-smoking dance hall madam, and Mel Leonard as the carnival man too slow of hand to work the shell game successfully on our hero from the hills. In addition to producing and directing, Gomberg and Sher are responsible for the screenplay, which is based on a story by Gomberg. Running time, 84 minutes. General classification, Release, in Mav. Sherwin Kane New Loew Shares (Continued from page 1) tres issue opened at 10/2, hit a high of 11%, and closed at About 7,200 shares were traded. In addition, about 35,000 shares of the present Loew's common was traded. It closed at 23)L Holders of the present stock will receive one-half share in both the new picture and new theatre company for each present share after the formal separation of the companies on Thursday. Mrs. Lewis J. Selznick LOS ANGELES, March 9. Mrs. Florence Sachs Selznick, 82, widow of the late Lewis J. Selznick and mother of David O. Selznick, is dead here. Also surviving are another son, Howard, two sisters, six grandchildren and two great-grandchildren. 'South' Ending IV. Y. Run "South Pacific" in Todd-AO will end its local engagement at the Rivoli Theatre on Wednesday, April 1, at which time it will have played 55 weeks on Broadway. Expiring Leases ( Continued from page 1 ) giving effect to the divorcement-reorganization reveals. The breakdown shows 11 leases with minimum annual rentals of $425,000 expiring up to Aug. 31, 1966; five at $198,000 in the following five years and four at $87,000 in the five years to Aug. 31, 1976. There are 33 leases expiring in years thereafter, with minimum annual rentals of $612,000. Schoenfeld Shorts Lester Schoenfeld Films, distributor of domestic and foreign shorts, currently has product in four first-run theatres here. "Ceylon Holiday" is at the Astor and Normandie; "Diavolezza" is at the Roxy; and "I Went to Britain" at the Capitol. In addition "Be a Sport" and "Papua and New Guinea" have just completed runs at the Victoria. 'Rio' Here March 18 Warner Bros.' "Rio Bravo" will have its New York premiere at the Roxy Theatre on Wednesday, March 18. loew's TV Income h '58, $12,628,006 Income of Loew's, Inc. subsidi; other than films on a pro forma giving effect to the reorganizatic be effective Thursday, shows t<; sion sales in the lead. Television income is listed at : 628,006 for the fiscal year endec Aug. 31, and $3,326,609 fori quarter ended Nov. 20, 1958. M records and music income for the year is listed at $11,739,068, of | $2,282,452 would belong to the theatre company, which gets the ' operations under the reorgani; agreement. Income from the sources for the first quarter o current fiscal year is given as $2 582. Rent and other income for the year is reported at $9,526,29 which $6,417,427 would go m theatre company. Income from source for the first quarter is rep', at $709,073. Expenses Listed The statement shows the folk' expenses: television, for the 19r cal year, $5,081,320; for theif \ quarter of 1959, $1,375,515; records and music, for the year, 021,544, of which $1,642,771 be applicable to the new theatre pany, and for the first quarter 028,213. The statement notes that for use of MGM pre-1949 fflj television are for seven years ar rentals are taken into income as e over the period. Contracts outsta as of Aug. 31 and Nov. 20 pre for gross income of approxii $36,433,000 and $35,796,000, r tively, to be earned after these The statement also notes WMGM Broadcasting Corp., becomes part of the new theatre pany, will declare dividends to L Inc., equal to its undistributed ings at the closing date, less $5^ The pro forma statement inc this would amount to $106,538 f$JS| last fiscal year, and $73,448 ft first quarter of this year. Cleveland Area Will Have New Drive-In Special to THE DAILY CLEVELAND, March 9. -Pi construct the first new drive-in Greater Cleveland area in s years were announced by H Horstemeier. The new theatre located on route 18, just wi Medina on a 20-acre tract of acquired by Horstemeier and 1 sociates. Plans call for parking space f< cars, a complete playground, m concession building, and m equipment. Cost of the proji estimated at $100,000 and i start as soon as the weather b Horstemeier and his associate,1 own and operate two other dri< the Kingman in Delaware, O., ai Tri-Vale in Coshocton.