Chris-Craft logs record income
-- Broadcasting & Cable, 3/12/2001
Chris-Craft reported that consolidated operating income for 2000 was a record $115.2 million, a 22% jump. The company attributed the gains in part to a favorable IRS ruling and to huge savings accruing from the sale of its 50% stake in UPN to Viacom last March.
UPN, which Chris-Craft co-founded in 1995 with Paramount, now a division of Viacom, has been a money pit over the years. But Chris-Craft's losses associated with UPN dropped by two-thirds last year, to $35.7 million from about $97 million in 1999.
Total TV-station operating revenue rose 8% last year, to a record $495.3 million. Pretax earnings at the stations rose 11%, to $146 million.
