Seagram, a leading distiller, said that its profit plunged 72.7% from a year earlier in the first quarter of its fiscal year, mostly reflecting extraordinary declines from its interest in giant Du Pont. Profit also declined in wine and spirits sales. In May, Edgar Bronfman, Seagram's chairman, had predicted a significant decline in profit due to reduced earnings from Du Pont. Seagram owns about 22.4% of Du Pont's stock.
Lorimar reported an increase of 194% in net income for its fiscal third quarter ended April 27 on a 58% increase in revenue. The Culver City-based firm attributed the improved earnings mostly to increased television revenue. Lorimar also said that it reduced its net interest expense to $3.2 million, down from $4.2 million the same quarter a year ago. For the nine-month period, Lorimar reported a 40% increase in revenue. The company said that licensing "Dallas," its popular TV show, to non-network affiliated television stations generated $53.3 million, while pay-TV and home-video revenue rose $13 million due to the recent acquisition of Karl Video.