MCA Inc., parent of Universal Studios, reported record revenue and the second-highest earnings ever for a first quarter.
For the three months ended March 31, the entertainment conglomerate earned $30.9 million on revenue of $514 million, an increase of 78% from the year-earlier period, when it netted $18.4 million on revenue of $431.6 million.
Much of the gain came from MCA's filmed entertainment division, which profited from the success of its Academy Award-winning "Out of Africa" and the continuing popularity of its "Back to the Future."
The filmed entertainment unit, which includes movies, television, home video and pay TV and its studio tour and amphitheater, had an operating profit of $37.2 million, compared to a year earlier, when it netted $19.1 million.
All the company's other segments showed modest improvements except for the book publishing division, which showed a small decline in operating profit.