YOU ARE HERE: LAT HomeCollectionsPanavision Inc

Panavision Inc

May 14, 2002 | Bloomberg News
A judge rejected billionaire Ronald Perelman's proposed $14.75-million settlement of investor lawsuits over the sale of his stake in movie camera maker Panavision Inc. Delaware Chancery Court Judge Leo Strine ruled that the agreement shortchanged investors in Perelman-controlled licorice maker M&F Worldwide Corp. M&F's board bought Perelman's Panavision shares for $128 million in April 2001. Strine said the amount of the settlement wasn't enough to justify dropping the suits.
November 26, 1996
Panavision Inc., the Woodland Hills maker of motion picture camera systems, raised $59.5 million in its initial public offering. The company sold 3.5 million shares of common stock for $17 apiece, within its expected price range of $16 to $18 a share. In its first day of trading on the New York Stock Exchange on Thursday, Panavision's stock closed at $20 a share. Panavision plans to use the proceeds from the stock sale to repay debt, for working capital and general corporate purposes.
May 27, 1997
Panavision Inc. saw its net income more than double in its first quarter while its revenues climbed by 24%. The Woodland Hills-based camera equipment concern posted net income of $3.5 million in the quarter that ended March 31, compared to $1.2 million in the same period a year earlier. Revenues in the latest quarter rose to $31.2 million, up from $25.2 million. The company attributed its improved results in part to its acquisition of Lee Lighting last July.
October 2, 2002 | Bloomberg News
COURTS * M&F Worldwide Inc. won a judge's approval to settle a lawsuit challenging the fairness of the company's $128-million purchase of billionaire Ronald Perelman's stake in movie camera maker Panavision Inc. Licorice processor M&F and controlling director Perelman were sued in Delaware Chancery Court in 2000 by shareholders who said the financier was selling his 83% stake in Panavision to get rid of an under-performing investment.
April 25, 2006 | From Bloomberg News
Shares of Panavision Inc., a maker of movie cameras, more than doubled after co-Chairman Ronald O. Perelman offered to buy the portion of the company that he didn't already own. In a letter to Panavision's board, Perelman's MacAndrews & Forbes Holdings Inc. offered $8 a share in cash for Woodland Hills-based Panavision, the company said in a government filing.
August 10, 1999
Panavision Inc., Woodland Hills, reported a net loss of $7.7 million for the second quarter ended June 30, compared with a $56.6 million loss for the like quarter last year. Revenues were $47.2 million, up from $46 million last year. Panavision, the world's leading supplier of precision movie cameras, has been losing money for the last five quarters. The downturn in feature film production this year has definitely hurt the company, said Joe Page, chief administrative officer.
December 3, 2006 | Richard Verrier, Times Staff Writer
Four years ago the picture was bleak for Panavision Inc. Massive debt, bad management decisions and rapidly changing technologies threatened its stature as Hollywood's gold standard for cameras and lenses used in shooting television shows, movies and commercials. Now Panavision, whose logo on film credits has been familiar to moviegoers for decades, is regaining its focus.
Nine out of 10 Hollywood blockbusters end with the same three words: "Filmed in Panavision." In the 40 years since Panavision lenses were first affixed to movie cameras, the Woodland Hills-based company has become the tool of choice for top filmmakers worldwide. Its inventory of precision equipment is unrivaled. Its brand strength remains essentially unchallenged. But over the last year, Panavision Inc. hasn't performed like an industry leader. Quarter by quarter, it continues to lose money.
During the filming of "Backdraft," the 1991 movie about Chicago firefighters, cinematographer Mikael Salomon donned fire-retardant clothing and carried a camera through burning buildings. Then he poured flammable glue over the camera--which was encased in protective housing--and left it running as the inferno closed in around it. Later, the film crew dug through the ashes and rubble and removed the camera. It was undamaged.
Los Angeles Times Articles