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ASCENT REPORTS HIGH EARNINGS IN 4TH QUARTER, LOSS FOR YEAR
Published February 15, 1996
Ascent Entertainment, parent company to the Nuggets and Avalanche, reported revenue of $57.2M and pre-tax earnings of $6.3M for the fourth quarter. The revenue figure was a 27% increase over $45M in '94. Earnings for the same period of '94 were $11.8M. The company reported a net loss for the year of $19.4M or $0.80 cents per share. Ascent CEO Charlie Lyons said the results were "as expected ... by eliminating the unproductive Satellite Cinema operations, we can focus in 1996 on increasing revenue and cash flow in our On Command Video operations while pressing ahead with plans to enhance revenue opportunities in our entertainment business." Lyons said 4th quarter entertainment revenue increased 108% to $25.8M with the start up of the Avalanche, since the addition of the NHL team required only 17 new operational staff positions (Ascent Entertainment).