Seagram’s 4th-Quarter Loss Widens but Is Smaller Than Expected
NEW YORK — Entertainment giant Seagram Co., riding a revenue boost from its music unit and movie box-office hits “Erin Brockovich” and “Gladiator,” reported a fiscal fourth-quarter net loss Thursday that was less than Wall Street had expected.
The company, which is in the process of merging with French utilities group Vivendi, said its net loss widened to $128 million, or 29 cents per share, from $53 million, or 32 cents, a year ago. The year-ago figure excluded a gain related to the 1998 sale of USA Networks.
Wall Street analysts polled by First Call/Thomson Financial had expected a fourth-quarter loss of 35 cents per share this year.
Montreal-based Seagram combines a long-standing family liquor business selling such brands as Chivas Regal whiskey and Absolut vodka with the burgeoning movie and music industry.
The company, which owns Universal Studios and Universal Music Group, said revenue rose to $3.7 billion from $3.5 billion a year ago.
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