Live Entertainment Posts 138% Gain for Quarter

Live Entertainment Inc. said its net income for the third quarter that ended Sept. 30 increased 138% to $12.4 million from $5.2 million a year ago, primarily because of a “key man” life insurance payment after its chairman, Jose E. Menendez, was murdered in August. The Newbury Park entertainment conglomerate said revenues increased 30% for the period to $99 million from $76 million a year before.

Live said the net income figure was inflated about $10.2 million by the proceeds from the insurance policy on Menendez, who was shot to death with his wife in their Beverly Hills home.

Excluding any special items--like the insurance payment--Live’s profits in the third quarter showed a 2% decline, to $2.1 million from $2.2 million a year ago.

For the nine-month period, Live’s net income increased 123% to $15.5 million from $6.9 million last year, while income before special items increased 34% to $5.2 million from $3.9 million.

Nine-month revenues increased 16% to $256 million from $220 million a year ago.