PolyGram Charge Gives Seagram a Quarterly Loss
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Reuters
MONTREAL — Seagram Co. reported a $226-million fiscal second-quarter loss Thursday after taking a $405-million pretax charge on its acquisition of music and film company PolyGram.
Montreal-based Seagram said its loss for the quarter ended Dec. 31 was 62 cents a diluted share, contrasted with a profit of $28 million, or 8 cents, for the same period in 1997. Revenue was $3.3 billion, versus $3 billion a year earlier.
Its shares rose 63 cents Thursday to close at $49.31 on the New York Stock Exchange.
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