P.M. BRIEFING : Paramount Earnings Post Increase
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NEW YORK — Paramount Communications Inc., formerly known as Gulf & Western Inc., today reported income of $65.6 million for the second quarter ended April 30, up 18.2% from $55.5 million in the year-ago period.
Per-share earnings rose to 55 cents for the second quarter, compared with 46 cents a year earlier.
Revenues expanded to $699.1 million from $619.6 million last year. Earnings for the second quarter of fiscal 1988 included a net gain of $4.8 million from the sale of the company’s 30% stake in a videocassette duplication business.
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