LOS ANGELES (CBS.MW) -- Entertainment producer and distributor Kushner-Locke posted a fourth-quarter loss Wednesday, citing a decline in film and television revenue.
Kushner-Locke said it lost $5.9 million, or 64 cents per share, compared with a profit of $178,000, or 2 cents per share, in the same period a year earlier. First Call didn't have a consensus of analysts estimates for the media company.
Revenue fell 30 percent to $13.9 million from $20.1 million primarily due to the "timing of delivery and/or availability of films and television programs," the company said in a statement.
Kushner-Locke owns 80 percent of 1-800-U.S.SEARCH, which includes a Web site that provides a fee-based people-search service and other customized reference services. A very visible advertising campaign on syndicated television shows like "Wheel of Fortune" and "Jeopardy," and on several of the biggest online search engines, has played a large part in boosting the site's profile over the last year.
The campaign has also been expensive. The company took $3.1 million in net losses in the fourth quarter from U.S. Search alone.
The shares (KLOC) KLOC, -90.00% slipped 13/16, or 10 percent, to 7 3/16.
Kushner-Locke stock soared last month on the possibility that the company might spin off Search to the public. In a frenzied Internet market, the IPO proceeds could be enormous. See related story.