Warner Communications Nets $28 Million in Quarter

Warner Communications posted second-quarter net income of $28.6 million, compared to a loss from continuing operations in the same period a year ago.

The company said it had better results from its film and recorded music divisions, a gain from the sale of part of its stake in another company and reduced corporate expenses.

“These results reflect the success of the company’s strategic decision to focus its attention on its core entertainment and communications businesses,” Chairman and Chief Executive Steven J. Ross said.

Warner reported a $27.2-million loss from continuing operations a year ago.

Revenue slipped 1.7% to $467.4 million from $475.6 million a year ago.

The 1985 results include an after-tax gain of $8.2 million on the sale of 20% of Warner’s stake in toy maker Hasbro Inc.

The filmed entertainment division had operating income of $36.3 million in the quarter, up from $30.6 million a year ago.

The recorded music division had operating income of $24.2 million, up from $13.4 million a year ago.

The broadcast and cable communications division had operating earnings of $356,000, compared to a loss of $13.3 million a year ago.