RUTHLESS MONEY

Your heart’s gotta go out to the producers of “Ruthless People,” the Bette Midler-Danny DeVito comedy that has grossed $90 million worldwide (and has been a big hit in the videocassette sales and rental bizzes).

The old industry rule of thumb is that a picture’s gotta do 2 1/2 times its negative cost (not figuring ad costs) before going into profit.

That’s what Erwin Okun, Disney’s v.p. of corporate affairs, confirmed for us. So, one might figure that a $17-million film like “Ruthless” will be in the black once it exceeds a gross of $42 million.

But one might figure wrong.

We got a glimpse of the June statement (revenues ending March 31) for “Ruthless,” which had kidnaped wife Midler unable to wring ransom from unloving spouse DeVito. The accounting shows that the film has returned $41.97 million to Disney. That figure includes $39.5 million in worldwide theatrical rentals--that share of the total box-office gross returned to the producers from theaters.

But: Disney’s distribution arm chomped off its standard 30% fee (approximately $13 million) and $23 million for costs (including $21.3 million for prints, ads and publicity).

When you subtract the film’s budget, the net profit figure is a deficit of $11 million.

Said one profit participant, not happy: “I haven’t seen a dime of profits--and I never will.”