Bankruptcy Takes Its Toll on Orion

Orion Pictures Corp., emerging from a year in bankruptcy proceedings, reported a first-quarter loss of $16.8 million Thursday because the studio could not afford to release movies.

The film producer and distributor’s bankruptcy reorganization plan took effect in November. During the bankruptcy, Orion had to shelve seven completed motion pictures, while its “Love Field” bombed.

Revenue for the March to May quarter plummeted from $80.8 million a year ago to $39.6 million. The first-quarter net loss a year ago was $10.7 million.

Per-share losses were trimmed from $67.14 a share a year ago to 84 cents, reflecting the huge number of new shares issued during the bankruptcy proceedings.

The 1992 per-share loss was restated as part of Orion’s recapitalization.

First-quarter cost of film rental expenses were cut from $71.1 million a year ago to $41.4 million in 1993.

Orion’s first scheduled release, the police sequel “Robocop 3,” has been delayed as well and is now set for Nov. 5. The company acquired the amputation love story “Boxing Helena” for distribution and will release it in September.