toronto-based Alliance Communications reports net profits for the year ending March 31, 1994 of just over $7.3 million, a 45% increase over the $5 million earned in 1993. Earnings per share were $1.01.

Revenues for the period were $108.9 million, down from the $132.1 million reported last year due entirely to a $30 million drop in production which the company says is circumstantial and does not take into account 1994 financing of a major feature film and two international tv series.

Domestic distribution activity increased to $30.2 million from $26.3 million in ’93 and commissions earned by Alliance Equicap grew more than 25% to $11.7 million.

This month, Alliance successfully completed its bid to obtain a broadcast licence for Showcase, an all-fiction specialty channel.