Paragon Entertainment’s annual report, issued Aug. 21, indicates year-end results for fiscal 1995 ending March 31, with revenues at $40 million, net earnings at $150,000, retained earnings at $3.2 million and earnings per share at $0.01.

Research analyst Roger Dent, vice-president of Wood Gundy, says investors are less than satisfied with Paragon’s performance.

‘I think investors have been disappointed by the relatively modest levels of income the company has earned,’ Dent says. ‘The share price has not performed terribly well.’

Paragon ceo Jon Slan says, according to the company’s plan at last year’s annual meeting, it is right on target.

‘Last year, we predicted $40 million in revenues and that we’d be flat,’ Slan says.

According to Dent, production volume is of concern to investors.

‘I think investors would like to see more momentum in the production area,’ he says.

Slan says included in the company’s production lineup are four feature films – two to shoot this fall, and two in advanced stages of development.

The features are being produced through Paragon and HandMade Films of London.

Paragon has confirmed the departure of Paragon Productions president Gary Randall.

Slan says the mutual agreement that Randall should step down was because nothing Randall worked on over two years with the company – 20 dramatic primetime network series pitches – got beyond the development stage.

‘When we hired Gary, we decided to take a crack at the network dramatic primetime series business,’ Slan says.

Now the company is shifting its focus away from such ambitions and concentrating on family entertainment, mows, off-network series and features.

Nothing new

‘They have not made any material money for about a year and a half, so it’s nothing new,’ Dent says. ‘Is it an indication of a serious problem? Hard to say, but it’s obviously not good.’

In September, Paragon International president Isme Bennie is stepping down as announced last spring.

Slan says the transition from Bennie to Kirstine Layfield, who Bennie has been grooming to take over the job, is ‘seamless.’

For six months ending March 31, 1994, Paragon revenues totalled $5.9 million, net earnings were $233,000 and earnings per share were $0.02.