Heritage Entertainment’s net income was off 85%...

Heritage Entertainment’s net income was off 85% to $345,000 for the fiscal year ended March 31. The Los Angeles company, which produces and distributes films and television programs, said its revenue was up 20% to $12.7 million from a year earlier. The company attributed its lower profit to an accounting decision that prevented it from counting a major advertising credit as revenue during the year. Heritage also reported that for its first quarter ended June 30, its net income was off 45% to $529,000 on revenue that fell 39% to $2.9 million.