COMPANY TOWN ANNEX

Turner Writes Off $60 Million for Castle Rock: The Atlanta-based television and film company warned investors that disappointing box-office results at the film unit will cause its operating cash flow to fall about 50% when its results for the first quarter ended March 31 are released in early May. Turner Broadcasting System Inc. said Castle Rock’s films had “disappointing box-office results.” Movies released by Castle Rock during the first quarter included “City Hall,” “Othello” and “A Midwinter’s Tale.” Another film, “Dracula and Loving It,” was released late last year but played mostly in the first-quarter period. Turner’s announcement comes as analysts predict that profits in the movie industry will slump this year because of a glut of releases and the escalating cost of marketing those releases.