K-III Communications Corp. said it had net income of $8 million for the year ended Dec. 31, its first profitable year, reversing 1995's $75.4 million loss. Revenue rose 31.4% to $1.37 billion. Chairman-CEO William Reilly said K-III will ``continue to fit in small complementary acquisitions as appropriate, which will be largely funded from our strong cash flow.'' Some K-III watchers saw that statement as the first official sign the company will not be a big player to acquire major pieces of the Walt Disney Co.-owned magazines and newspapers now on the block.
Copyright January 1997, Crain Communications Inc.