Gulf & Western Inc.’s profit fell 9%...

Gulf & Western Inc.’s profit fell 9% to $63.1 million for the first quarter. Revenue totaled $1.2 billion, up 8%. The New York-based entertainment, publishing and financial services firm said the results reflect higher product development costs in elementary and secondary educational publishing and lower operating profit at its Paramount film unit. The firm announced that it would raise its quarterly cash dividend to 35 cents a share from 30 cents on April 1 to shareholders of record March 18. It also declared a two-for-one stock split in the form of a 100% stock dividend, which will be paid May 2 to shareholders of record April 8.