Independent Reports 67% Drop in Annual Profit

Independent Entertainment Group Inc. said net income for the year ended Dec. 31 fell 67%, to $298,636 from $894,228 a year earlier despite a 95% sales gain.

The Sherman Oaks-based provider of telephone lines and other services for the pay-per-call business attributed the drop in net income mainly to a one-time $1-million provision for accounts receivable. The company said it recently became evident that its collections were running well below anticipated levels.

Independent said its 1992 sales rose to $13.8 million from $7 million a year ago as a result of acquisitions in the latest 12 months. These included a competing pay-per-call service bureau and three telephone-information services.