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At least one company is doing well as the economy crumbles. National Lampoon Inc. (NLN), the purveyor of humor, reported a 1900% increase in revenues for the fourth quarter of the fiscal year ending July 31. The third quarter was its first profitable quarter ever and the fourth quarter was even more profitable.

The fourth quarter took revenues for the year up by 33% compared to the previous year — even though the previous year’s performance was inflated by a one-time gain on a settlement with Universal Studios. There were no warnings of dire times ahead in the latest release of financial results. In fact, CEO Daniel Laikin sounded downright cheery: “…We are encouraged going into 2009. We continue to acquire and produce films to run through our distribution platforms, as well as grow our library of online properties and advertiser base, all of which contribute to our revenue growth.”

The timing couldn’t be better for a corporate turnaround as the financial tsunami sweeps through Corporate America. We can well imagine how NLN might portray an analyst covering their company. It might go something like this:

Benry Hlodget of Merry Lynch: “I am raising my price target on NLN shares by 50% because of the good news coming out for Q4. We have reason to believe that the dismal state of the economy will lead to a dramatic ratcheting upward in the demand for humor. Laughter is the best medicine and NLN is uniquely positioned to tap into what should be the mania that ends all manias.”

If you need some relief from the never-ending stream of bad news, go visit the NLN website for a bit. Here are a few highlights:

- John Daly arrested “extremely intoxicated” outside of Hooters.
- Sometimes, you can just spot high fashion a mile away
- Truth in advertising
- It’s completely weatherproof

Source: Recession? National Lampoon Finds It Funny