16% EBITDA Growth At USAi; Exceeds Estimates for 20th Consecutive Quarter since Inception; Reaffirms Overall Guidance for 2001 and 2002.Business Editors NEW YORK--(BUSINESS WIRE)--April 25, 2001 Company is 2nd Most Profitable in Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the Commerce USA Networks, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : USAI USAI United States Army Intelligence USAI United States Association of Immigrants ) reported results for its quarter ended March 31, 2001. Highlights - PRC clients added during the recent period include Orbitz, Mellon Investor Services, and the U.S. Army. The company also expanded its relationships with Avaya and DirectTV. - PRC is the #2 inbound teleservices and integrated customer care company in the United States. FINANCIAL RESULTS On a comparative pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma basis, USAi reported the following, excluding discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. :
Actual Pro Forma
Q1 01 Q1 00 Growth
--------- --------- ------
($ in millions)
Revenues - Operating Businesses
Cable and studios $437.6 $379.0 15%
Electronic retailing - U S 385.4 358.5 8%
Electronic retailing - Germany 78.9 65.8 20%
Ticketing 150.1 128.0 17%
Hotel reservations 105.3 55.3 91%
Teleservices 80.7 69.6 16%
--------- --------- ------
Sub-total - operating 1,238.0 1,056.1 17%
Euro exchange rate fluctuation(a) (13.7) (7.9)
Revenues - Emerging Businesses
Citysearch, Match.com, and related 20.9 17.0
Styleclick 4.0 7.9
Electronic Commerce Solutions 4.8 4.7
HSN - other international 4.5 3.8
USA Films 51.0 30.3
Trio, NWI, SCIFI.com, USA Network. com 6.2 0.6
--------- ---------
Sub-total - emerging 91.4 64.2
--------- --------- ------
Total $1,315.7 $1,112.4 18%
========= ========= ======
EBITDA - Operating Businesses
Cable and studios $163.4 $138.8 18%
Electronic retailing - U S 51.7 49.4 5%
Electronic retailing - Germany 5.6 8.7 (35%)(b)
Ticketing 30.2 27.4 10%
Hotel reservations 15.8 8.2 94%
Teleservices 10.0 9.5 6%
Corporate and other (7.9) (9.6)
--------- --------- ------
Sub-total - operating 268.9 232.2 16%
Euro exchange rate fluctuation(a) (0.9) (1.0)
Nonrecurring credits (charges)(c) -- 6.3
EBITDA - Emerging Businesses
Citysearch, Match.com, and related (11.8) (17.7)
Styleclick (10.4) (10.7)
Electronic Commerce Solutions (6.5) (5.6)
HSN - other international (6.4) (1.5)
USA Films (1.0) 2.2
Trio, NWI, SCIFI.com, USA Network.com (1.7) (2.3)
--------- ---------
Sub-total - emerging (37.9) (35.6)
--------- --------- ------
Total $230.1 $201.9 14%
========= ========= ======
- PRC clients added during the recent period include Orbitz, Mellon Investor
Services, and the U.S. Army. The company also expanded its relationships with
Avaya and DirectTV.
- PRC is the #2 inbound teleservices and integrated customer care company in
the United States.
(a) In order to present comparable results for HSN HSN Home Shopping Network HSN High Speed Network HSN Hereditary Sensory Neuropathy HSN Highly Saturated Nitrile HSN Healthy Schools Network, Inc. HSN Hopping Sequence Number HSN Historical Sample of the Netherlands HSN Haiti Support Network Germany Germany (jûr`mənē), Ger. Deutschland, officially Federal Republic of Germany, republic (2005 est. pop. 82,431,000), 137,699 sq mi (356,733 sq km). , the results have been translated from Euros to U.S. dollars at a constant exchange rate. (b) HSN Germany's EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become growth was impacted primarily by costs associated with adding four hours of daily live programming during Q1 and the implementation of a new sales order The sales order, sometimes abbreviated as SO, is an order received by a business from a customer. A sales order may be for products and/or services. Given the wide variety of businesses, this means that the orders can be fulfilled in several ways. system. (c) Represents one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. credits recognized in Q1 '00 by HSN in connection with a favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. settlement of litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc an HSN broadcast affiliation affiliation (  fil´ēā´sh agreement ($4.7 million) and a cableaffiliation agreement ($1.6 million). BUSINESS MIX 61% of USAi's Q1 revenue came from direct consumer transactions, 24% was derived de·rive v. de·rived, de·riv·ing, de·rives v.tr. 1. To obtain or receive from a source. 2. from subscriptions and production fees, and 15% was advertising-related. The operating business of the company's organizational units In computing, an Organizational Unit (OU) provides a way of classifying objects located in directories, or names in a digital certificate hierarchy, typically used either to differentiate between objects with the same name (John Doe in OU "marketing" versus John Doe in OU "customer reported the following:
Actual Pro Forma
($ in millions) Q1 01 Q1 00 Growth Mix
--------- --------- ------ -----
Revenues - Operating Businesses
Entertainment $437.6 $379.0 15% 35%
Electronic retailing 464.3 424.3 9% 38%
Information and Services 336.1 252.9 33% 27%
--------- --------- ------ -----
Total $1,238.0 $1,056.1 17% 100%
========= ========= ====== =====
EBITDA - Operating Businesses
Entertainment $163.4 $138.8 18% 61%
Electronic retailing 57.3 58.1 -1%(a) 21%
Information and Services 56.1 45.0 25% 21%
Corporate and other (7.9) (9.6) (3%)
--------- --------- ------ -----
Total $268.9 $232.2 16% 100%
========= ========= ====== =====
(a) HSN Germany's EBITDA growth was impacted primarily by costs
associated with adding four hours of daily live programming
during Q1 and the implementation of a new sales order system.
CASH NET INCOME AND EARNINGS PER SHARE
Pro Forma(a) Pro Forma(a)(b)
Q1 01 Q1 00
----- -----
Fully converted cash net income per share 0.12 0.09
Fully converted earnings per share 0.02 (0.01)
Cash net income per share 0.16 0.11
Basic loss per share (0.05) (0.07)
(a) Amounts based on net income before cumulative effect of accounting
change ($9.2 million loss in Q1 '01) and discontinued operations
($11.8 million loss in Q1 '00).
(b) Excluding one-time credits ($6.3 million, pre-tax, in Q1 '00).
Due to regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. restrictions, Universal and Liberty own a significant portion of their interests in USAi through USAi subsidiaries. This structure causes USAi to record net losses in situations where net income would otherwise have been recorded if their ownership were entirely in USAi common stock. Fully converted earnings and fully converted cash net income reflect the impact as if all shares exchangeable into common stock had been exchanged during the period. ENTERTAINMENT HIGHLIGHTS USA Network grew revenue by 10% to $216.8 million and EBITDA by 16% to $112.2 million, its best quarter in history. - PRC clients added during the recent period include Orbitz, Mellon Investor Services, and the U.S. Army. The company also expanded its relationships with Avaya and DirectTV. - PRC is the #2 inbound teleservices and integrated customer care company in the United States. SCI FI Sci fi may refer to:
- One of the fastest growing cable networks in history, SCI FI surpassed 70 million households in April. - SCI (Scalable Coherent Interface) An IEEE standard for a high-speed bus that uses wire or fiber-optic cable. It can transfer data up to 1GBytes/sec. (hardware) SCI - 1. Scalable Coherent Interface. 2. UART. FI's average primetime rating in Q1 was 0.8 and its average delivery was 565,000. - SCI FI continues to have the highest concentration of adult viewers VIEWERS. Persons appointed by the courts to see and examine certain matters, and make a report of the facts together with their opinion to the court. In practice they are usually appointed to lay out roads and the like. Vide Experts. 25-54 of any network on television, ranks in the top 10 among basic cable networks in its delivery of adults and men 25-54, and for the last three weeks of March, delivered more viewers in these targeted demos than WB and UPN UPN User Principal Name (Microsoft Windows 2000) UPN United Paramount Network UPN Unión del Pueblo Navarro (Navarrese People Union) UPN Umgekehrte Polnische Notation on Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant night. - New episodes of SCI FI's Friday night original series - Invisible Man, Farscape and Outer Limits - have set new rating and delivery records for their regularly scheduled time In rallying, the Scheduled Time of any crew is the time, calculated at the beginning of the event, that they should arrive at any given control. It is different from Due Time in that Due Time is dynamic, ie it can change throughout the event as competitors drop time; whereas periods. Farscape's new episodes are up 38% from its 2000 average rating. - Crossing Over With John Edward
John Edward McGee, Jr. (born October 19, 1969), better known as John Edward, is an American author, and television personality. has improved the 11:00pm and 11:30pm ratings by 33% versus Q1 '00. - SCI FI is the #1 provider of original scripted script n. 1. a. Handwriting. b. A style of writing with cursive characters. c. A particular system of writing: cuneiform script. 2. series in cable primetime. Studios USA grew net revenue by 27% to $151.5 million, its best ever, and net EBITDA by 23% to $21.5 million. - Law & Order, the #2 drama on television, averaged a 13.2 rating in February February: see month. , its best sweep Sweep The act of using all available cash flow for the repayment of debt service. sweep To automatically move cash balances into an interest-earning money market fund. performance in history. - Law & Order: SVU SVU Special Victims Unit SVU Southern Virginia University (Buena Vista, Virginia) SVU Society for Vascular Ultrasound SVU Sri Venkateswara University (Tirupati, India) SVU Syrian Virtual University , the most watched show on Friday by adults 18-49, improved its sweeps rating by 8% versus 2/00. - The District, the #1 rated series on Saturday Saturday: see week; Sabbath. , is also second highest rated new television drama this season. - Maury Mau·ry , Matthew Fontaine 1806-1873. American naval officer and oceanographer who charted the currents and winds of the Atlantic, Pacific, and Indian oceans and wrote the pioneering Physical Geography of the Sea (1855). remains the only syndicated daytime Daytime may refer to:
series to grow its ratings in two consecutive years. - Studios USA is the #3 producer of primetime and first-run syndicated programming including two of the top four syndicated talk shows and two of the top ten primetime dramas.
Cable and Studios:
Q1 01 Q1 00 Growth
------ ------ ------
Revenue ($ in millions):
USA Network $216.8 $196.9 10%
SCI FI 69.3 62.4 11%
Studios, net 151.5 119.6 27%
------ ------ ------
Total $437.6 $379.0 15%
====== ====== ======
EBITDA ($ in millions):
USA Network $112.2 $97.1 16%
SCI FI 29.7 24.2 23%
Studios, net 21.5 17.5 23%
------ ------ ------
Total $163.4 $138.8 18%
====== ====== ======
Households (in millions @ 3/31):
USA Network 81.3 77.4 5%
SCI FI 69.4 60.5 15%
Advertising and other
revenue / affiliate revenue:
USA Network mix 58:42 57:43
SCI FI mix 63:37 64:36
USA Films' Traffic has generated more than $120 million at the box office, and was the 3rd highest-grossing film during Q1 in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . Traffic garnered four Academy Awards for Best Director, Best Screenplay screenplay Written text that provides the basis for a film production. Screenplays usually include not only the dialogue spoken by the characters but also a shot-by-shot outline of the film's action. (Adapted), Best Supporting Actor supporting actor n → attore m non protagonista and Best Editing. USA Films' theatrical releases during the period also included In the Mood for Love and Series 7. USA Home Entertainment's Q1 releases included Nurse Betty Bet´ty n. 1. A short bar used by thieves to wrench doors open. The powerful betty, or the artful picklock. - Arbuthnot. 2. , 2001 Super Bowl Champion Baltimore Ravens mini-series n → téléfilm m en plusieurs parties Attila Attila (ətĭl`ə, ăt`ələ), d. 453, king of the Huns (445–53). After 434 he was coruler with his brother, whom he murdered in 445. . ELECTRONIC RETAILING HIGHLIGHTS HSN grew revenue by 8% to $385.4 million and EBITDA by 5% to $51.7 million in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. (excluding one-time credits recognized in Q1 '00).
- PRC clients added during the recent period include Orbitz, Mellon Investor
Services, and the U.S. Army. The company also expanded its relationships with
Avaya and DirectTV.
- PRC is the #2 inbound teleservices and integrated customer care company in
the United States.
Q1 01 Q1 00 Growth
----- ----- ------
U.S. units shipped (in millions) 8.4 8.3 1%
On air gross profit % 32.3% 33.6%
On air return rate 20.0% 20.9%
On air product mix:
Homegoods 49% 50%
Jewelry 26% 25%
Health / Beauty 10% 11%
Apparel / Accessories 15% 14%
HSN cable / DBS homes (in millions @ 3/31) 68.1 62.0 10%
HSN total homes (in millions @ 3/31) 79.9 75.2 6%
HSN - International
- PRC clients added during the recent period include Orbitz, Mellon Investor
Services, and the U.S. Army. The company also expanded its relationships with
Avaya and DirectTV.
- PRC is the #2 inbound teleservices and integrated customer care company in
the United States.
TV Households Live Hours
------------------
3/01 3/00 Growth Daily 3/01 Stake
---- ---- ------ ---------- -----
Consolidated Services: (in millions @ 3/31)
HOT Germany
(includes Austria/Switzerland) 29.7 28.2 1.5 20 hours 42%
Home Shopping en Espanol
(U.S./Puerto Rico) 4.5 2.7 1.8 18 hours 100%
Unconsolidated Services:
TVSN (China) 17.8 -- 17.8 5 hours 21%
Shop Channel (Japan) 9.4 7.2 2.2 12 hours 30%
HOT Italia (Italy) 9.4 -- 9.4 6 hours 33%
HOT Thuis Winkelen
(Belgium/The Netherlands) 1.6 -- 1.6 6 hours 47%
HOT LeGrand Magasin
(France/Belgium) 1.5 1.4 0.1 8 hours 47%
INFORMATION & SERVICES HIGHLIGHTS Ticketmaster This article or section may contain original research or unverified claims. Please help Wikipedia by adding references. See the for details. This article has been tagged since October 2007. grew ticketing revenue by 17% to a record $150.1 million and EBITDA by 10% to $30.2 million.
- PRC clients added during the recent period include Orbitz, Mellon Investor
Services, and the U.S. Army. The company also expanded its relationships with
Avaya and DirectTV.
- PRC is the #2 inbound teleservices and integrated customer care company in
the United States.
Q1 01 Q1 00 Growth
------- ------ ------
Number of tickets sold (in millions) 23.6 21.8 8%
Gross value of tickets sold (in millions) $937 $812 15%
Revenue per ticket $5.96 $5.44 10%
Share of tickets sold online 29.5% 19.6%
Top-selling events in Q1 '01 NSYNC, U.S. Hot Rod
Association Monster Truck
Events, Ringling Brothers and
Barnum and Bailey Circus, U2
Hotel Reservations Network grew revenue by 91% to a record $105.2 million and EBITDA by 94% to $15.8 million.
- PRC clients added during the recent period include Orbitz, Mellon Investor
Services, and the U.S. Army. The company also expanded its relationships with
Avaya and DirectTV.
- PRC is the #2 inbound teleservices and integrated customer care company in
the United States.
Q1 01 Q1 00 Growth
----- ----- ------
Hotel room nights sold 799,000 429,000 86%
Affiliates (including TravelNow) 18,649 6,000 211%
Properties 3,084 1,750 76%
Cities served (as of 3/31) 135 49 176%
Precision Response had its best revenue quarter ever, increasing sales by 16% to $81 million. - PRC clients added during the recent period include Orbitz, Mellon Investor Services, and the U.S. Army. The company also expanded its relationships with Avaya and DirectTV. - PRC is the #2 inbound teleservices and integrated customer care company in the United States. CROSS COMPANY HIGHLIGHTS - Eco Challenge was a multidimensional mul·ti·di·men·sion·al adj. Of, relating to, or having several dimensions. mul  ti·di·men success for USAi. USANetworks' 4-day coverage attracted 2.6 million viewers, Mark Burnett's appearance on HSN and HSN.com's new Chat Cafe generated more than $40,000 in exclusive merchandise MERCHANDISE. By this term is understood all those things which merchants sell either wholesale or retail, as dry goods, hardware, groceries, drugs, &c. It is usually applied to personal chattels only, and to those which are not required for food or immediate support, but such as remain sales, and Citysearch Citysearch is a local online search service, providing information on businesses in the categories of dining, entertainment, retail, travel, and professional services in cities throughout the United States. benefited from joint online and radio promotions in NY, LA and Chicago Chicago, city, United States Chicago (shĭkä`gō, shĭkô`gō), city (1990 pop. 2,783,726), seat of Cook co., NE Ill., on Lake Michigan; inc. 1837. . - USA Network acquired the exclusive off-network rights to Studios USA's Law & Order: Special Victims Unit and will begin airing the series in September September: see month. 2003. USA Network also acquired the cable television rights to USA Films' Traffic. - The Company continues to strengthen its commerce activities in the area of professional sports The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. . ECS See eComStation. now manages commerce on 4 of the top Internet sports sites: NBA NBA abbr. 1. National Basketball Association 2. National Boxing Association NBA (US) n abbr (= National Basketball Association) → Basketball-Dachverband (= .com, NASCAR NASCAR (National Association for Stock Car Auto Racing), organization that sanctions American stock-car races, est. 1948. It held its first race in Daytona Beach, Fla. .com, CBS (Cell Broadcast Service) See cell broadcast. .SportsLine For the CBS-owned website, see . Sportsline is a call-in discussion show, airing Tuesday nights at 10 PM on WRCT Pittsburgh, covering Carnegie Mellon University athletics, Pittsburgh Sports, and national sports topics. .com and PGATour.com. In addition, Ticketmaster sells 12 million tickets to major league games and events, USA Films produces and distributes 1 million sports-related videos, HSN sells 250,000 units of merchandise through its NFL NFL abbr. National Football League NFL (US) n abbr (= National Football League) → Fußball-Nationalliga Shop and NBA Store specials, and USA Network broadcasts live 15 professional sporting events annually. - Citysearch is now Hotel Reservation A clause in a deed of real property whereby the grantor, one who transfers property, creates and retains for the grantor some right or interest in the estate granted, such as rent or an Easement ,a right of use over the land of another. Network's 5th largest affiliate Affiliate Relationship between two companies when one company owns substantial interest, but less than a majority of the voting stock of another company, or when two companies are both subsidiaries of a third company. See: Subsidiaries, parent company. , up from #7 in the fourth quarter. SHARES OUTSTANDING, MARKET CAPITALIZATION Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. , NET DEBT As of April 20, 2001, USAi had outstanding 733.6 million shares, including exchangeable securities Exchangeable Security A security that grants its holder the right to exchange it for the common stock of a firm other than the issuer. Notes: These are often used in takeovers. , with an aggregate market capitalization of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $17.1 billion. USAi's net debt, including that of its public subsidiaries, offset by an advance receivable to Universal, was approximately $215 million as of March 31, 2001. Net debt is expected to be reduced further using net cash proceeds from the sale of USA Broadcasting USA Broadcasting was an American media company owned by veteran entertainment industry executive Barry Diller. USAB dates back to the mid-1990s when Diller purchased Silver King Broadcasting from Lowell W. "Bud" Paxson and Roy Speer. to Univision  This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.You can assist by [ editing it] now. . STATEMENTS OF OPERATIONS The actual quarterly results are not comparable due to: 1) the acquisition of Precision Response in April, 2000; 2) the acquisition of Styleclick.com in August 2000; and 3) Ticketmaster's acquisition of TicketWeb. Analyst Conference Call USA Networks, Inc. will audiocast See streaming audio. its conference call with analysts and investors discussing the company's first quarter financial results on Wednesday Wednesday: see week. , April 25, 2001, at 12:00 p.m. Eastern Time (ET). The live audiocast is open to the public at www.usanetworks.com/investor.relations. A replay of the audiocast will begin approximately one hour after its completion at www.usanetworks.com/investor.relations. Important Disclosures This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements include the information relating to possible or assumed future results of operations of USAi, including those preceded by, followed by or that include the words "believes," "projects," "expects," "anticipates" or similar expressions. These statements reflect the current views of USAi with respect to future events. The following important factors, in addition to those described in USAi's filings with the Securities and Exchange Commission, could affect the future results of USAi, and could cause those results to differ materially from those expressed in the forward-looking statements: material adverse changes in economic conditions in the markets served by our businesses; future regulatory actions and conditions in our businesses' operating areas; competition from others; successful integration of our divisions, including recently acquired businesses; product demand and market acceptance; the ability to protect proprietary information and technology or to obtain necessary licenses on commercially reasonable terms; and obtaining and retaining key executives and employees. These forward-looking statements are made as of the date of this press release, and USAi undertakes no obligation to update or revise them, whether as a result of new information, future events or any other reason. The financial, statistical and other information contained in this press release and its attachments is unaudited. USA Network and SCI FI ratings and household delivery data per NMR NMR: see magnetic resonance. Galaxy Explorer for NHI NHI abbr. National Health Insurance defined periods versus comparable periods. Subscriber subscriber, n the person, usually the employee, who represents the family unit in relation to the prepayment plan. Other family members are dependents. Also called certificate holders or enrollees. counts based on Nielsen Noun 1. Nielsen - Danish composer (1865-1931) Carl August Nielsen, Carl Nielsen People Meter The People Meter is a device and system used by Nielsen Media Research in the USA to allow a relatively passive measurement of the viewing habits of TV and cable audiences. The people meter was invented by a British company called Audits of Great Britain, or AGB for short. Installed Sample, March `01 vs. `00. All ratings within each network's coverage area. Studios' syndicated program ratings per NSS (Novell Storage Services) A 64-bit file system introduced with NetWare 5 that can support terabyte-sized files. NSS files and standard NetWare files can be used in the same server. See NetWare 5. 1. (networking) NSS - Nodal Switching System. (GAA GAA Goals Against Average (Hockey) GAA Gaelic Athletic Association GAA Gravure Association of America (Rochester, NY) GAA German Agro Action GAA Global Aquaculture Alliance GAA Gay Activists Alliance % where applicable), and broadcast network data per NTI NTI NewTech Infosystems (software company, Irvine, California) NTI Nuclear Threat Initiative NTI National Transit Institute (New Brunswick, New Jersey) NTI Nunavut Tunngavik Incorporated for comparable time periods. Subject to qualifications. USA Networks, Inc. (NASDAQ: USAI) is focused on the new convergence convergence Mathematical property of infinite series, integrals on unbounded regions, and certain sequences of numbers. An infinite series is convergent if the sum of its terms is finite. of entertainment, information and direct selling Direct selling is the marketing of products or services to consumers through sales tactics including presentations, demonstrations, and phone calls. It is sometimes also considered to be a sale that does not utilize a "middle man" such as a retail outlets, distributors or brokers. . Formed in February 1998, the Company is organized into three distinct but interrelated in·ter·re·late tr. & intr.v. in·ter·re·lat·ed, in·ter·re·lat·ing, in·ter·re·lates To place in or come into mutual relationship. in units which include the following assets: USA Entertainment's USA Network, SCI FI Channel Sci Fi Channel may refer to:
TRIO Telecommunications Research Institute of Ontario TRIO Technical Research for Information Operations (bd Systems) TRIO Tracking Radar Input Output System , NWI NWI Northwest Indiana NWI National Wetlands Inventory NWI New Work Item NWI Newsworld International (former channel 366 on DirecTV) NWI National Wraparound Initiative (Seattle, WA) , Studios USA, USA Films, and Interactive Entertainment; USA Electronic Retailing's HSN, HSN International, HSN Interactive; and USA Information and Services' Ticketmaster, (NASDAQ: TMCS TMCS Trimethylchlorosilane (derivatization reagent) TMCS Telecommunications Management & Control Subsystem TMCS Taylor Made Computer Solutions, Ltd. ), Citysearch,com, Match.com Match.com is an online dating service. The company reportedly has more than 15 million members and Web sites serving 37 countries in more than 12 different languages. Its headquarters is in Dallas, Texas and the company also has offices in London, Paris, Tokyo, Beijing, Munich, , Hotel Reservations Network (NASDAQ: ROOM), Electronic Commerce Solutions, Styleclick, Inc. (NASDAQ: IBUY iBuy is a minor British satellite-based home shopping channel. Created & launched on the 18 April 2005, by Andy Sheldon, who was one of George Spitaliotis's senior management figures at Auction World.tv and also created their sister channel Chase-It.tv. ) and Precision Response Corporation. More at www.usanetworks.com.
USA Networks, Inc. and Subsidiaries
Business Segment Information - Continuing Operations
Unaudited
( $ in thousands )
Three Months Ended March 31,
Actual Pro Forma(a) Actual
2001 2000 2000
Revenues -
Operating Businesses
Cable and studios $ 437,651 $ 378,953 $ 378,953
Electronic retailing
- U.S. 385,372 358,479 358,479
Electronic retailing
- Germany 78,861 65,798 65,798
Ticketing 150,109 127,961 127,961
Hotel reservations 105,286 55,263 55,263
Teleservices 80,692 69,649 -
----------- ----------- ----------
----------- ----------- ----------
Sub-total 1,237,971 1,056,103 986,454
Euro's exchange
rate fluctuation (c) (13,705) (7,890) (7,890)
Revenues -
Emerging Businesses
Citysearch, Match.com
and related 20,928 16,975 16,975
Styleclick 4,019 7,869 6,617
Electronic Commerce
Solutions 4,749 4,666 4,666
HSN - international
and other 4,547 3,830 3,830
USA Films 51,006 30,307 30,307
Trio, NWI, SCIFI.com,
USA Network.com 6,162 562 562
----------- ----------- ----------
----------- ----------- ----------
Sub-total 91,411 64,209 62,957
----------- ----------- ----------
----------- ----------- ----------
Total $ 1,315,677 $ 1,112,422 $ 1,041,521
=========== =========== ==========
=========== =========== ==========
EBITDA -
Operating Businesses (b)
Cable and studios $ 163,407 $ 138,757 $ 138,757
Electronic retailing
- U.S. 51,735 49,390 49,390
Electronic retailing
- Germany 5,645 8,674 8,674
Ticketing 30,233 27,383 27,383
Hotel reservations 15,822 8,176 8,176
Teleservices 10,017 9,461 -
Corporate and other (7,937) (9,603) (9,603)
----------- ----------- ----------
Sub-total 268,922 232,238 222,777
Euro's exchange rate
fluctuation (c) (936) (1,034) (1,034)
Nonrecurring charges (d) - 6,308 6,308
EBITDA -
Emerging Businesses
Citysearch, Match.com
and related (11,830) (17,719) (17,719)
Styleclick (10,436) (10,708) (6,367)
Electronic Commerce
Solutions (6,482) (5,563) (5,563)
HSN - international
and other (6,414) (1,493) (1,493)
USA Films (1,035) 2,182 2,182
Trio, NWI, SCIFI.com,
USA Network.com (1,699) (2,266) (2,266)
----------- ----------- ----------
----------- ----------- ----------
Sub-total (37,896) (35,567) (31,226)
----------- ----------- ----------
----------- ----------- ----------
Total $ 230,090 $ 201,945 $ 196,825
=========== =========== ==========
=========== =========== ==========
(a) Presented as if the acquisitions of Precision Response and
Styleclick had occurred at the beginning of the period presented.
(b) EBITDA is defined as net income plus, (1) provision for income
taxes, (2) minority interest, (3) interest income and expense, (4)
depreciation and amortization, (5) amortization of cable
distribution fees of $8,756 and $8,223, respectively, and (6)
amortization of non-cash distribution and marketing expense and
non-cash compensation expense.
(c) In order to present comparable results for Germany, the results
have been translated from Euros to U.S. dollars at a constant
exchange rate.
(d) Represents one-time credits recognized in Q1 '00 by HSN in
connection with a favorable settlement of litigation relating to
an HSN broadcasting affiliation agreement ($4,661) and a cable
affiliation agreement ($1,647).
USA Networks, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
Unaudited
( $ in thousands, except per share data )
Three Months Ended March 31,
Pro Forma (a) Actual
2001 2001
Revenues, net $ 1,315,677 $ 1,315,677
Operating costs and expenses:
Costs related to revenues 800,173 800,173
Other costs and expenses 285,414 285,414
Amortization of non cash
distribution and
marketing expense (c) 8,017 8,017
Amortization of non
cash compensation expense (d) 2,512 2,512
Amortization of cable
distribution fees 8,756 8,756
Depreciation and
amortization 137,599 137,599
------------- ---------------
------------- ---------------
Total operating
costs and expenses 1,242,471 1,242,471
------------- ---------------
------------- ---------------
Operating income 73,206 73,206
Interest expense, net (11,416) (11,416)
Other, net (6,522) (6,522)
------------- ---------------
------------- ---------------
Earnings before income
taxes and minority interest 55,268 55,268
Income tax expense (25,457) (26,462)
Minority interest (49,337) (46,189)
------------- ---------------
------------- ---------------
Loss from continuing operations,
before cumulative effect of
accounting change (19,526) (17,383)
Cumulative effect of accounting
change, net of tax (e) (9,187) (9,187)
------------- ---------------
------------- ---------------
Net loss from
continuing operations (f) $ (28,713) $ (26,570)
============= ===============
============= ===============
Net loss from continuing
operations, excluding one-time
charges and non-operating gains,
before cum. effect of
accounting change $ (19,526) $ (17,383)
============= ===============
============= ===============
Fully converted net
earnings from continuing
operations, excluding one-time
charges and non-operating gains,
before cum. effect of accounting
change $ 11,563 $ 13,706
============= ===============
============= ===============
Weighted average diluted shares 370,176 370,176
============= ===============
============= ===============
Weighted average
fully converted shares 758,046 758,046
============= ===============
============= ===============
EPS from continuing
operations, before cum. effect of
accounting change:
Basic loss per share $ (.05) $ (.05)
============= ===============
============= ===============
Basic loss per share,
excluding one-time charges
and non-operating gains $ (.05) $ (.05)
============= ===============
============= ===============
Fully converted earnings
per share, excluding
one-time charges $ .02 $ .02
============= ===============
============= ===============
EBITDA (g) $ 230,090 $ 230,090
============= ===============
============= ===============
Pro Forma (a)(b) Actual
2000 2000
Revenues, net $ 1,112,422 $ 1,041,521
Operating costs and expenses:
Costs related to revenues 665,603 611,402
Other costs and expenses 244,874 233,294
Amortization of non cash
distribution and
marketing expense (c) 1,593 1,593
Amortization of non
cash compensation expense (d) 990 990
Amortization of cable
distribution fees 8,223 8,223
Depreciation and
amortization 135,198 104,000
--------------------------------
--------------------------------
Total operating
costs and expenses 1,056,481 959,502
--------------------------------
--------------------------------
Operating income 55,941 82,019
Interest expense, net (8,602) (8,029)
Other, net (637) (631)
--------------------------------
--------------------------------
Earnings before income
taxes and minority interest 46,702 73,359
Income tax expense (30,273) (35,073)
Minority interest (40,361) (45,385)
--------------------------------
--------------------------------
Loss from continuing operations,
before cumulative effect of
accounting change (23,932) (7,099)
Cumulative effect of accounting
change, net of tax (e) - -
--------------------------------
--------------------------------
Net loss from
continuing operations (f) $ (23,932) $ (7,099)
================================
================================
Net loss from continuing
operations, excluding one-time
charges and non-operating gains,
before cum. effect of
accounting change $ (24,791) $ (7,958)
================================
================================
Fully converted net
earnings from continuing
operations, excluding one-time
charges and non-operating gains,
before cum. effect of accounting
change $ (7,724) $ 17,888
================================
================================
Weighted average diluted shares 361,856 337,511
================================
================================
Weighted average
fully converted shares 752,474 728,129
================================
================================
EPS from continuing
operations, before cum. effect of
accounting change:
Basic loss per share $ (.07) $ (.02)
================================
================================
Basic loss per share,
excluding one-time charges
and non-operating gains $ (.07) $ (.02)
================================
================================
Fully converted earnings
per share, excluding
one-time charges $ (.01) $ .02
================================
================================
EBITDA (g) $ 201,945 $ 196,825
================================
================================
(a) Presented as if the merger of Ticketmaster and TMCS had occurred
at the beginning of the period presented. The merger has no impact
on revenues or EBITDA. Pro forma results reflect the impact of the
merger on minority interest and income taxes.
(b) Presented as if the acquisitions of Precision Response and
Styleclick had occurred at the beginning of the period presented.
(c) Amortization of warrants and stock issued in exchange for
distribution and marketing services.
(d) Expense relates to the Company's bonus stock purchase program and
restricted stock awards.
(e) Represents the cumulative effect of adoption of SOP 00-2,
"Accounting by Producers and Distributors of Films".
(f) Q1 '00 excludes the results of USA Broadcasting, the sale of which
to Univision was announced in December 2000. The results for the
discontinued operations was an after tax loss of $11,773.
(g) EBITDA is defined as net income plus, (1) provision for income
taxes, (2) minority interest, (3) interest income and expense, (4)
depreciation and amortization, (5) amortization of cable
distribution fees of $8,756 and $8,223, respectively, and (6)
amortization of non-cash distribution and marketing expense and
non-cash compensation expense.
USA Networks, Inc. and Subsidiaries
EPS and Cash Net Income Reconciliation Information -
Continuing Operations, Before Cumulative Effect of Accounting Change
Unaudited
( $ in thousands, except per share data )
Three Months Ended March 31,
Pro Forma (a) Actual
----------------------------
----------------------------
2001 2001
----------------------------
----------------------------
BASIC LOSS PER SHARE:
Net loss $ (19,526) $ (17,383)
Impact of unusual items,
net of tax and
minority interest (c) - -
----------------------------
----------------------------
Basic loss, excluding
unusual items (c) $ (19,526) $ (17,383)
============================
============================
Weighted average basic shares 370,176 370,176
============================
============================
Basic loss per share: $ (.05) $ (.05)
============================
============================
Basic loss per share
excluding unusual items (c) $ (.05) $ (.05)
============================
============================
CASH NET INCOME:
Net loss $ (19,526) $ (17,383)
Impact of goodwill amortization,
net of tax and minority interest 76,909 76,909
----------------------------
----------------------------
Cash net income 57,383 59,526
Impact of unusual items,
net of tax and minority interest (c) - -
----------------------------
----------------------------
Cash net income,
excluding unusual items (c) $ 57,383 $ 59,526
============================
============================
Weighted average basic shares 370,176 370,176
============================
============================
Cash net income per share $ .16 $ .16
============================
============================
Cash net income per share,
excluding unusual items (c) $ .16 $ .16
============================
============================
FULLY CONVERTED NET EARNINGS:
Net loss $ (19,526) $ (17,383)
Impact of minority interest,
net of tax 31,089 31,089
----------------------------
----------------------------
Fully converted net earnings 11,563 13,706
Impact of unusual items,
net of tax and minority interest (c) - -
----------------------------
----------------------------
Fully converted net earnings,
excluding unusual items (c) $ 11,563 $ 13,706
============================
============================
Weighted average
fully converted shares 758,046 758,046
============================
============================
Fully converted
earnings per share $ .02 $ .02
============================
============================
Fully converted earnings per share,
excluding unusual items (c) $ .02 $ .02
============================
============================
FULLY CONVERTED CASH NET INCOME:
Net loss $ (19,526) $ (17,383)
Impact of minority interest,
net of tax 31,089 31,089
Impact of goodwill amortization,
net of tax and minority interest 76,909 76,909
----------------------------
----------------------------
Fully converted cash net income 88,472 90,615
Impact of unusual items,
net of tax and minority interest (c) - -
----------------------------
----------------------------
Fully converted cash net income,
excluding unusual items (c) $ 88,472 $ 90,615
============================
============================
Weighted average fully converted shares 758,046 758,046
============================
============================
Fully converted cash
net income per share $ .12 $ .12
============================
============================
Fully converted cash net
income per share,
excluding unusual items (c) $ .12 $ .12
============================
============================
Pro Forma (a)(b) Actual
2000 2000
BASIC LOSS PER SHARE:
Net loss $ (23,932) $ (7,099)
Impact of unusual items,
net of tax and
minority interest (c) (859) (859)
----------------------------
----------------------------
Basic loss, excluding
unusual items (c) $ (24,791) $ (7,958)
============================
============================
Weighted average basic shares 361,856 337,511
============================
============================
Basic loss per share: $ (.07) $ (.02)
============================
============================
Basic loss per share
excluding unusual items (c) $ (.07) $ (.02)
============================
============================
CASH NET INCOME:
Net loss $ (23,932) $ (7,099)
Impact of goodwill amortization,
net of tax and minority interest 64,721 60,635
----------------------------
----------------------------
Cash net income 40,789 53,536
Impact of unusual items,
net of tax and minority interest (c) (859) (859)
----------------------------
----------------------------
Cash net income,
excluding unusual items (c) $ 39,930 $ 52,677
============================
============================
Weighted average basic shares 361,856 337,511
============================
============================
Cash net income per share $ .11 $ .16
============================
============================
Cash net income per share,
excluding unusual items (c) $ .11 $ .16
============================
============================
FULLY CONVERTED NET EARNINGS:
Net loss $ (23,932) $ (7,099)
Impact of minority interest,
net of tax 20,045 28,824
----------------------------
----------------------------
Fully converted net earnings (3,887) 21,725
Impact of unusual items,
net of tax and minority interest (c) (3,837) (3,837)
----------------------------
----------------------------
Fully converted net earnings,
excluding unusual items (c) $ (7,724) $ 17,888
============================
============================
Weighted average
fully converted shares 752,474 728,129
============================
============================
Fully converted
earnings per share $ (.01) $ .03
============================
============================
Fully converted earnings per share,
excluding unusual items (c) $ (.01) $ .02
============================
============================
FULLY CONVERTED CASH NET INCOME:
Net loss $ (23,932) $ (7,099)
Impact of minority interest,
net of tax 20,045 28,824
Impact of goodwill amortization,
net of tax and minority interest 79,209 60,635
----------------------------
----------------------------
Fully converted cash net income 75,322 82,360
Impact of unusual items,
net of tax and minority interest (c) (3,837) (3,837)
----------------------------
----------------------------
Fully converted cash net income,
excluding unusual items (c) $ 71,485 $ 78,523
============================
============================
Weighted average fully converted shares 752,474 728,129
============================
============================
Fully converted cash
net income per share $ .10 $ .11
============================
============================
Fully converted cash net
income per share,
excluding unusual items (c) $ .09 $ .11
============================
============================
(a) Presented as if the merger of Ticketmaster and TMCS had occurred
at the beginning of the period presented. The merger has no impact
on revenues or EBITDA. Pro forma results reflect the impact of the
merger on minority interest and income taxes.
(b) Presented as if the acquisitions of Precision Response and
Styleclick had occurred at the beginning of the period presented.
(c) Excludes one time charges and non-operating gains.
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