16% Growth in Q4 and 25% Growth in 2000 at USAi; Best-Ever EBITDA Quarter for USA Network, SCI FI, HSN and HRN.Business Editors NEW YORK--(BUSINESS WIRE)--Feb. 1, 2001 26% Average 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 for Operating Businesses During Company's First 5 Years 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 ) announced today its financial results for the quarter and year ended December December: see month. 31, 2000. On a 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 comparative basis from its operating businesses, USAi generated 16% higher EBITDA on 22% higher revenue in the fourth quarter, and 25% higher EBITDA on 23% higher revenue for the full year. Recent operating highlights include: USA Network had its best quarter in history, growing EBITDA to $105.6 million. - Counter-programming helped increase USA's ratings sequentially each month of the quarter. Since October, USA's primetime is up 27% to an average 1.9 rating in January. - Delivery of targeted adults 25-54 is up 25% in Early Prime for the recent period. JAG, the highest-rated non-kids stripped series on cable, is up 13%. Walker, Texas Ranger has improved the 6pm time period by 71%. - Female-targeted movies have increased delivery to women 25-54 by 77% on Saturday afternoons. - USA's original movies averaged a 3.5 rating in 2000, best among all cable networks. - New programs in 2001 will include Mark Burnett's Eco-Challenge: Borneo and Combat Missions. SCI FI Sci fi may refer to:
- For the first time in its eight years, SCI FI ended the year as a top- top- pref. Variant of topo-. 10 cable network in primetime. - Original programming lifted 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 delivery by 12% in Q4, matching its record rating of 0.9. - December was SCI FI's all-time all-time adj. Exceeding all others up to the present time: an all-time speed skating record. all-time Adjective Informal best month, with an average 1.1 rating and delivery of 760,000 households. - The epic miniseries min·i·se·ries n. pl. miniseries 1. A televised dramatic production, as of a novel or film, shown in a number of episodes. 2. Sports A short series of performances or athletic contests. Dune dune, mound or ridge of wind-blown sand formed in arid regions and along coasts. Dunes are common in most of the great deserts of the world. Often a dune begins to form because material is deposited by the wind as it encounters a bush, a rock, or other obstacle to was the most-watched program in SCI FI history, averaging a 4.4 rating and 2.9 million households, double the network's previous record. - 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, and has a higher 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 than any other network on television. Studios USA had its best Q4 in history, growing net EBITDA to $15.4 million. - Among viewers 18-49: Law & Order is the season's #1 show on Wednesday Wednesday: see week. , spin-off The situation that arises when a parent corporation organizes a subsidiary corporation, to which it transfers a portion of its assets in exchange for all of the subsidiary's capital stock, which is subsequently transferred to the parent corporation's shareholders. 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 is #1 on Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant , and Arrest & Trial is the #1 new first-run series. Arrest & Trial's ratings are up 25% since its October October: see month. premiere. - The District is the #1 program in Saturday primetime Saturday Primetime appears every Saturday during the college basketball regular season and is the ESPN game of the week as part of College GameDay. Started in 2005, the game is featured where ever Rece Davis, Hubert Davis, Digger Phelps and Jay Bilas are for the and among CBS's top performing new shows. - 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). is up 16% since '98, more than any other talk show, and is delivering its highest ratings in four years. - Studios USA is the #3 producer of primetime and first-run syndicated programming, including 2 of the top 4 talk shows. 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 had its best quarter in history, growing U.S. EBITDA to $74.5 million and 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). EBITDA to $9.0 million. - HSN's U.S. revenue increased by 16% to $462.1 million. HSN TV added 650,000 new customers in Q4, 13% more than the year-ago period, and HSN.com nearly doubled its customer base during Q4, adding 115,000 new buyers. - With virtually no incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. customer acquisition costs, HSN is expanding its customer base and driving incremental sales across multiple channels. 38% of HSN.com's customers are new to HSN, and those who shop both on air and online spend 25% more than they had on HSN TV alone. HSN.com's $21 million in sales was ten times Q4 99. - Leveraging its global merchandising merchandising Element of marketing concerned especially with the sale of goods and services to customers. One aspect of merchandising is advertising, which aims to capture the interest of the segment of the population most likely to buy the product. expertise and infrastructure, HSN launched the first Global Today's Special Today's Special was a children's television show produced by Clive VanderBurgh at TVOntario from 1981 to 1987. It also ran on Nickelodeon and the Faith and Values Channel (now the Hallmark Channel) as well as many PBS stations throughout the United States. across every HSN household in the U.S., Germany, France / Belgium Belgium (bĕl`jəm), Du. België, Fr. La Belgique, officially Kingdom of Belgium, constitutional kingdom (2005 est. pop. 10,364,000), 11,781 sq mi (30,513 sq km), NW Europe. , Japan, and China. More than 10,000 units of exclusively designed jewelry jewelry, personal adornments worn for ornament or utility, to show rank or wealth, or to follow superstitious custom or fashion. The most universal forms of jewelry are the necklace, bracelet, ring, pin, and earring. sold out simultaneously si·mul·ta·ne·ous adj. 1. Happening, existing, or done at the same time. See Synonyms at contemporary. 2. Mathematics around the world. - HSN shipped 33.4 million units during the year and 9.2 million during the fourth quarter, including a record 220,000 packages in a single day. 99.9% of customer's orders were delivered on time during the holidays. - More than 80% of HSN's products are exclusive and cannot be found anywhere else. - HSN is the world's #1 distributed television retailer, reaching 141 million households. Hotel Reservations Network had its best quarter in history, growing EBITDA to $17.6 million in Q4. - HRN HRN Heroin (narcotic drug) HRN House Rabbit Network HRN Hotel Reservations Network, Inc. (Dallas, TX) HRN Human Resource Network HRN Host Resource Negotiator HRN Human Resources Need HRN Hidden Recharge Number expanded into 14 new markets, added 800 new web affiliates, and sold 699,900 room nights during Q4. - HRN is one of the most profitable independent 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 companies, earning $52.6 million in EBITDA in 2000. - HRN is the Internet's #1 provider of discount hotel accommodations worldwide. 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. generated ticketing EBITDA of $24.4 million before non-recurring merger charges. - Ticketmaster Online accounted for 26.2% of the tickets sold by Ticketmaster, versus 18.4% in Q4 1999. - Ticketmaster is the world's #1 ticketing service and Ticketmaster.com was the #2 U.S. Web retailer in 2000. Precision Response had its best Q4 in history, growing EBITDA to $11.0 million. PRC's new clients added during Q4 included Chase Metlife, AT&T Customer Care, and AOL (A division of Time Warner, Inc., New York, NY, www.aol.com) The world's largest online information service with access to the Internet, e-mail, chat rooms and a variety of databases and services. . PRC is a world leader in teleservices (1) Refers to a variety of enhanced services via telephone, including fax-on-demand, voice mail and computer telephone integration. See CTI and IVR. (2) Services by human operators for taking orders and providing customer assistance and other tasks via telephone. and integrated customer care. USA Films' Traffic was named film of the year by New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Film Critics Circle and combined with 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. for 3 Golden Globes. New York Yankees  Editing of this page by unregistered or newly registered users is currently disabled due to vandalism. World Series 2000 became the best selling sports video ever
for USA Home Entertainment in Q4.Cross-company highlights include: - ECS's Short Shopping contextual 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. spots generated 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 of $450,000 immediately following the final World Series game on Fox, and $320,000 after the two NFL NFL abbr. National Football League NFL (US) n abbr (= National Football League) → Fußball-Nationalliga Conference Championship games. - ECS See eComStation. has announced long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. and services partnerships with AOL's Turner Sports Turner Sports is the division of Turner Broadcasting System responsible for sports broadcasts on Turner channels including TBS and TNT. Sports TBS
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, and with 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 to operate the sports media company's online store. - Studios USA, the pioneer in dual-platforming, has nearly doubled SCI FI's rating for Invisible Man Invisible Man (Griffin) character made invisible by chemicals. [Br. Lit.: Invisible Man] See : Invisibility through first-run syndication See syndication format. . For fall '01, Studios has already cleared 80% in syndication for SCI FI's 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. . - TMCS TMCS Trimethylchlorosilane (derivatization reagent) TMCS Telecommunications Management & Control Subsystem TMCS Taylor Made Computer Solutions, Ltd. has become 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 7th largest Web 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. . One year ago, TMCS did not rank among HRN's top 150 affiliates.
FINANCIAL RESULTS
On a comparative pro forma basis, USAi reported the following,
excluding discontinued operations:
Actual Pro Forma
Q4 00 Q4 99 Growth
------ ------- ------
($ in millions)
Revenues - Operating Businesses
Cable and studios $424.8 $349.7 21%(a)
Electronic retailing - U.S 462.1 397.7 16%
Electronic retailing - Germany 74.0 50.5 46%
Ticketing 122.7 118.1 4%(c)
Hotel reservations 100.0 53.4 87%
Teleservices 72.1 62.6 15%
---------- --------- ----------
Sub-total - operating 1,255.6 1,032.0 22%
German DM exchange rate
fluctuation (f) (11.8) --
Revenues - Emerging Businesses
Citysearch, Match.com, and related 21.2 14.0
Styleclick 4.8 8.5
Electronic Commerce Solutions 8.7 5.8
HSN - other international 9.4 2.7
USA Films 20.5 25.1
Trio, NWI, SCIFI.com,
USA Network.com 7.5 0.5
--------- ---------
Sub-total - emerging 72.1 56.5
--------- --------- ------
Total $1,315.9 $1,088.5 21%
======== ========= =====
EBITDA - Operating Businesses
Cable and studios $151.1 $125.9 20%(b)
Electronic retailing - U.S 74.5 74.3 0%(d)
Electronic retailing - Germany 9.0 7.0 28%
Ticketing 24.4 25.4 (4%)(c)
Hotel reservations 17.6 8.7 102%
Teleservices 11.0 9.8 13%
Corporate and other (10.0) (10.7)
---------- ---------- ----------
Sub-total - operating 277.7 240.4 16%
German DM exchange rate
fluctuation (f) (1.5) --
Nonrecurring charges (e) (4.1) --
EBITDA - Emerging Businesses
Citysearch, Match.com, and related (11.4) (20.4)
Styleclick (8.2) (18.4)
Electronic Commerce Solutions (8.5) (3.2)
HSN - other international (5.0) (0.5)
USA Films (0.6) 4.5
Trio, NWI, SCIFI.com,
USA Network.com (2.5) (1.1)
----------- ----------
Sub-total - emerging (36.2) (39.1)
---------- ---------
Total $236.0 $201.3 17%
======= ======= ====
- Excludes results from USA Broadcasting, the sale of which to
Univision was announced in December, 2000.
- Presented as if the acquisitions of Precision Response and
Styleclick and the consolidation of HOT Germany had occurred at
the beginning of the periods presented.
- 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 ($11.0 million and $7.5 million, respectively),
and (6) amortization of non-cash distribution and marketing
expense.
(a) USA Network revenue decreased by 1% due to the weak advertising
market.
(b) SCI FI EBITDA increased by only 1% primarily due to marketing
expenses in connection with the mini-series event Dune.
(c) Ticketing growth was limited due to strong comparable results from
millennium-related events in 1999 and costs related to TicketWeb
and 2b Technology in 2000.
(d) HSN's EBITDA growth was impacted by higher spending to enhance the
customer experience in Q4, and by $4 million in non-recurring
credits taken in Q4 99.
(e) Represents one-time expenses related to the merger between
Ticketmaster and Ticketmaster Online-Citysearch.
(f) In order to present comparable results for Germany, the results
have been translated from Deutschemarks to U.S. dollars at the
1999 exchange rate.
BUSINESS MIX
64% of the company's Q4 revenue came from direct consumer
transactions, 21% was derived from production and affiliate fees, and
15% was advertising-related. On a comparative pro forma basis for its
three organizational units, USAi reported the following for its
operating business:
Actual Pro Forma
Q4 00 Q4 99 Growth Mix
($ in millions)
Revenues - Operating Businesses
Entertainment $424.8 $349.7 21% 34%
Electronic retailing 524.2 448.2 17% 42%
Information and Services 294.8 234.1 26% 24%
--------- --------- --- ---
Total $1,243.8 $1,032.0 21% 100%
======== ======== === ====
EBITDA - Operating Businesses
Entertainment $151.1 $125.9 20% 55%
Electronic retailing 82.1 81.3 1% 30%
Information and Services 51.5 43.9 17% 19%
Corporate and other (10.0) (10.7) (4%)
----------- --------- -------- ------
Total $274.7 $240.4 14% 100%
====== ====== === ====
CASH NET INCOME AND EARNINGS PER SHARE FROM CONTINUING OPERATIONS
Actual Adjusted(a) Pro Forma
Q4 00 Q4 00 Q4 99
----- ----- ------
Fully converted cash net
income per share 0.12 0.15 0.12
Fully converted earnings
per share 0.00 0.03 0.02
Cash net income per share 0.16 0.21 0.09
Basic loss per share (0.08) (0.03) (0.01)
(a) Excluding non-recurring merger and other costs ($4 million,
pre-tax) and one-time non-operating losses ($34.8 million, pre-tax).
Due to regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. restrictions, Universal and Liberty own a significant portion of their interests in USAi through USAi subsidiaries. This structure causes USAi to record net losses in situations where net income would otherwise have been recorded if their ownership were entirely in USAi common stock. Fully converted earnings and fully converted cash net income reflect the impact as if all shares exchangeable into common stock had been exchanged during the period. Fully converted cash net income per share, fully converted earnings per share, and basic loss per share were impacted by higher losses in unconsolidated investments, higher depreciation charges, and higher non-cash marketing expenses. Fully converted earnings per share and basic loss per share were also impacted by higher amortization of goodwill in connection with various acquisitions.
OPERATING METRICS
USA CABLE / STUDIOS USA
Q4 00 Q4 99 Growth
----- ----- ------
Revenue ($ in millions):
USA Network $201.4 $202.7 (1%)(a)
SCI FI 78.4 63.8 23%
Studios, net 144.9 83.2 74%
--------- ------- -----
Total $424.8 $349.7 21%
====== ====== ======
EBITDA ($ in millions):
USA Network $105.6 $87.0 21%
SCI FI 30.2 30.0 1%(b)
Studios, net 15.4 9.0 70%
-------- ------ -----
Total $151.1 $125.9 20%
====== ======= =====
Households (in millions @ 12/31):
USA Network 79.9 77.2 4%
SCI FI 66.7 59.7 12%
Advertising revenue / affiliate
revenue mix:
USA Network 55:45 58:42
SCI FI 67:33 62:38
(a) 1% decrease attributable to the weak advertising market.
(b) Only 1% increase primarily due to marketing expenses in connection
with the mini-series event Dune.
HSN - U.S.
Q4 00 Q4 99 Growth
----- ----- ------
On air services:
Units shipped (in millions) 9.2 8.7 6%
Gross profit %(a) 32.7% 34.0%
Return rate 19.2% 19.1%
U.S. cable / DBS homes
(in millions @ 12/31) 65.6 60.6 8%
U.S. total homes
(in millions @ 12/31) 76.8 73.7 4%
Product mix:
Homegoods 55% 54%
Jewelry 25% 23%
Health / Beauty 8% 10%
Apparel / Accessories 12% 13%
(a) In connection with accounting regulations effective in Q3 00, HSN
reclassified shipping and handling revenue from cost of goods sold
to revenue. This reclassification had no effect on HSN's reported
EBITDA and no significant effect on revenue growth.
HSN - INTERNATIONAL
TV Households Live Hours
12/00 12/99 Growth Daily 12/00 Stake
(in millions @ 12/31)
Consolidated Services:
HOT Germany (includes
Austria and
Switzerland) 29.3 26.7 2.6 16 hours 42%
Home Shopping en
Espanol (U.S.) 5.1 2.7 2.4 12 hours 100%
Unconsolidated Services:
TVSN (China) 18.9 - - 18.9 5 hours 21%
Shop Channel (Japan) 9.2 6.8 2.4 12 hours 30%
HOT LeGrand Magasin
(France
and Belgium) 1.4 - - 1.4 8 hours 47%
TICKETING
Q4 00 Q4 99 Growth
----- ----- ------
Number of tickets sold (in millions) 18.7 18.4 2%
Gross value of tickets sold
(in millions) $781.8 $759.3 3%
Revenue per ticket - combined $5.87 $5.62 4%
Revenue per ticket - online $6.75 $6.46 5%
Share of tickets sold online
(U.S., Canada, U.K.) 26.2% 18.4%
Top-selling events in Q4 '00 Backstreet Boys, WWF, New York
Yankees, Radio City Christmas
Spectacular, Nutcracker
HOTEL RESERVATIONS NETWORK
Q4 00 Q4 99 Growth
----- ----- ------
Hotel room nights sold 699,900 383,000 83%
Portion of total revenues
generated online 96% 87%
Affiliate revenues as % of
total revenue 56% 43%
Cities served (as of 12/31) 97 40 143%
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. , and Net Debt As of January January: see month. 29, 2001, USAi had outstanding 729.7 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. $14.2 billion. USAi's net debt, including that of its public subsidiaries, offset by an advance receivable to Universal, was approximately $160 million as of December 31, 2000. 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) TMCS's acquisition of Sidewalk.com Sidewalk.com was first registered in 1995 by a C.D. Bell of Los Angeles, CA, as a website where local subscribers could gain a presence on the web. Bell compiled a lengthy list of possible names for his new domain, and much to his surprise his first choice, "Sidewalk. , 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, , One and Only Network, 2b Technology, and TicketWeb; 2) the consolidation of Home Order Television as of January 1, 2000; 3) the acquisition of Precision Response in April, 2000; and 4) the acquisition of Styleclick.com in August 2000. 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 relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc 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, December '00 vs. '99. 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. TMCS and competitor unique users and national reach data per Media Metrix (Digital Media Universe) Key Measures Report, December 2000. Ticketmaster.com Web retailer ranking is among U.S. home users based on average monthly transactions per PC Data Online for the period stated. 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. Formed in February February: see month. 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), 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. .com, Match.com, 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.
USA Networks, Inc. and Subsidiaries
Business Segment Information - Continuing Operations
Unaudited
( $ in thousands )
Three Months Ended December 31,
--------------------------------------
Actual Pro Forma(a) Actual
2000 1999 1999
----------- ------------ ----------
Revenues - Operating Businesses
Cable and studios $ 424,776 $ 349,651 $ 349,651
Electronic retailing - U.S. 462,069 397,711 397,711
Electronic retailing - Germany 73,968 50,519 -
Ticketing 122,656 118,128 118,128
Hotel reservations 100,014 53,443 53,443
Teleservices 72,097 62,576 -
--------- --------- ---------
Sub-total 1,255,580 1,032,028 918,933
German DM exchange
rate fluctuation (d) (11,814) - -
Revenues - Emerging Businesses
Citysearch, Match.com and related 21,236 13,967 13,967
Styleclick 4,753 8,495 7,473
Electronic Commerce Solutions 8,659 5,769 5,769
HSN - other international 9,439 2,650 2,650
USA Films 20,536 25,079 25,079
Trio, NWI,
SCIFI.com, USA Network.com 7,470 495 495
----------- ----------- ---------
Sub-total 72,093 56,455 55,433
----------- ----------- ---------
Total $ 1,315,859 $ 1,088,483 $ 974,366
=========== =========== =========
EBITDA - Operating Businesses(b)
Cable and studios $ 151,102 $ 125,887 $ 125,887
Electronic retailing - U.S. 74,530 74,261 74,261
Electronic retailing - Germany 9,001 7,006 -
Ticketing 24,420 25,419 25,419
Hotel reservations 17,637 8,715 8,715
Teleservices 11,048 9,790 -
Corporate and other (9,991) (10,687) (10,687)
--------- --------- ---------
Sub-total 277,747 240,391 223,595
German DM exchange
rate fluctuation (d) (1,454) - -
Nonrecurring charges (c) (4,103) - -
EBITDA - Emerging Businesses
Citysearch, Match.com and related (11,390) (20,426) (20,426)
Styleclick (8,246) (18,400) (13,230)
Electronic Commerce Solutions (8,508) (3,180) (3,180)
HSN - other international (4,950) (531) (531)
USA Films (621) 4,534 4,534
Trio, NWI,
SCIFI.com, USA Network.com (2,518) (1,104) (1,104)
--------- --------- ---------
Sub-total (36,233) (39,107) (33,937)
--------- --------- ---------
Total $ 235,957 $ 201,284 $ 189,658
========= ========= =========
(a) Presented as if the acquisitions of Styleclick and Precision
Response Corp. had occurred at the beginning of the period
presented.
(b) EBITDA is defined as net income plus, (1) provision for income
taxes, (2) interest income and expense, (3) depreciation and
amortization, (4) amortization of cable distribution fees of
$10,987 and $7,466, (5) amortization of non-cash distribution and
marketing expense, and (6) minority interest.
(c) Represents one-time expenses primarily related to the merger
between Ticketmaster and Ticketmaster Online-Citysearch.
(d) In order to present comparable results for Germany, the results
have been translated from Deutschemarks to U.S. dollars at the
1999 exchange rate.
USA Networks, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
Unaudited
( $ in thousands, except per share data )
Three Months Ended December 31,
Actual (2) Pro Forma(1)(2) Actual (2)
---------- ---------- --------
2000 1999 1999
---------- ---------- --------
Revenues, net $ 1,315,859 $ 1,088,483 $ 974,366
Operating costs and expenses:
Costs related to revenues 801,302 657,816 579,706
Other costs and expenses 278,600 229,383 205,002
Amortization of non cash
distribution and marketing
expense (3) 7,099 - -
Amortization of cable
distribution fees 10,987 7,466 7,466
Depreciation and amortization 178,078 131,082 100,167
---------- ---------- --------
Total operating costs
and expenses 1,276,066 1,025,747 892,341
---------- ---------- --------
Operating income 39,793 62,736 82,025
Interest expense, net (10,263) (10,831) (10,461)
Other, net (18,063) 633 3,736
---------- ---------- --------
(28,326) (10,198) (6,725)
---------- ---------- --------
Earnings from continuing
operations before income
taxes and minority interest 11,467 52,538 75,300
Income tax expense (26,346) (28,129) (32,191)
Minority interest (14,360) (28,752) (46,715)
---------- ---------- --------
Net loss from continuing
operations (5) $ (29,239) $ (4,343) $ (3,606)
========== ========== =========
Net loss from continuing
operations, excluding
one-time charges and
non-operating gains $ (11,170) $ (4,343) $ (3,606)
=========== ========= ==========
Fully converted net earnings
from continuing operations,
excluding one-time charges
and non-operating gains $ 22,120 $ 17,638 $ 36,371
========== ========== =========
Weighted average
diluted shares 368,264 360,698 336,353
========== ========== =========
Weighted average
fully converted shares 752,603 763,702 739,357
========== ========== =========
EPS from continuing operations:
Basic loss per share $ (.08) $ (.01) $ (.01)
========== ========== =========
Basic loss per share,
excluding one-time charges
and non-operating gains $ (.03) $ (.01) $ (.01)
========== ========== =========
Fully converted earnings per
share, excluding one-time
charges $ .03 $ .02 $ .05
========== ========== =========
EBITDA (4) $ 235,957 $ 201,284 $ 189,658
========== ========== =========
(1) Presented as if the acquisitions of Styleclick and Precision
Response Corp. had occurred at the beginning of the period
presented.
(2) Earnings (loss) per common share data and shares outstanding
retroactively reflect the impact of two-for-one common stock
and Class B common stock split paid on February 24, 2000.
(3) Amortization of warrants and stock issued in exchange for
distribution and marketing services.
(4) EBITDA is defined as net income plus, (1) provision for income
taxes, (2) interest income and expense, (3) depreciation and
amortization, (4) amortization of cable distribution fees of
$10,987 and $7,466, (5) amortization of non-cash distribution
and marketing expense, and (6) minority interest.
(5) Excludes the results of USA Broadcasting, the sale of which to
Univision was announced in December 2000. The results for the
discontinued operations were a loss of $17,016 and $14,172 in
2000 and 1999, respectively.
USA Networks, Inc. and Subsidiaries
EPS and Cash Net Income Reconciliation
Information - Continuing Operations
Unaudited
( $ in thousands, except per share data )
Three Months Ended December 31,
Actual(b) Pro Forma(a)(b) Actual(b)
-----------------------------------------------------
2000 1999 1999
BASIC LOSS PER SHARE:
Net loss ($29,239) ($4,343) ($3,606)
Impact of
unusual items, net of
tax and minority
interest(c) 18,069 - -
----------------------------------------------------
Basic loss,
excluding unusual
items(c) $ (11,170) $ (4,343) $ (3,606)
=====================================================
Weighted average
basic shares 368,264 360,698 336,353
=====================================================
Basic loss
per share: $ (.08) $ (.01) $ (.01)
======================================================
Basic loss per
share excluding
unusual items (c) $ (.03) $ (.01) $ (.01)
=====================================================
CASH NET INCOME:
Net loss $ (29,239) $ (4,343) $ (3,606)
Impact of goodwill
amortization, net
of tax and minority
interest 88,839 37,512 53,084
-----------------------------------------------------
Cash net income 59,600 33,169 49,478
Impact of unusual
items, net of
tax and minority
interest(c) 18,069 - -
-----------------------------------------------------
Cash net income,
excluding unusual
items (c) $ 77,669 $ 33,169 $ 49,478
=====================================================
Weighted average
basic shares 368,264 360,698 336,353
=====================================================
Cash net income
per share $ .16 $ .09 $ .15
=====================================================
Cash net income
per share, excluding
unusual items (c) $ .21 $ .09 $ .15
=====================================================
FULLY CONVERTED
NET EARNINGS:
Net loss ($29,239) ($4,343) ($3,606)
Impact of minority
interest,
net of tax 31,385 21,981 39,977
-----------------------------------------------------
Fully converted
net earnings 2,146 17,638 36,371
Impact of unusual
items, net of
tax and minority
interest(c) 19,974 - -
-----------------------------------------------------
Fully converted
cash earnings,
excluding unusual
items (c) $ 22,120 $ 17,638 $ 36,371
=====================================================
Weighted average
fully converted
shares 752,603 763,702 739,357
=====================================================
Fully converted
earnings per share $ - $ .02 $ .05
=====================================================
Fully converted
earnings per share,
excluding unusual
items (c) $ .03 $ .02 $ .05
=====================================================
FULLY CONVERTED
CASH NET INCOME:
Net loss $ (29,239) $ (4,343) $ (3,606)
Impact of minority
interest, net
of tax 19,974 - -
Impact of goodwill
amortization,
net of tax and
minority interest 100,250 96,005 93,061
----------------------------------------------------
Fully converted
cash net income 90,985 91,662 89,455
Impact of unusual
items, net of
tax and minority
interest(c) 19,974 - -
----------------------------------------------------
Fully converted
cash net income,
excluding unusual
items (c) $ 110,959 $ 91,662 $ 89,455
====================================================
Weighted average
fully converted
shares 752,603 763,702 739,357
====================================================
Fully converted
cash net income
per share $ .12 $ .12 $ .12
====================================================
Fully converted
cash net income
per share, excluding
unusual items (c) $ .15 $ .12 $ .12
================ ===============================
(a) Presented as if the acquisitions of Styleclick and Precision
Response Corp. had occurred at the beginning of the period
presented.
(b) Earnings (loss) per common share data and shares outstanding
retroactively reflect the impact of two-for-one common stock and
Class B common stock split paid on February 24, 2000.
(c) Excludes one time charges and non-operating gains
USA Networks, Inc. and Subsidiaries
Business Segment Information - Continuing Operations
Unaudited
( $ in thousands )
Twelve Months Ended December 31,
--------------------------------------------
Pro Forma(a) Actual Pro Forma(a) Actual
2000 2000 1999 1999
----------- ---------- ----------- --------
Revenues
- Operating Businesses
Cable and studios $1,530,464 $1,530,464 $1,304,683 $1,304,683
Electronic
retailing - U.S. 1,533,272 1,533,272 1,332,903 1,332,903
Electronic
retailing - Germany 259,645 259,645 166,735 -
Ticketing 518,565 518,565 442,742 442,742
Hotel reservations 327,977 327,977 161,814 124,113
Teleservices 282,120 212,471 215,920 -
Other - - 6,894 6,894
--------- --------- --------- ---------
Sub-total 4,452,043 4,382,394 3,631,691 3,211,335
German DM exchange
rate fluctuation (d) (35,271) (35,271) - -
Revenues
- Emerging Businesses
Citysearch,
Match.com and related 80,012 80,012 36,329 36,329
Styleclick 24,197 22,308 35,136 28,962
Electronic
Commerce Solutions 24,293 24,293 20,240 20,240
HSN - other international 21,340 21,340 8,925 8,925
USA Films 86,084 86,084 82,053 64,766
Trio, NWI, SCIFI.com,
USA Network.com 20,332 20,332 1,188 1,188
Sub-total 256,258 254,369 183,871 160,410
---------- ---------- ---------- ----------
Total $4,673,030 $4,601,492 $3,815,562 $3,371,745
========== ========== ========== ==========
EBITDA - Operating
Businesses(b)
Cable and studios $ 547,682 $ 547,682 $ 433,912 $ 433,912
Electronic
retailing - U.S. 236,495 236,495 214,669 214,669
Electronic
retailing - Germany 28,199 28,199 16,270 -
Ticketing 100,026 100,026 93,349 93,349
Hotel reservations 52,641 52,641 24,175 18,891
Teleservices 43,556 34,095 30,375 -
Corporate and other (35,069) (35,069) (36,141) (36,227)
-------- --------- --------- ---------
Sub-total 973,530 964,069 776,609 724,594
German DM exchange
rate fluctuation (d) (3,939) (3,939) - -
Nonrecurring charges (c) (15,703) (15,703) - -
EBITDA - Emerging Businesses
Citysearch,
Match.com and related (59,164) (59,164) (60,844) (60,844)
Styleclick (42,839) (31,874) (53,555) (39,240)
Electronic
Commerce Solutions (28,355) (28,355) (2,412) (2,412)
HSN - other international (13,520) (13,520) (4,506) (4,506)
USA Films (6,592) (6,592) 6,384 6,497
Trio, NWI,
SCIFI.com, USA Network.com (7,120) (7,120) (2,989) (2,989)
--------- --------- --------- ---------
Sub-total (157,590) (146,625) (117,922) (103,494)
--------- --------- --------- ---------
Total $ 796,298 $ 797,802 $ 658,687 $ 621,100
========= ========= ========= =========
(a) Presented as if the acquisitions of Styleclick, Precision Response
Corp., Hotel Reservations Network and October Films and the
consolidation of HOT Germany had occurred at the beginning of the
period presented.
(b) EBITDA is defined as net income plus, (1) provision for income
taxes, (2) interest income and expense, (3) depreciation and
amortization, (4) amortization of cable distribution fees of
$36,322 and $26,680, (5) amortization of non-cash distribution and
marketing expense, and (6) minority interest.
(c) Represents one -time expenses primarily related to the merger
between Ticketmaster and Ticketmaster Online-Citysearch; and as
part of a resignation agreement with a senior executive, the
company recorded one-time compensation expense of $11,600 related
to a consulting arrangement.
(d) In order to present comparable results for Germany, the results
have been translated from Deutschemarks to U.S. dollars at the
1999 exchange rate.
USA Networks, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
Unaudited
( $ in thousands, except per share data )
Twelve Months Ended December 31,
Pro Forma (1)(2) Actual (2)
2000 2000
Revenues, net $ 4,673,030 $ 4,601,492
Operating costs and expenses:
Costs related to revenues 2,812,382 2,757,893
Other costs and expenses 1,064,350 1,045,797
Amortization of non cash
distribution and marketing
expense (3) 11,512 11,512
Amortization of cable
distribution fees 36,322 36,322
Depreciation and amortization 597,142 548,048
----------- ----------
Total operating costs
and expenses 4,521,708 4,399,572
----------- ----------
Operating income 151,322 201,920
Interest expense, net (34,958) (34,218)
Gain on sale of securities - -
Other, net (5) 49,295 49,297
----------- ----------
14,337 15,079
----------- ----------
Earnings from continuing
operations before income
taxes and minority interest 165,659 216,999
Income tax expense (113,027) (112,869)
Minority interest (128,540) (159,660)
----------- ----------
Net loss from continuing
operations (6) $ (75,908) $ (55,530)
=========== ==========
Net loss from continuing
operations, excluding
one-time charges and
non-operating gains $ (69,698) $ (49,320)
============ ==========
Fully converted net earnings from
continuing operations,
excluding one-time charges and
non-operating gains $ 21,324 $ 61,535
=========== ==========
Weighted average shares 366,045 359,688
============ ==========
Weighted average diluted shares 366,045 359,688
=========== ==========
Weighted average fully
converted shares 747,403 747,403
=========== ==========
EPS from continuing operations:
Basic (loss) earnings per share $ (.21) $ (.15)
=========== ==========
Diluted (loss) earnings per share $ (.21) $ (.15)
=========== ==========
Basic loss per share, excluding
one-time charges
and non-operating gains $ (.19) $ (.14)
=========== ==========
Fully converted earnings per
share, excluding one-time
charges and non-operating gains $ .03 $ .08
=========== ==========
EBITDA (4) $ 796,298 $ 797,802
=========== ==========
Twelve Months Ended December 31,
Pro Forma (1) (2) Actual (2)
1999 1999
--------------- ------------
Revenues, net $ 3,815,562 $ 3,371,745
Operating costs and expenses:
Costs related to revenues 2,301,730 1,995,901
Other costs and expenses 855,145 754,744
Amortization of non cash
distribution and marketing
expense (3) - -
Amortization of cable
distribution fees 26,680 26,680
Depreciation and amortization 466,561 324,506
--------------- ------------
Total operating costs
and expenses 3,650,116 3,101,831
--------------- ------------
Operating income 165,446 269,914
Interest expense, net (50,195) (48,544)
Gain on sale of securities 89,721 89,721
Other, net (5) (4,897) 5,771
--------------- ------------
34,629 46,948
--------------- ------------
Earnings from continuing
operations before income
taxes and minority interest 200,075 316,862
Income tax expense (83,922) (103,050)
Minority interest (136,668) (197,297)
--------------- ------------
Net loss from continuing
operations (6) $ (20,515) $ 16,515
=============== ============
Net loss from continuing
operations, excluding
one-time charges and
non-operating gains $ (40,280) $ (3,250)
=============== ==============
Fully converted net earnings from
continuing operations,
excluding one-time charges and
non-operating gains $ 38,489 $ 106,698
=============== ============
Weighted average shares 352,643 327,816
=============== ============
Weighted average diluted shares 352,643 367,927
=============== ============
Weighted average fully
converted shares 745,808 720,981
=============== ============
EPS from continuing operations:
Basic (loss) earnings per share $ (.06) $ .05
=============== ============
Diluted (loss) earnings per share $ (.06) $ .04
=============== ============
Basic loss per share, excluding
one-time charges
and non-operating gains $ (.11) $ (.01)
=============== ============
Fully converted earnings per
share, excluding one-time
charges and non-operating gains $ .05 $ .15
=============== ============
EBITDA (4) $ 658,687 $ 621,100
=============== ============
(1) Presented as if the acquisitions of Styleclick, Precision
Response Corp., Hotel Reservations Network and October Films
and the consolidation of HOT Germany had occurred at the
beginning of the period presented.
(2) Earnings (loss) per common share data and shares outstanding
retroactively reflect the impact of two-for-one common stock
and Class B common stock split paid on February 24, 2000.
(3) Amortization of warrants and stock issued in exchange for
distribution and marketing services.
(4) EBITDA is defined as net income plus, (1) provision for income
taxes, (2) interest income and expense, (3) depreciation and
amortization, (4) amortization of cable distribution fees of
$36,322 and $26,680, (5) amortization of non-cash distribution
and marketing expense, and (6) minority interest.
(5) Includes non-operating gain related to Styleclick merger of
$104.6 million and non-operating losses related to equity
investments of $46.1 million
(6) Excludes the results of USA Broadcasting, the sale of which to
Univision was announced in December 2000. The results for the
discontinued operations were a loss of $58,423 and $44,146 in
2000 and 1999, respectively.
USA Networks, Inc. and Subsidiaries
EPS and Cash Net Income Reconciliation
Information - Continuing Operations
Unaudited
( $ in thousands, except per share data )
Twelve Months Ended December 31,
Pro Forma (a)(b) Actual (b) Pro Forma (a)(b) Actual(b)
----------------------------------------------------------
2000 2000 1999 1999
BASIC LOSS
PER SHARE:
Net (loss)
earnings ($75,908) ($55,530) ($20,515) $16,515
Impact of
unusual
items, net of
tax and minority
interest(c) 6,210 6,210 (19,765) (19,765)
---------------------------------------------------------
Basic loss,
excluding
unusual
items (c) $ (69,698) $ (49,320) $ (40,280) $ (3,250)
==========================================================
Weighted
average
basic shares 366,045 359,688 352,643 327,816
===========================================================
Weighted average
diluted shares 366,045 359,688 352,643 367,927
==========================================================
Basic (loss)
earnings
per share: $ (.21) $ (.15) $ (.06) $ .05
==========================================================
Diluted (loss)
earnings
per share: $ (.21) $ (.15) $ (.06) $ .04
==========================================================
Basic loss
per share
excluding
unusual items(c) $(.19) $ (.14) $ (.11) $ (.01)
===========================================================
FULLY CONVERTED
NET EARNINGS:
Net (loss)
earnings ($75,908) ($55,530) ($20,515) $16,515
Impact of minority
interest,
net of tax 115,559 135,392 111,043 142,222
----------------------------------------------------------
Fully converted
net earnings 39,651 79,862 90,528 158,737
Impact of
unusual items,
net of tax and
minority
interest(c) (18,327) (18,327) (52,039) (52,039)
----------------------------------------------------------
Fully converted
net earnings,
excluding
unusual items(c)$ 21,324 $ 61,535 $ 38,489 $ 106,698
==========================================================
Weighted average
fully converted
shares 747,403 747,403 745,808 720,981
==========================================================
Fully converted
earnings
per share $ .05 $ .11 $ .12 $ .22
==========================================================
Fully converted
earnings per share,
excluding unusual
items (c) $ .03 $ .08 $ .05 $ .15
===========================================================
(a) Presented as if the acquisitions of Styleclick, Precision Response
Corp., Hotel Reservations Network and October Films and the
consolidation of HOT Germany had occurred at the beginning of the
period presented.
(b) Earnings (loss) per common share data and shares outstanding
retroactively reflect the impact of two-for-one common stock and
Class B common stock split paid on February 24, 2000.
(c) Excludes one time charges and non-operating gains
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