35% Higher EBITDA at USA Networks, Inc.Business & High Tech Editors NEW YORK--(BUSINESS WIRE)--April 27, 2000 Operating Businesses Combine for Record Revenue and 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 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 ), a diversified diversified (di·verˑ·s media and electronic commerce company, announced today its financial results for the quarter ended March 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, USAi generated 25% higher revenue and 35% higher EBITDA from its operating businesses. Highlights include: - Home Shopping Network “HSN” redirects here. For other uses, see HSN (disambiguation). The Home Shopping Network (HSN) is a mostly 24-hour shopping network that is seen on cable, satellite, and some terrestrial channels in the United States. had its best first quarter in history, growing total revenue by 21.5% to $379.1 million and EBITDA by 37.2% to $61.8 million, including its newly consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. . 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 now reaches 103 million households worldwide, recently surpassing QVC QVC Quality Value Convenience QVC Question Valid Command on a global basis. - USA Network, the No. 1 primetime cable network, averaged a 2.4 rating in Q1, six-tenths ahead of TBS TBS Tablespoon TBS Tokyo Broadcasting System, Inc. TBS Treasury Board Secretariat (Canada) TBS Tris-Buffered Saline TBS Tris Buffered Saline TBS Turn Based Strategy (games) and Nickelodeon, its nearest competitors COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. . USA increased Q1 EBITDA by 37.4% to $97.1 million. - SCI FI Sci fi may refer to:
its average delivery by 167,000 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. and achieved a record 0.9 rating in Q1. SCI FI grew EBITDA by 54.2% to $24.2 million for the period. - 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. , the world's leading ticketing service, sold a record 21.8 million tickets during Q1, contributing to a 28.3% increase in combined ticketing revenue and a 40.3% increase in combined EBITDA. - Ticketmaster Online, the No. 1 online ticketing company and No. 3 web retailer, increased revenue 191% and accounted for 20.5% of tickets sold by Ticketmaster in the U.S., Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of and U.K. during Q1, a 164% increase. - 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. , the number one online local network, grew city guide revenue by 192% for Q1. TMCS's unique users increased 83% in eight months to 7.7 million in March, versus a 24% decline for its nearest competitor. - Hotel Reservations Network, the leading online consolidator of hotel accommodations, increased revenue by 141% and EBITDA by 139% for the first quarter. 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 grew its affiliated af·fil·i·ate v. af·fil·i·at·ed, af·fil·i·at·ing, af·fil·i·ates v.tr. 1. To adopt or accept as a member, subordinate associate, or branch: web base by 25% and expanded into nine additional markets since December December: see month. 1999.
Financial Results
On a comparative pro forma basis, USAi reported the following:
Three Months Ended March 31,
----------------------------
Actual Pro Forma
2000 1999 Growth
------ --------- ------
($ in millions)
Revenues - Operating Businesses
Networks and studios................ $378.9 $331.5 14.3%
(Networks' revenue grew 20.4%)
Electronic retailing - domestic..... 322.1 274.2 17.5%
Electronic retailing - international 57.0 37.7 51.1%
Ticketing operations................ 98.4 89.6 9.9%
(Combined ticketing revenue
grew 28.3%)
Online ticketing.................... 29.5 10.2 190.7%
Hotel reservations.................. 55.3 22.9 141.1%
Filmed entertainment................ 30.3 6.7 352.7%
Other............................... -- 4.0
----- -----
Sub-total....................... 971.5 776.8 25.1%
Revenues - Emerging Businesses
Online city guides and related...... 17.0 5.8
Interactive......................... 6.1 6.5
Electronic commerce and services. 4.6 3.2
Broadcasting........................ 3.6 0.9
-------- ------
Total........................... $1,002.8 $793.2 26.4%
======== ====== =====
EBITDA - Operating Businesses
Networks and studios................ $138.8 $109.5 26.8%
(Networks' EBITDA grew 40.4%)
Electronic retailing - domestic..... 55.3 41.9 31.8%
Electronic retailing - international 6.5 3.1 109.4%
Ticketing operations................ 20.4 16.7 22.2%
(Combined ticketing EBITDA grew 40.3%)
Online ticketing.................... 7.0 2.8 146.5%
Hotel reservations.................. 8.2 3.4 139.4%
Filmed entertainment................ 2.2 (1.0)
Corporate and other................. (10.6) (7.2)
---------- ---------
Sub-total....................... 227.8 169.2 34.6%
EBITDA - Emerging Businesses
Online city guides and related...... (17.6) (8.9)
Interactive ........................ (8.5) (7.4)
Electronic commerce and services.... (5.6) (0.1)
Broadcasting........................ (11.8) (9.2)
----------- ----------
Total........................... $184.3 $143.6 28.4%
======= ======= =======
- The 1999 pro forma results are presented as if the
acquisitions of Hotel Reservations Network and October Films, and
the consolidation of Home Order Television had occurred at the
beginning of the period presented. However, the results do not
reflect results for Precision Response as it was acquired on
April 5, 2000.
- Electronic retailing - international includes primarily the
consolidated results for Home Order Television (42% owned) and
Home Shopping en Espanol.
- Electronic retailing - domestic excludes amortization of cable
distribution fees of $8.2 million and $6.1 million in
Q1 2000 and Q1 1999, respectively.
- Hotel reservations and online city guides EBITDA excludes
amortization of non-cash distribution and marketing expense
(warrant costs related to affiliation and distribution
arrangements).
Fully converted earnings per share was $.03 for the three months
ended March 31, 2000, as compared to $.03 excluding non-operating
gains for the pro forma period in 1999. EPS growth was impeded by
higher income tax expense, equity losses in unconsolidated
investments, and amortization of goodwill in connection with
Ticketmaster Online - CitySearch, Inc.'s acquisition of the arts and
entertainment portion of Sidewalk.com in Q3 1999. The impact of the
Sidewalk transaction would have reduced fully converted earnings per
share excluding non-operating gains to $.02 in the year ago period.
Diluted loss per share was ($.06) for the three months ended March
31, 2000, as compared to a loss of ($.03) excluding non-operating
gains for the pro forma period in 1999. The decrease is attributed to
higher income tax expense, equity losses in unconsolidated
investments, minority interest, and amortization of goodwill in
connection with Ticketmaster Online - CitySearch, Inc.'s acquisition
of the arts and entertainment portion of Sidewalk.com in Q3 1999. The
impact of the Sidewalk transaction would have increased diluted loss
per share excluding non-operating gains to ($.06) in the year ago
period.
Fully converted cash net income, or earnings before the
amortization of goodwill, was $63.4 million for the three months ended
March 31, 2000, as compared to $72.2 million excluding non-operating
gains for the pro forma period in 1999. The decrease is attributable
to higher income tax expense, and equity losses in unconsolidated
investments.
Segment Operating Highlights - Pro Forma
Networks and Studios
Networks' combined revenue grew by 20.4% to $259.3 million, and
EBITDA improved by 40.4% to $121.2 million due primarily to strong
advertising and affiliate revenue growth.
Three Months Ended March 31,
----------------------------
2000 1999 Growth
---- ---- ------
($ and households in millions)
Revenue
USA Network...................... $196.9 $175.0 12.5%
SCI FI........................... 62.4 40.4 54.3%
------- ------- -----
Total...................... $259.3 $215.4 20.4%
======= ======= =====
EBITDA
USA Network...................... $97.1 $70.7 37.4%
SCI FI........................... 24.1 15.6 54.2%
------ ------- ------
Total...................... $121.2 $86.3 40.4%
====== ======= ======
Households (in millions @ 3/31)
USA Network...................... 77.4 75.3 3%
SCI FI........................... 60.5 54.4 11%
Programming highlights include:
- USA Network
Primetime -- No. 1 among cable networks with a 2.4 rating,
six-tenths above its nearest competitors
Audience delivery -- More men and adult viewers 18-34, 18-49 and
25-54 than any other cable network
Cover Me -- 2.4 million households tuned in for premiere, best
new series debut in USA history
Law & Order: SVU -- 1.5 rating is 36% increase for Sunday 11pm
time period; produced by Studios USA
WWF Raw / War Zone -- Remains No. 1 rated series on cable; 6.3
rating is half-point higher than Q1 99
JAG -- Among highest-rated off-network series; 2.2 is 57% ratings
growth for time period
Original movies -- The Mary Kay Letourneau Story and Cabin by
the Lake were tops on cable in Q1
- SCI FI
Primetime -- Q1 record with a 0.9 average rating, up 29% from
Q1 1999
Audience delivery -- Increased by 42%, or 167,000 viewers, ahead
of all other cable networks
Farscape -- Top-rated series on SCI FI; 1.2 rating is 100%
improvement for period vs. Q1 1999
Outer Limits -- 1.0 rating is 43% higher for time period
Saturday original movie -- 1.9 average rating, up 171% from Q1 1999
- Studios USA
Law & Order -- Ratings up 15% from 98/99; will become
longest-running 1-hr. drama in TV history
Law & Order: SVU -- Already a top-30 show in 1st season; NBC
recently renewed for 2 more seasons
Maury -- Became No. 3 syndicated talk show in Q1; ratings up 41%
in 18 months
Jerry Springer -- Maintains No. 2 ranking among syndicated
talk shows
Back 2 Back Action -- Cleopatra / Jack of All Trades combine as
No. 1 new syndicated hour of the season
Electronic Retailing - Domestic
- HSN's domestic business grew revenue by 17.5% to $322.1
million and EBITDA by 32% to $55.3 million due to increased sales
volume and a lower return rate. HSN highlights include:
Three Months Ended March 31,
----------------------------
2000 1999
---- ----
Units shipped (in millions) 8.2 7.7
Domestic on-air gross
profit percentage 37.8% 38.3%
Return rate 20.9% 22.8%
HSN U.S. cable / DBS homes
(in millions @ 3/31) 61.6 54.8
- HSN highlights include:
Customers -- Record 575,000 new customers, including 140,000 men,
were added in Q1
Wolfgang Puck Special -- Exclusive event attracted an
unprecedented 4,000 new customers in
2 hours
Global AMD Athlon -- Home computer system generated $24 million
in sales during the quarter
2000 Silver Eagle Coin -- 55,000 units sold in 100 minutes,
a record in the Collectibles area
- HSN.com highlights include:
Sales -- 175% sequential sales growth from the fourth quarter
Marketing -- Focusing message exclusively through HSN on-air
programming
Customers -- A third of customers are new to HSN franchise,
30% of whom are men
Joe Montana webcast -- Exclusive interview following Hall of Fame
induction attracted 3,000 customers
Electronic Retailing - International
- Electronic retailing - international includes primarily the
consolidated results for Home Order Television (42% owned) and
Home Shopping en Espanol. HSN's Shop Channel in Japan (30% owned)
is currently not consolidated for reporting purposes.
- Total household reach and hours of live programming:
March 31,
---------
2000 1999 Growth
---- ---- ------
(in millions of households)
Home Order Television
(primarily Germany) 31.5 19.8 11.7 16 hours per day
Shop Channel (Japan) 7.1 5.3 1.8 8 hours per day
Home Shopping en
Espanol (U.S.) 2.7 2.7 -- 3 hours per day
Ticketing Operations / Online Ticketing
- Combined ticketing revenue increased by 28.3% to $128.0
million, and EBITDA rose 40.3% to $27.4 million, on a comparative
Q1 basis due to continued market growth including a 14.1%
increase in total tickets sold. Ticketmaster.com sold a record
500,000 tickets in a single week during Q1, and reached an hourly
peak of $2 million in ticket sales.
- Ticketing growth was supported by significant online ticket sales
including KISS, Britney Spears, 'N SYNC, Ringling Bros. and
Barnum & Bailey, and the Cincinnati Reds. Ticketmaster.com
accounted for 20.5% of total tickets sold by Ticketmaster
in the U.S., Canada, and U.K. versus 8.7% in the year ago period.
- Ticketmaster.com was the number three web retailer among US home
users with 519,000 buying customers in March 2000, according
to PC Data Online.
Three Months Ended March 31,
----------------------------
2000 1999 Growth
---- ---- ------
Number of
tickets sold
(in millions) 21.8 19.1 14.1%
Gross value
of tickets
sold
(in millions) $811.6 $614.6 32.0%
Share of
tickets
sold online 20.5% 8.7% 163.9% (U.S., Canada, U.K.)
Hotel Reservations
- Hotel Reservations Network grew revenue by 141% to $55.3
million, increased EBITDA by 139% to $8.2 million, and sold 137%
more hotel room nights versus Q1 1999.
- HRN increased its affiliated web base by approximately 25% to
more than 2,000 affiliates and expanded into nine additional
markets during the period.
Three Months Ended March 31,
---------------------------------
2000 1999 Growth
---- ---- ------
Portion of revenues
generated online 91% 69%
Affiliated revenues as % of
total revenue 53% 27%
Hotel room
nights sold (rounded) 429,000 181,000 137%
Cities served (as of 3/31) 49 27 81%
Filmed Entertainment
- USA Films' Q1 results include theatrical releases Pitch Black,
Agnes Browne, and Being John Malkovich, the broadcast network
release The Game, and USA Home Entertainment releases The Muse
and Super Bowl 2000.
- Topsy-Turvy won Academy Awards for Best Costume Design and for
Best Makeup after garnering four nominations. Being John
Malkovich received three Academy Award nominations.
Online City Guides and Related
- Online city guides and related revenue increased 192% to $17.0
million from Q1 1999. City guide traffic increased 251% since the
first quarter last year, and in markets that have been in
operation for more than one year, traffic increased 102% over the
comparable period.
- Ticketmaster Online-CitySearch's combined national reach
increased to 10.0% (7.7 million unique users) in March 2000
versus 5.3% (3.3 million unique users) one year ago. Since August
1999, TMCS's unique users increased 83%, versus a 24% decline for
its nearest competitor.
Interactive
- USA Networks Interactive consists of SCIFI.com, USANetwork.com,
Internet Shopping Network whose primary services are
FirstAuction.com and FirstJewelry.com, and Hotel Reservations
Network which is reported separately.
- SCIFI.com acquired Science Fiction Weekly during the period,
helping grow the site's original content by 65% to more than 2
million pages, and unique user sessions by 38% to 2.1 million
during the period.
- Internet Shopping Network reduced FirstAuction.com marketing and
promotion costs in advance of the development of a new commerce
platform.
- ISN and Styleclick.com, a leading enabler of e-commerce for
manufacturers and retailers, announced recently their agreement
to merge. The new company, to be named Styleclick, Inc., will
integrate ISN's merchandise capabilities with Styleclick.com's
proprietary technologies.
Electronic Commerce and Services
- USA Electronic Commerce and Services consists of Short Shopping,
ECS eSolutions, ECS Database Marketing, ECS Teleservices, and as
of April 5, Precision Response. ECS serves as a portal to USAi's
business to business resources, combining the expertise of
Ticketmaster, HSN, Styleclick and other USA divisions into a
comprehensive suite of scalable electronic commerce solutions.
ECS delivers the context, distribution verticals, merchandising,
database marketing, teleservicing and online customer care.
- ECS announced recently multi-year partnerships with the National
Basketball Association, the National Football League, and the PGA
TOUR. These far-reaching ventures with major sports leagues
include exclusive merchandising programs on HSN, contextual
commerce spots from ShortShopping, exclusive ticketing services
through Ticketmaster, integrated marketing and database
initiatives through ECS Database Marketing, promotion
opportunities with USA Network, SCI FI, and USA Broadcasting, as
well as targeted print campaigns, co-branded promotions with
other official licensees, and teleservice, customer support and
product fulfillment services.
- ShortShopping highlights include:
Fox Sports Source -- More than $700,000 in sales, 40% increase
from Q4 1999
Daily Sports Source.com -- Launched January 1; provide content,
merchandise and manage store
Precision Response
The company's pro forma results of operations do not reflect
results for Precision Response which was acquired on April 5, 2000.
Precision Response's pro forma results are as follows:
Three Months Ended March 31,
--------------------------------
2000 1999 Growth
---- ---- ------
Revenue $69.6 $46.2 50.6%
EBITDA $9.5 $5.8 63.8%
Broadcasting
- WAMI-TV's share of Miami market television advertising
revenue increased more than 200% to a 2.6 share from Q1 1999.
- USA Broadcasting will launch its fourth locally formatted
television station in Boston in July 2000, and expects to be
in six markets by the end of this year.
- USAB's three television stations recently received 19 Promax
Award nominations recognizing their outstanding promotion
programs in local television.
Statements of Operations
Due to FCC restrictions, Universal and Liberty own a significant
portion of their interest 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 per share
reflect the impact as if all shares exchangeable into common stock had
been exchanged during the period.
The actual quarterly results are not comparable due to:
1) the acquisition of Hotel Reservations Network in May 1999;
2) the acquisition of October Films and certain assets of Polygram
Filmed Entertainment in May 1999;
3) Ticketmaster Online-City Search, Inc.'s acquisition of the arts and
entertainment portion of Sidewalk.com, Match.Com, and One and Only
Network; and
4) the consolidation of Home Order Television as of
January 1, 2000.
Shares Outstanding and Market Capitalization
As of April 20, 2000, USAi had outstanding 722.7 million shares,
including exchangeable securities (and giving effect to a two-for-one
stock split on February 24, 2000), with an aggregate market
capitalization of approximately $13.1 billion.
USA Network and SCI FI ratings and household delivery data per NMR
Galaxy Explorer for NHI defined periods versus same weeks previous
year. Subscriber counts based on Nielsen People Meter Installed
Sample, March '00 vs. '99. All ratings within each network's coverage
area. Studios' program ratings per NSS or NSS Ranking (GAA % where
applicable), or NTI. TMCS and competitor unique users and national
reach data per Media Metrix (Digital Media Universe) Key Measures
Report, March 2000. SCI FI.com's unique user session data per I/PRO
Research, March 2000. Subject to qualifications.
The financial, statistical and other information contained herein
is unaudited.
USA Networks, Inc. (NASDAQ: USAI) is a diversified media and
electronic commerce company with assets that include the following:
USA Cable, comprised of USA Network and SCI FI Channel; Studios USA;
USA Films; USA Broadcasting; Home Shopping Network; Ticketmaster; USA
Electronic Commerce and Services and USA Networks Interactive, which
includes the Hotel Reservations Network (NASDAQ: ROOM), a
majority-owned subsidiary of USAi, SCIFI.COM, USAnetwork.com and the
Internet Shopping Network, whose primary services are FirstAuction.com
and FirstJewelry.com. The company also owns a controlling interest in
Ticketmaster Online-CitySearch, Inc. (NASDAQ: TMCS), the leading local
network enabling people to get the most out of their city.
USA Networks, Inc. and Subsidiaries
Business Segment Information
Unaudited
( $ in thousands )
Three Months Ended March 31,
Actual Pro Forma (a) Actual
------ ------------- ------
2000 1999 1999
------ ------------- ------
Revenues - Operating Businesses
Networks and studios $ 378,953 $ 331,544 $ 331,544
Electronic retailing
domestic 322,070 274,154 274,154
Electronic retailing
international 56,988 37,713 1,356
Ticketing operations 98,415 89,558 89,558
Online ticketing 29,546 10,165 10,165
Hotel reservations 55,263 22,921 -
Filmed entertainment 30,307 6,695 1,695
Other - 4,046 4,046
-------- --------- ---------
Subtotal 971,542 776,796 712,518
Revenues - Emerging Businesses
Online city guides
and related 16,975 5,806 5,806
Interactive 6,088 6,516 6,516
Electronic Commerce
& Services 4,564 3,206 3,206
Broadcasting 3,634 901 901
----------- --------- ---------
Total $ 1,002,803 $ 793,225 $ 728,947
=========== ========= =========
EBITDA -
Operating Businesses (b)
Networks and studios $ 138,757 $ 109,453 $ 109,453
Electronic retailing
domestic 55,299 41,950 41,950
Electronic retailing
international 6,546 3,126 (509)
Ticketing operations 20,374 16,673 16,673
Online ticketing 7,009 2,844 2,844
Hotel reservations 8,176 3,415 -
Filmed entertainment 2,182 (1,045) (47)
Corporate and other (10,593) (7,228) (7,228)
-------- --------- ---------
Subtotal 227,750 169,188 163,136
EBITDA - Emerging Businesses
Online city guides
and related (17,559) (8,876) (8,876)
Interactive (8,553) (7,404) (7,404)
Electronic Commerce
& Services (5,563) (150) (150)
Broadcasting (11,767) (9,172) (9,172)
----------- --------- ---------
Total $ 184,308 $ 143,586 $ 137,534
=========== ========= =========
(a) Presented as if the acquisitions of 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, and
(5) amortization of noncash distribution and marketing expense.
USA Networks, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
Unaudited
( $ in thousands, except per share data )
Three Months Ended March 31,
Actual (b) Pro Forma (a) (b) Actual (b)
--------- ---------------- ----------
2000 1999 1999
--------- ---------------- ----------
Revenues, net $ 1,002,803 $ 793,225 $ 728,947
Operating costs
and expenses:
Costs related
to revenues 574,655 404,780 363,824
Other costs
and expenses 243,840 244,859 227,589
Amortization of
non-cash
distribution
and marketing
expense (c) 763 - -
Amortization of
cable distribution
fees 8,223 6,090 6,090
Depreciation and
amortization 107,992 82,272 70,237
------- ------- -------
Total operating costs
and expenses 935,473 738,001 667,740
------- ------- -------
Operating income 67,330 55,224 61,207
Interest expense, net (8,640) (13,035) (10,364)
Gain on sale of securities - 47,300 47,300
Other, net (616) 7,287 9,965
------- ------- -------
(9,256) 41,552 46,901
------- ------- -------
Earnings before income
taxes and minority
interest 58,074 96,776 108,108
Income tax expense (31,505) (21,429) (26,500)
Minority interest (45,441) (74,065) (74,065)
Net earnings (loss) $ (18,872) $ 1,282 $ 7,543
======= ======= =======
Fully converted net
earnings, excluding
gains $ 19,960 $ 21,216 $ 27,477
======= ======= =======
Weighted average shares 337,511 319,656 318,456
======= ======= =======
Weighted average
diluted shares 337,511 361,234 360,034
======= ======= =======
Weighted average fully
converted shares 728,129 707,606 706,406
======= ======= =======
Basic and diluted
earnings (loss) per share $ (.06) $ .00 $ .02
======= ======= =======
Fully converted earnings
per share, excluding gains $ .03 $ .03 $ .04
======= ======= =======
EBITDA (d) $ 184,308 $ 143,586 $ 137,534
======= ======= =======
(a) Presented as if the acquisitions of 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) Amortization of warrants and stock issued in exchange for
distribution and marketing services.
(d) 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, and (5)
amortization of noncash distribution and marketing expense.
USA Networks, Inc. and Subsidiaries
Supplemental Information
Unaudited
( $ in thousands, except per share data )
Three Months Ended March 31,
Actual (b) Pro Forma (a)(b) Actual (b)
----------- ---------------------------
2000 1999 1999
----------- ---------------------------
Reconciliation of fully
converted net earnings:
Net earnings (loss) $ (18,872) $ 1,282 $ 7,543
Impact of minority
interest, net of tax 38,832 47,368 47,368
----------- ---------------------------
Fully converted net
earnings 19,960 48,650 54,911
Impact of sale of
securities, net of
tax - (27,434) (27,434)
----------- ---------------------------
Fully converted net
earnings, excluding $ 19,960 $ 21,216 $ 27,477
gains =========== ===========================
Weighted average shares 337,511 319,656 318,456
=========== ===========================
Weighted average
diluted shares 337,511 361,234 360,034
=========== ===========================
Weighted average fully
converted shares 728,129 707,606 706,406
=========== ===========================
Basic and diluted
earnings (loss)
per share, excluding
gains $ (.06) $ (.03) $ (.01)
=========== ===========================
Fully converted
earnings per share,
excluding gains $ .03 $ .03 $ .04
=========== ===========================
Reconciliation of fully
converted cash net
income:
Net earnings (loss) $ (18,872) $ 1,282 $ 7,543
Impact of minority
interest, net of tax 38,832 47,368 47,368
Impact of goodwill
amortization,
net of tax 43,446 51,025 51,025
----------- ---------------------------
Cash net income (loss) 63,406 99,675 105,936
Impact of sale of
securities, net of tax -- (27,434) (27,434)
Fully converted cash
net income, excluding
gains $ 63,406 $ 72,241 $ 78,502
=========== ===========================
(a) Presented as if the acquisitions of 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.
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion