AMFM Inc. Reports Record Fourth Quarter Results.
DALLAS--(BUSINESS WIRE)--Feb. 29, 2000
- Diluted di·lute
tr.v. di·lut·ed, di·lut·ing, di·lutes
1. To make thinner or less concentrated by adding a liquid such as water.
2. To lessen the force, strength, purity, or brilliance of, especially by admixture. After Tax Cash Flow Rises 52.2% to $155.7 Million, or
$0.69 Per Share -
- 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 Radio Division Net Revenues Rise 18.7%;
Cash Flow Increases 26.4%; Operating Margins Operating Margin
A ratio used to measure a company's pricing strategy and operating efficiency.
Calculated by: Reach 48.1% -
AMFM AMFM Association of Marriage and Family Ministries
AMFM Automated Mapping Facilities Management
AMFM Association des Modélistes Ferroviaires de Montréal (French: Montreal Railroad Modelers Association) Inc. (NYSE NYSE
See: New York Stock Exchange : AFM (Atomic Force Microscope) A device used to image materials at the atomic level. AFMs are used to solve processing and materials problems in electronics, telecom, biology and other high-tech industries. ) today announced record revenues and operating cash flow Operating cash flow
Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. for the fourth quarter and year ended December 31, 1999.
For the three months ended December 31, 1999, consolidated net revenues increased 60.4% to $601.0 million from $374.8 million last year. Operating cash flow (defined as operating income Operating Income
The profit realized from a business' own operations.
This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. excluding depreciation, amortization and non-cash and non-recurring charges) was $270.1 million for the fourth quarter of 1999, a 56.1% increase over $173.1 million in the corresponding period of 1998. The Company's diluted after tax cash flow (defined as operating cash flow including the Company's proportional proportional
values expressed as a proportion of the total number of values in a series.
the patient is a miniature without disproportionate reductions or enlargements of body parts. share of after tax cash flow of Lamar Advertising Company The Lamar Advertising Company, based in Baton Rouge, Louisiana, is a provider of billboards, transit advertising, and highway logo signs. Founded in 1902, it has been the largest outdoor advertising company in the United States since 1999. , less net interest expense and cash taxes) for the quarter ended December 31, 1999 was $155.7 million compared to $102.3 million for the fourth quarter of 1998, an increase of 52.2%.
AMFM Inc. reported a fourth quarter net loss attributable to common stockholders of $105.9 million, or $0.50 per share, compared with a net loss attributable to common stockholders of $33.0 million, or $0.23 per share, for the 1998 fourth quarter.
AMFM recorded a charge of $21.9 million during the fourth quarter for merger and non-recurring costs. The charge covers costs incurred in connection with the implementation of the Company's market strategy and non-recurring legal, merger and other costs. Additionally, the Company recorded a $15.1 million extraordinary charge in the fourth quarter of 1999 associated with its refinancing Refinancing
An extension and/or increase in amount of existing debt. activity. The charge includes the net after tax cost of premiums, estimated transaction costs Transaction Costs
Costs incurred when buying or selling securities. These include brokers' commissions and spreads (the difference between the price the dealer paid for a security and the price they can sell it). and the write-off Write-Off
A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of the unamortized balance of deferred debt issuance costs in connection with the refinancing of the Company's credit facility and the tender offers for the Company's 10 3/4% Senior Subordinated Notes and 11 3/8% Senior Subordinated Notes.
For the quarter ended December 31, 1999, on a pro forma basis (for the radio stations that AMFM owned or operated as of December 31, 1999), the Company's radio division reported net radio broadcasting 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. revenues increased 18.7% and cash flow (defined as operating income excluding depreciation and amortization, corporate general and administrative charges and non-cash and non-recurring charges) increased 26.4% compared to the quarter ended December 31, 1998. For the quarter ended December 31, 1999, on a pro forma basis including all of the radio and media representation assets owned or operated as of December 31, 1999, consolidated net revenues increased 16.5% and cash flow increased 22.9% compared to the quarter ended December 31, 1998.
Commenting on the results, Kenneth J. O'Keefe, Chief Executive Officer of AMFM Radio, stated, "AMFM's fourth quarter financial performance underscores the radio group's ability to continue generating record results from our well-clustered national portfolio of stations and our ability to attract a high-octane mix of national and local advertising derived from both traditional and dot-com (1) Refers to the period (dot) followed by the abbreviation of the commercial domain (.com) at the end of an Internet address. Since the .com domain is so widely used, the Internet became known as the "dot-com" world, and dot-com companies are those formed to offer services or clients. The consolidated results also reflect the benefits of our refinancing transactions during the fourth quarter and our success in building revenues from ancillary Subordinate; aiding. A legal proceeding that is not the primary dispute but which aids the judgment rendered in or the outcome of the main action. A descriptive term that denotes a legal claim, the existence of which is dependent upon or reasonably linked to a main claim. business units including The AMFM Radio Networks and Chancellor Marketing Group as well as the after tax cash flow benefit from the Company's 30% equity interest in Lamar Advertising Company.
"Reflecting the successful integration of the Capstar stations, the implementation of the cluster management strategy in many major markets at the end of the third quarter, and our Company-wide focus on programming and marketing, AMFM achieved terrific fourth quarter pro forma cash flow growth. In addition to 19% pro forma top line growth and 26% pro forma cash flow growth, the radio group's pro forma margins rose to 48.1% in the fourth quarter, up from 45.2% during the same period in 1998.
"Ratings are an important indicator of future financial performance and our deep station-level management talent generated excellent Fall ratings throughout the radio group and the No.1 or No.2 rated cluster in 9 of the nation's top 10 markets. Contributing to this growth were stations which were re-programmed with Jammin' Oldies Oldies is a generic term commonly used to describe a radio format that usually concentrates on Top 40 music from the '50s, '60s and '70s.
Oldies are typically from R&B, pop and rock music genres. which delivered solid year-over-year ratings gains. Based on initial results, we expect that `sticks' which have recently been re-programmed with the `Alice' format, known as Rockin' Hits, will also garner good year-over-year improvements. Based on our Fall rating successes and first quarter pacings, we are on track to generate significant first quarter and full year 2000 year-over-year financial gains."
Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM).
The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs O. Hicks Hicks , Edward 1780-1849.
American painter of primitive works, notably The Peaceable Kingdom, of which nearly 100 versions exist. , Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of AMFM said, "During the fourth quarter we announced plans to merge with industry leader Clear Channel Communications Not to be confused with clear channel radio stations, which are AM radio stations with certain technical parameters.
Clear Channel Communications (NYSE: CCU) is a media conglomerate company based in the United States. , creating the nation's largest out-of-home media entity. We are confident in our prospects for continued growth as the combined entity will provide unprecedented opportunities to our employees and advertisers while creating significant operating and financial value through world-class programming, content and branding strengths spanning 32 countries.
"Earlier this month, we reluctantly accepted the resignation of Jimmy de Castro, who had headed up our radio and 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 operations. While we will miss Jimmy, he positioned AMFM with a very solid management infrastructure capable of creating opportunities to further build shareholder value in a thriving thrive
intr.v. thrived or throve , thrived or thriv·en , thriv·ing, thrives
1. To make steady progress; prosper.
2. radio industry environment."
For the year ended December 31, 1999, consolidated net revenues increased 55.3% to $2.0 billion, compared with $1.3 billion in the year ended December 31, 1998. Operating cash flow for the year ended December 31, 1999 rose 57.0% to $871.6 million, compared with $555.1 million in the corresponding period of 1998.
For the year, AMFM Inc. reported a net loss attributable to common stockholders of $189.6 million, or $1.10 per share, compared with a net loss attributable to common shareholders of $121.3 million, or $0.88 per share for the year ended December 31, 1999.
For the year ended December 31, 1999, on a pro forma basis, net radio broadcasting revenues increased 14.9% and cash flow increased 21.5% compared to the year ended December 31, 1998. For the year ended December 31, 1999, the Company's pro forma radio broadcast cash flow margin increased to 46.2% compared to 43.7% in the corresponding period of 1998.
AMFM Inc., the nation's largest radio broadcasting entity, consists of the AMFM Radio Group, including The AMFM Radio Networks and the Chancellor Marketing Group, Broadcast Architecture, Inc. and the AMFM New Media Group, including Katz Katz , Bernard 1911-2003.
German-born British physiologist. He shared a 1970 Nobel Prize for the study of nerve impulse transmission. Media and AMFM's Internet operations. Reflecting announced transactions, AMFM Radio Group with approximately 440 stations in 100 markets reaches a weekly listener base of 64 million people. The AMFM Radio Networks offers syndicated programming nationwide. Chancellor Marketing Group is a full-service sales promotion firm developing integrated marketing programs for Fortune 1000 companies. Broadcast Architecture is a wholly-owned subsidiary of AMFM and provides research, consulting and programming services domestically and internationally. AMFM's Katz Media is the only full-service media representation firm 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. serving multiple types of electronic media. AMFM's Internet operations focus on developing AMFM's 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. web sites, streaming online broadcasts of AMFM's on-air programming and other media, and promoting emerging Internet and new media concerns.
AMFM has entered into a merger agreement with Clear Channel Communications, Inc. (NYSE:CCU CCU
1. coronary care unit
2. critical care unit
critical care unit.
CCU Critical care unit, see there ) pursuant to which AMFM's stockholders would receive 0.94 shares of Clear Channel common stock for each share of AMFM common stock held on the record date of the transaction. AMFM will subsequently become a wholly-owned subsidiary of Clear Channel. Although there can be no assurances, the merger with Clear Channel is expected to be consummated con·sum·mate
tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates
a. To bring to completion or fruition; conclude: consummate a business transaction.
b. in the second half of 2000.
This news announcement contains certain 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. that are based upon current expectations and involve certain risks and uncertainties within the meaning of the U.S. 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. Key risks are described in AMFM's reports filed with the U.S. Securities and Exchange Commission. Readers should note that these statements may be impacted by several factors, including economic changes and changes in the broadcasting industry generally and, accordingly, the Company's actual performance and results may vary from those stated herein and AMFM undertakes no obligation to update the information contained herein.
AMFM INC. Consolidated Statements Of Operations (In thousands, except per share data) Three Months Ended Twelve Months Ended December 31, December 31, ------------------------ ---------------------- 1999 1998 1999 1998 ---- ---- ---- ---- Net revenues $601,040 $374,760 $1,977,888 $1,273,856 Operating expenses 317,451 190,137 1,048,711 682,061 Corporate general and administrative expenses 13,456 11,534 57,559 36,722 ---------- ---------- ---------- ---------- Operating cash flow 270,133 173,089 871,618 555,073 Depreciation and amortization 202,508 130,566 732,233 446,338 Non-cash compensation 295 - 6,443 16,000 Merger and non-recurring costs 21,873 4,186 81,829 47,661 ---------- ---------- ---------- ---------- Operating income 45,457 38,337 51,113 45,074 Interest expense, net 119,832 65,777 416,037 201,486 Loss (gain) on disposition of representation contracts 111 (2,431) (18,173) (32,198) Other expense (income), net - 338 - (3,221) Loss (gain) on disposition of assets 44 - (221,312) (123,845) ---------- ---------- ----------- -------- Income (loss) before income taxes (74,530) (25,347) (125,439) 2,852 Income tax expense (benefit) (15,209) 1,244 (6,391) 33,751 Dividends and accretion on preferred stock of subsidiaries 3,906 - 11,846 17,601 ---------- ---------- ---------- ---------- Loss before equity in net loss of affiliates, minority interest and extraordinary item (63,227) (26,591) (130,894) (48,500) Equity in net loss of affiliates and minority interest 25,566 - 27,651 - Extraordinary loss, net of income tax benefit 15,142 - 15,142 47,089 ---------- ---------- ---------- ---------- Net loss (103,935) (26,591) (173,687) (95,589) Preferred stock dividends 1,925 6,418 15,936 25,670 ---------- ---------- ---------- ---------- Net loss attributable to common stockholders $(105,860) $ (33,009) $ (189,623) $(121,259) =========== =========== ============ ========== Basic and diluted loss per common share $ (0.50) $ (0.23) $ (1.10) $ (0.88) =========== =========== ============ ========== Weighted average basic common shares outstanding 209,928 142,636 172,967 137,979 =========== =========== ============ =========== Weighted average diluted common shares outstanding 225,025 165,151 193,042 161,655 =========== =========== ============ =========== ------------------------------------------------------------------------ After tax cash flow(a) Basic $153,783 $95,861 $429,782 $305,283 Diluted $155,708 $102,279 $445,718 $330,953 After tax cash flow per share: Basic $0.73 $0.67 $2.48 $2.21 Diluted $0.69 $0.62 $2.31 $2.05 ------------------------------------------------------------------------ (a) After tax cash flow is defined as operating cash flow less net interest expense, dividends and cash taxes, and includes AMFM's 30% share of Lamar Advertising Company's ATCF. Diluted after tax cash flow excludes dividends.