All American Communications Reports Second Quarter And Six Month Results.SANTA MONICA Santa Monica (săn`tə mŏn`ĭkə), city (1990 pop. 86,905), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1886. Tourism and retailing are important, and the city has motion-picture, biotechnology, and software industries. , Calif.--(BUSINESS WIRE)--Aug. 6, 1997-- Six Month Net Income Rises 61% All American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Communications, Inc. (Nasdaq: AACI/AACIB) today reported results for the second quarter and six months ended June 30, 1997. Revenues in the second quarter of 1997 were $36,842,000, compared to revenues of $39,345,000 in the year-ago quarter. During the quarter, revenues from television operations increased slightly reflecting the continued strength of the Company's international television operations and revenue improvements from domestic television distribution, including the delivery of a television movie of the week. These increases were more than offset by a decline in recorded music recorded music n → música grabada revenues due to the year-ago revenue contribution from a platinum record release and the delay, during the current period, of an album from one of the Company's top selling artists. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. rose approximately 38% to $4,050,000, compared to $2,933,000 a year ago. The operating income increase is attributable to increased profit margins from the international television operations resulting primarily from the settlement of certain outstanding claims. Net interest expense in the second quarter increased to $3,447,000 from $2,667,000 in the year-ago time period due to higher overall interest rates attributable to the October 1996 issuance of $100,000,000 in principal amount of Senior Subordinated Notes and higher production borrowings. For the second quarter of 1997, net income rose to $241,000, or $0.02 per share on a primary and fully 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. basis, compared to $152,000, or $0.01 per share on a primary and fully diluted basis, in the prior year's second quarter. The weighted average number of shares outstanding in the 1997 and 1996 second quarter periods was 13,342,000 and 12,110,000, respectively. The increase in shares outstanding primarily reflects the conversion into Common Stock of certain of the Company's former Convertible Subordinated Notes, partially offset by the repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. by the Company of certain shares of Class B Common Stock in October 1996. Revenues in the first six months of 1997 increased to $104,517,000, a record level, compared to $87,488,000 in the first six months of 1996. Television revenue increases for the 1997 six-month period were related to expanded worldwide programming. Recorded music revenues declined due to the year- ago revenue contribution from a platinum record release and the delay, during the current period, of an album from one of the Company's top selling artists. Operating income rose approximately 53% to $13,716,000 versus $8,993,000 a year ago, reflecting profit improvements in the Company's international television operations. Net interest expense in the first six months of 1997 increased to $7,382,000 from $5,134,000 in the year-ago period due to higher interest rates, production borrowings and the issuance of the Senior Subordinated Notes. For the first six months of 1997, the Company reported net income of $3,573,000, or $0.27 per share on a primary and fully diluted basis, compared to $2,223,000, or $0.19 per share on a primary and fully diluted basis, in the prior year's six month period. The weighted average number of shares outstanding in the first six months of 1997 and 1996 was 13,304,000 and 11,941,000, respectively. All American also reported that subsequent to the end of the second quarter it had repurchased 50,000 shares of its Common Stock at $17 per share, and 50,000 shares of its Class B Common stock for $13.50 per share from a non-management investor. Anthony J. Scotti, Chairman and Chief Executive Officer, commented, "All American's second quarter, historically the slowest period in our core television business, benefited from the Company's broad and growing worldwide television operations. The Company's enhanced development capabilities, worldwide distribution operations and position as a leading provider of local television programming in foreign territories provide us with a unique programming platform. "We have commenced production on our 1997/98 television line-up which includes the eighth season of Baywatch and the second season of The Adventures of Sinbad. Baywatch also enters its second cycle of strip reruns in the upcoming television season on the USA Network USA Network is a popular American cable television network with about 89 million household subscribers as of 2005. The network shows a variety of original and second-run programming, from syndicated TV series to edited movies. . Also in production for next season is Ghost Stories ghost story n. A story having supernatural or frightening elements, especially a story featuring ghosts or spirits of the dead. ghost story n → cuento de fantasmas , a new weekly one-hour anthology for first run syndication See syndication format. , and All American's first domestically produced strip talk show Arthel & Fred, starring Arthel Neville Arthel Neville (born New Orleans, Louisiana), is an American journalist and television personality. She began her career while a junior at the University of Texas at Austin School of Journalism . and Fred Roggin Fred Roggin is the sports anchor at KNBC-TV in Los Angeles, California. . He was also a sports talk radio host at KMPC in Los Angeles,and now currently co-hosts a morning sports show on KLAC with Los Angeles Times sports columnist T.J. Simers and Simers' daughter, Tracy Simers. ." All American Communications, Inc. is a diversified diversified (di·verˑ·s worldwide producer, distributor and marketer of television programming and recorded music. All American produces and/or distributes more than 100 shows in 30 countries of which 90 are local language game shows in foreign territories including The Price is Right, Family Feud This article is about the American game show. For other versions, see Family Feud around the world. For rivalries between families, see Feud. Family Feud , Match Game, Card Sharks This article is about a television game show. For the standard use of the term, see Card shark. Card Sharks is an American television game show in which contestants guessed whether a playing card was higher or lower than the card that preceded it. , Let's Make a Deal Let's Make a Deal is a television game show which originated in the United States and has since been produced in many countries throughout the world. The show was based around deals offered to members of the audience by the host. and many others. 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. , All American's programming franchises include Baywatch, The Price is Right and The Adventures of Sinbad. -0- Except for the historical information in this press release, this press release includes 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 involve risks and uncertainties, including but not limited to quarterly fluctuations in results, the management of growth, dependence on a limited number of continuing and new projects, fluctuations in ratings and advertising rates, competition and other risks detailed from time to time in the Company's Securities and Exchange Commission filings. Actual results may differ materially from such information set forth herein. -0-
ALL AMERICAN COMMUNICATIONS, INC.
Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
1997 1996 1997 1996
Revenues:
Television $31,107 $30,316 $94,707 $71,673
Recorded music and
merchandising 5,735 9,029 9,810 15,815
36,842 39,345 104,517 87,488
Expenses:
Television 21,131 22,107 68,845 51,465
Recorded music and
merchandising 2,983 6,573 5,348 11,551
Selling, general and
administrative 7,594 6,631 14,337 13,293
Goodwill amortization 1,084 1,101 2,271 2,186
32,792 36,412 90,801 78,495
Operating income 4,050 2,933 13,716 8,993
Other income (expense)
Interest income 956 368 1,537 799
Interest expense, net of
amounts capitalized (4,403) (3,035) (8,919) (5,933)
Other (202) (4) (379) (26)
(3,649) (2,671) (7,761) (5,160)
Income before provision for
income taxes 401 262 5,955 3,833
Provision for income taxes 160 110 2,382 1,610
Net income $ 241 $ 152 $ 3,573 $ 2,223
Earnings per common and
common equivalent shares:
Net income per share $ 0.02 $ 0.01 $ 0.27 $ 0.19
Weighted average number of
common shares and common
equivalent shares
outstanding 13,342 12,110 13,304 11,941
CONTACT: All American Communications Inc., Santa Monica Thomas Bradshaw
Chief Financial Officer 310/656-1100 or Jaffoni & Collins Incorporated, 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 Joseph N. Jaffoni, David C. Collins 212/505-3015 orjciir@aol.com |
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