All American Communications reports record first quarter 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)--May 15, 1997-- First Quarter Net Income Rises 61% on 41% Revenue Gain 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 record first quarter results for the period ended March 31, 1997. Revenues in the first quarter of 1997 increased 41% to $67,675,000, compared to revenues of $48,143,000 in the year-ago quarter. The increase was due primarily to the continued strength of the Company's international television operations and improvements in other television distribution revenues related primarily to deliveries of a new television series and other television programming. 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 60% to $9,666,000 compared to $6,060,000 a year ago. The significant operating income increase is primarily attributable to higher television revenues related to the Company's international television operations and a new television series. Amortization of goodwill increased by 9% to $1,187,000 in the first quarter of 1997 from $1,085,000 in the first quarter of 1996. Net interest expense in the first quarter increased to $3,935,000 from $2,467,000 in the year-ago time period due to higher interest rates, production borrowings and the October 1996 issuance of $100,000,000 of Senior Subordinated Notes. For the first quarter of 1997, net income rose approximately 61% to $3,332,000, or $0.25 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 $2,071,000, or $0.18 per share on a primary and fully diluted basis, in the prior year's first quarter. The weighted average number of shares outstanding in the 1997 and 1996 first quarter periods was 13,266,000 and 11,773,000, respectively. The increase in shares outstanding primarily reflects the conversion 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 Class B shares in October 1996. Anthony J. Scotti, Chairman and Chief Executive Officer, commented, "All American's first quarter results continue to reflect the diversification Diversification A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. Notes: Diversification is possibly the greatest way to reduce the risk. which has taken place over the past three years, including the strategic acquisitions of Mark Goodson Mark Goodson (January 14, 1915 – December 18, 1992) was an accomplished American television producer who specialized in game shows. Life and television career Productions and Fremantle International. These initiatives have strengthened the Company's position as an important domestic and international television producer/distributor and the leading provider of local television programming in foreign territories." All American Communications, Inc. is a diversified diversified (di·verˑ·s worldwide producer, distributor and marketer of television programming and recorded music recorded music n → música grabada . 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 U.S. All American's programming franchises include Baywatch, The Price is Right and The Adventures of Sinbad. Except for the historical information in this press release, this press release includes forward- looking statements 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 March 31,
1997 1996
Revenues:
Television $ 63,600 $ 41,357
Recorded music and merchandising 4,075 6,786
67,675 48,143
Expenses:
Television 47,714 29,358
Recorded music and merchandising 2,365 4,978
Selling, general and administrative 6,743 6,662
Goodwill amortization 1,187 1,085
58,009 42,083
Operating income 9,666 6,060
Other income (expense):
Interest income 581 431
Interest expense, net of amounts
capitalized (4,516) (2,898)
Other (177) (22)
(4,112) (2,489)
Income before provision for income
taxes 5,554 3,571
Provision for income taxes 2,222 1,500
Net income $ 3,332 $ 2,071
Primary and fully diluted:
Net income per share $0.25 $0.18
Weighted average number of common
and common share equivalents
outstanding 13,266 11,773
CONTACT: Thomas Bradshaw
Chief Financial Officer Jaffoni & Collins Incorporated 310/656-1100 212/505-3015 or jciir@aol.com |
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