American Media Inc. Announces Operating Results for Second Fiscal Quarter Ended Sept. 29, 1997.LANTANA lantana (lăntā`nə): see verbena. lantana Any of more than 150 shrubs that make up the genus Lantana in the verbena family, native to the New World and African tropics. , Fla.--(BUSINESS WIRE)--Oct. 27, 1997--American Media Inc. (NYSE NYSE See: New York Stock Exchange :ENQ 1. (character) ENQ - /enkw/ or /enk/ ENQuire. The mnemonic for ASCII character 5. 2. (chat) ENQ - An on-line convention for querying someone's availability. ) Monday announced its operating results for its second fiscal quarter ended Sept. 29, 1997. Revenues for the fiscal quarter were $79,609,000 compared to $78,117,000 for the same prior year period. 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. (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. before depreciation and amortization) for the quarter was $28,128,000 versus $29,257,000 in the prior year. Income before income taxes for these same periods were $7,327,000 and $7,431,000 respectively. For the three months ended Sept. 29, 1997, the company earned $3,232,000 ($.08 per share) compared to $3,168,000 ($.08 per share) in the prior year quarter. Revenues for the six months ended Sept. 29, 1997 were $161,725,000 compared to $157,966,000 for the same prior year period, while operating cash flow was $56,757,000 versus $57,276,000 in the prior year. Income before income taxes for these same periods were $15,149,000 and $12,613,000, respectively. For the six months ended Sept. 29, 1997, the company earned $6,669,000 ($.16 per share) compared to $4,900,000 ($.12 per share) in the prior year period. Peter J. Callahan, chief executive officer of the company said: "Net income and earnings per share were even with the prior year quarter. Operating cash flow fell about $1.1 million primarily due to $1.7 million in charges related to the launch of Soap Opera soap opera Broadcast serial drama, characterized by a permanent cast of actors, a continuing story, tangled interpersonal situations, and a melodramatic or sentimental style. News, which remains on track. As a result of distribution problems and adverse publicity arising after the death of Princess Diana Noun 1. Princess Diana - English aristocrat who was the first wife of Prince Charles; her death in an automobile accident in Paris produced intense national mourning (1961-1997) Diana, Lady Diana Frances Spencer, Princess of Wales , we believe the National Enquirer En`quir´er n. 1. See Inquirer. Noun 1. enquirer - someone who asks a question asker, inquirer, querier, questioner and Star sales were lower than they would have otherwise been for the period. We cannot measure, as yet, the continuing impact, if any, of these matters on future circulation." American Media Inc. publishes National Enquirer, Star, Soap Opera Magazine Soap Opera Magazine was a weekly periodical devoted to interviews and recaps of American soap operas. The magazine was run for many years by American Media until the company, who had lost money for years, decided to cease publication of the magazine, focusing instead on , Soap Opera News, Weekly World News and Country Weekly. Distribution Services Inc., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , provides marketing, merchandising, and information gathering services to publishing and consumer products companies and to retailers. -0-
AMERICAN MEDIA INC.
UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(in thousands, except earnings per share)
Three Months Ended Six Months Ended
Sept. 29 Sept. 30 Sept. 29 Sept. 30
1997 1996 1997 1996
(26 Weeks) (27 Weeks)
Revenues $79,609 $78,117 $161,725 $157,966
Operating expenses 51,481 48,860 104,968 100,690
Depreciation and
amortization 7,489 7,183 14,939 14,376
Total operating
expenses 58,970 56,043 119,907 115,066
Operating income 20,639 22,074 41,818 42,900
Interest and other
expense, net 13,312 14,643 26,669 30,287
Income before
income taxes 7,327 7,431 15,149 12,613
Provision for
income taxes 4,095 4,263 8,480 7,713
Net income $3,232 $3,168 $6,669 $4,900
Earnings per share $0.08 $0.08 $0.16 $0.12
Weighted average
equivalent common
shares outstanding 41,979 41,779 41,880 41,776
Operating cash
flow:
Operating income $20,639 $22,074 $41,818 $42,900
Depreciation and
amortization 7,489 7,183 14,939 14,376
Operating cash
flow $28,128 $29,257 $56,757 $57,276
CONTACT: American Media Inc., Lantana Richard W. Pickert, Senior V.P./CFO 561/540-1000 Extension No. 2100 |
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