American Media Inc. announces its operating results for the fourth fiscal quarter and fiscal year ended March 31, 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)--April 30, 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. ) Wednesday announced its operating results for the fourth fiscal quarter and fiscal year ended March 31, 1997. Revenues for the fiscal quarter were $80,492,000 compared to $72,769,000 for the prior year. 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 increased 45% to $31,026,000 from $21,344,000 in the prior year. Income (loss) before income taxes for these same periods were $9,825,000 and ($168,000), respectively. For the three months ended March 31, 1997, the Company reported net income of $4,789,000 ($.11 per share) compared to a net loss of $1,559,000 ($.04 per share) in the prior year quarter. Revenues for the fiscal year ended March 31, 1997 were $315,988,000 compared to $295,050,000 for the prior year, while operating cash flow increased 20% to $115,810,000 from $96,145,000. Fiscal 1997 included 53 weeks as compared to 52 weeks in the prior year. Income before income taxes for these same periods were $28,451,000 and $7,707,000, respectively. For the year ended March 31, 1997, the Company reported net income of $12,011,000 ($.29 per share) compared to a net loss of $1,007,000 ($.02 per share). Peter J. Callahan, Chief Executive Officer of the Company commented on fiscal 1997's March quarter and annual results saying: "A strong March quarter capped off a good turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. in fiscal 1997's results. Earnings increased as a result of circulation revenue growth coupled with a continuing emphasis on cost control and the benefit of stable paper prices. We look forward to continued growth in fiscal 1998 and are excited by the strong market response to the latest addition to our family of weekly magazines, 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 just launched its premier edition in March." American Media Inc. publishes National Enquirer En`quir´er n. 1. See Inquirer. Noun 1. enquirer - someone who asks a question asker, inquirer, querier, questioner , 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 merchandising Element of marketing concerned especially with the sale of goods and services to customers. One aspect of merchandising is advertising, which aims to capture the interest of the segment of the population most likely to buy the product. , and information gathering services to publishing and consumer products companies and to retailers. -0-
AMERICAN MEDIA INC.
UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(in thousands, except earnings per share)
Three Months Ended Fiscal Year Ended
March 31, March 25, March 31, March 25,
1997 1996 1997 1996
(53 Weeks) (52 Weeks)
Revenues $80,492 $72,769 $315,988 $295,050
Operating expenses 49,466 51,425 200,178 198,905
Depreciation and
amortization 7,422 7,139 29,220 30,378
Total operating
expenses 56,888 58,564 229,398 229,283
Operating income 23,604 14,205 86,590 65,767
Interest and
other expense, net 13,779 14,373 58,139 58,060
Income (loss) before
income taxes 9,825 (168) 28,451 7,707
Provision for
income taxes 5,036 1,391 16,440 8,714
Net income (loss) $4,789 ($1,559) $12,011 ($1,007)
Earnings (loss)
per share $0.11 ($0.04) $0.29 ($0.02)
Weighted average
equivalent common
shares outstanding 41,774 41,769 41,777 41,770
Operating cash flow:
Operating income $23,604 $14,205 $86,590 $65,767
Depreciation and
amortization 7,422 7,139 29,220 30,378
Operating cash flow $31,026 $21,344 $115,810 $96,145
CONTACT: American Media Inc., Lantana Richard W. Pickert, Senior V.P./CFO 561/540-1000, Ext. 2100 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion