American Media Inc. announces operating results for fourth fiscal quarter and fiscal year ended March 25.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)--May 3, 1996--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. ) Friday announced its operating results for the fourth fiscal quarter and fiscal year ended March 25, 1996. Revenues for the fiscal quarter were $72,769,000 compared to $72,621,000 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 was $21,344,000 vs. $26,479,000 in the prior year. Income (loss) before income taxes and extraordinary charge for these same periods were ($168,000) and $3,481,000, respectively. For the three months ended March 25, 1996, the company incurred a loss of $1,559,000 ($.04 per share) compared to a loss of $166,000 in the prior year quarter. Revenues for the fiscal year ended March 25, 1996 were $295,050,000 compared to $315,299,000 for the prior year, while operating cash flow was $96,145,000 vs. $119,395,000 in the prior year. Income before income taxes and extraordinary charge for these same periods were $7,707,000 and $46,901,000, respectively. For the year ended March 25, 1996, the company incurred a loss of $1,007,000 ($.02 per share) compared to income of $11,776,000 ($.28 per share). The prior year extraordinary charge related to the company's refinancing Refinancing An extension and/or increase in amount of existing debt. of its long-term indebtedness. Peter J. Callahan, chief executive officer of the company commented on the fiscal 1996 March quarter results saying: "Revenues, despite lower direct response advertising sales, were ahead of the prior year quarter. Operating cash flow was down almost entirely due to newsprint costs being 50% or $4 million higher than the prior year period. While fiscal year 1996 was a difficult one for us, we continue to be optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op as to the circulation outlook for our publications and the future growth in national advertising revenues. As for operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. , our cost structure is under good control and newsprint costs have begun to retreat." 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 , 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 OPERATIONS
(in thousands, except earnings per share)
Three Months Ended Fiscal Year Ended
March 25, March 26, March 25, March 26,
1996 1995 1996 1995
Revenues $72,769 $72,621 $295,050 $315,299 Operating expenses 51,425 46,142 198,905 195,904 Depreciation and amortization 7,139 8,844 30,378 35,050 Total operating expenses 58,564 54,986 229,283 230,954 Operating income 14,205 17,635 65,767 84,345 Interest and other expense, net 14,373 14,154 58,060 37,444 Income (loss) before income taxes and extraordinary charge (168) 3,481 7,707 46,901 Provision for income taxes 1,391 2,765 8,714 23,490 Income (loss) before extraordinary charge (1,559) 716 (1,007) 23,411 Extraordinary charge, net -- (882) -- (11,635) Net income (loss) ($1,559) ($166) ($1,007) $11,776 Earnings (loss) per share: Before extraordinary charge ($0.04) $0.02 ($0.02) $0.56 Extraordinary charge -- (0.02) -- (0.28) Net income (loss) ($0.04) $ -- ($0.02) $0.28 Weighted average equivalent common shares outstanding 41,769 41,773 41,770 41,755 Operating cash flow: Operating income $14,205 $17,635 $65,767 $84,345 Depreciation and amortization 7,139 8,844 30,378 35,050 Operating cash flow $21,344 $26,479 $96,145 $119,395 CONTACT: American Media Inc., Lantana Richard W. Pickert, Senior V.P./CFO 407/540-1000, ext. 2100 |
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