American Media Inc. announces operating results for the third fiscal quarter and nine months ended Dec. 30, 1996.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)--Jan. 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 the third fiscal quarter and nine months ended Dec. 30, 1996. Revenues for the fiscal quarter were $77,530,000 compared to $73,104,000 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 $27,508,000 vs. $23,152,000 in the prior year. Income before income taxes for these same periods were $6,013,000 and $1,583,000, respectively. For the three months ended Dec. 30, 1996, the company earned $2,322,000 ($.06 per share) compared to a loss of $475,000 ($.01 per share) in the prior year quarter. Revenues for the nine months ended Dec. 30, 1996 were $235,496,000 compared to $222,281,000 for the same prior year period, while operating cash flow was $84,784,000 vs. $74,801,000 in the prior year. Income before income taxes for these same periods were $18,626,000 and $7,875,000, respectively. For the nine months ended Dec. 30, 1996, the company earned $7,222,000 ($.17 per share) compared to $552,000 ($.01 per share) last year. Peter J. Callahan, chief executive officer of the company, said: "We had a good December quarter with operating cash flow increasing almost 20% on modest circulation revenue growth coupled with continued stringent cost controls and stable paper pricing. Looking forward, we are excited by the opportunities we see in the marketplace as evidenced by our soon to be launched weekly 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 publication." 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 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 Nine Months Ended
Dec. 30, Dec. 25, Dec. 30, Dec. 25,
1996 1995 1996 1995
(40 Weeks) (39 Weeks)
Revenues $77,530 $73,104 $235,496 $222,281
Operating expenses 50,022 49,952 150,712 147,480
Depreciation and
amortization 7,422 7,136 21,798 23,239
Total operating
expenses 57,444 57,088 172,510 170,719
Operating income 20,086 16,016 62,986 51,562
Interest and
other expense, net 14,073 14,433 44,360 43,687
Income before
income taxes 6,013 1,583 18,626 7,875
Provision for
income taxes 3,691 2,058 11,404 7,323
Net income $2,322 ($475) $7,222 $552
Earnings per share $0.06 ($0.01) $0.17 $0.01
Weighted average
equivalent common
shares outstanding 41,782 41,766 41,778 41,771
Operating cash flow:
Operating income $20,086 $16,016 $62,986 $51,562
Depreciation and
amortization 7,422 7,136 21,798 23,239
Operating cash flow $27,508 $23,152 $84,784 $74,801
CONTACT: American Media Inc., Lantana Richard W. Pickert, Senior V.P./CFO 561/540-1000, Ext. 2100 |
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