American Media Operations, Inc. Reports First Quarter Results.Business Editors BOCA RATON, Fla.--(BUSINESS WIRE)--Aug. 9, 2001 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. ) today announced results for the first quarter ended June 25, 2001. Revenues for the June 2001 fiscal quarter were $97,745,000 compared to $97,376,000 for the prior year quarter. Results in this quarter reflect a loss of revenues from discontinued/sold operations of $3.9 million. Circulation revenue for continuing publications increased $2.3 million primarily due to increased cover prices. Advertising revenues increased 25.6%, from $7.0 million to $8.9 million, despite a weak industry-wide advertising climate. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become (net income (loss) before interest expense, income taxes, depreciation and amortization and other income) for the June 2001 fiscal quarter was $31,854,000 versus $31,866,000 in the prior fiscal quarter. Results in the quarter reflect an increase of $1.4 million in T.V. advertising and promotional expense in the current fiscal quarter versus the prior fiscal quarter. Net loss was $4,585,000 for the June 2001 fiscal quarter compared to a net loss of $5,002,000 in the prior year fiscal quarter. David J. Pecker David Pecker is the Chairman and CEO of American Media. He is the publisher of National Enquirer, Star, Sun, Weekly World News, Globe, Men's Fitness, Muscle and Fitness, Flex and Shape. , American Media's Chairman, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. said, "We are extremely pleased with our results of $97.7 million of revenues and $31.9 million of EBITDA for the three months ended June 25, 2001. These results were achieved despite a challenging environment for the publishing industry in terms of both advertising and distribution." American Media's Senior Subordinated Notes trade on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol ENQ with a coupon of 10 1/4% due May 2009. American Media Operations, Inc. owns and publishes the National Enquirer En`quir´er n. 1. See Inquirer. Noun 1. enquirer - someone who asks a question asker, inquirer, querier, questioner , Star, Weekly World News, Globe, National Examiner, Sun, Country Weekly, Country Music Magazine, MIRA Mira (mī`rə), [Lat.,=marvelous], variable star in the constellation Cetus; Bayer designation Omicron Ceti; 1992 position R.A. 2h19.0m, Dec. −3°05'. ! and Auto World Magazine. AMI also owns Distribution Services, Inc. (DSI (Dynamic Systems Initiative) An umbrella term for a suite of Microsoft products that help manage the Windows environment in large enterprises. DSI was introduced in 2003. ), the leading in-store supermarket and drugstore newspaper and magazine distribution company. Evercore Partners, based in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and Los Angeles, makes private equity investments through its Evercore Capital Partners affiliate and venture investments through its Evercore Ventures affiliate. Evercore also provides strategic, financial and restructuring advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal . Evercore Capital Partners' investments include: American Media, Vertis, Resources Connection, Energy Partners, Continental Energy Services and Telenet/Callahan Associates International. Ventures investments include Xdrive, Go2Systems, Business.com and Atheros. Recent advisory work includes advising ACNielsen on its merger with VNU VNU Volontaires des Nations Unies (French) VNU Verenigde Nederlandse Uitgeversbedrijven (Dutch) VNU Virtual Network User N.V. and General Mills on its pending acquisition of Pillsbury from Diageo plc.
AMERICAN MEDIA OPERATIONS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF INCOME (LOSS)
(in thousands)
UNAUDITED
Three Months Ended
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June 26, June 25,
2000 2001
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Revenues $ 97,376 $ 97,745
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Operating expenses 65,510 65,891
Depreciation and amortization 18,342 19,311
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Total operating expenses 83,852 85,202
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Operating income 13,524 12,543
Interest (17,822) (15,935)
Other income, net 187 27
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Loss before income taxes (4,111) (3,365)
Provision for income taxes 891 1,220
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Net loss ($5,002) ($4,585)
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EBITDA:
Net loss ($5,002) ($4,585)
Add (deduct) -
Interest expense 17,822 15,935
Income taxes 891 1,220
Depreciation and amortization 18,342 19,311
Other income (187) (27)
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EBITDA $ 31,866 $ 31,854
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