Big City Radio Reports 1999 Annual Results; Revenues Increase 45%; Company Reports Reduced Broadcast Cash Deficit.Business Editors and Entertainment Writers NEW YORK--(BUSINESS WIRE)--March 16, 2000 Big City Radio, Inc. (Amex:YFM YFM Yorkshire Fund Managers (UK) ), an owner and operator of major market metropolitan radio stations in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , announced its financial results for the year ended December December: see month. 31, 1999. Net revenues for the year ended December 31, 1999 increased 45% to $20.6 million compared with $14.2 million for the year ended December 31, 1998. Same station net revenues increased over 19% for the year ended December 31, 1999, compared with the year ended December 31, 1998. The company reported a broadcast cash flow deficit from station operations for the twelve months ended December 31, 1999 of $3.0 million, a reduction of $310,000 compared to a broadcast cash flow deficit of $3.3 million for the twelve months ended December 31, 1998. Net loss for the twelve months ended December 31, 1999 was $26 million or $(1.83) per share, compared with a net loss for the year ended December 31, 1998 of $17.5 million or $(1.24) per share. The increase in net loss is primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to higher net interest expenses and depreciation and amortization charges, associated with the 92 KISS FM Kiss FM is a common radio station name and may also refer to: In the United Kingdom:
Chicago (shĭkä`gō, shĭkô`gō), city (1990 pop. 2,783,726), seat of Cook co., NE Ill., on Lake Michigan; inc. 1837. and Phoenix station acquisitions and certain one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. charges. "This has been an incredibly busy year for the company," said Charles Charles, archduke of Austria Charles, 1771–1847, archduke of Austria; brother of Holy Roman Emperor Francis II. Despite his epilepsy, he was the ablest Austrian commander in the French Revolutionary and Napoleonic wars; however, he was handicapped by M. Fernandez, Big City Radio's president and chief executive officer. "We acquired four licenses, giving us two Phoenix market stations, successfully developed our Chicago combination with the introduction of 92KISS FM and the reformatting of FM103.1 to "The Eighties Channel." Our new initiative in the Hispanic Hispanic Multiculture A person of Mexican, Puerto Rican, Cuban, Central or South American, or other Spanish culture or origin, regardless of race Social medicine Any of 17 major Latino subcultures, concentrated in California, Texas, Chicago, Miam, NY, and elsewhere Media marketplace through the acquisition of the bilingual bi·lin·gual adj. 1. a. Using or able to use two languages, especially with equal or nearly equal fluency. b. portal site Noun 1. portal site - a site that the owner positions as an entrance to other sites on the internet; "a portal typically has search engines and free email and chat rooms etc. , TodoAhora.com, and the conversion of our 107.1 FM stations in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. to VIVA vi·va interj. Used to express acclamation, salute, or applause. [Italian and Spanish, (long) live, both from Latin v 107.1, a modern top 40 Spanish Spanish, river, c.150 mi (240 km) long, issuing from Spanish Lake, S Ont., Canada, NW of Sudbury, and flowing generally S through Biskotasi and Agnew lakes to Lake Huron opposite Manitoulin island. There are several hydroelectric stations on the river. station, emphasizes our commitment to maximizing max·i·mize tr.v. max·i·mized, max·i·miz·ing, max·i·miz·es 1. To increase or make as great as possible: the value of our existing assets in each market," continued Fernandez. "Our focus has always been on innovating the way radio broadcasting The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. is practiced. The past engineering innovations will be followed now by our plan to leverage the radio broadcast properties with a wholly-owned, full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. internet portal site." Big City Radio, Inc. owns and operates radio stations in four of the largest radio markets in the United States. The Company's radio broadcast properties are located in or adjacent to major metropolitan markets and utilize innovative engineering techniques and low-cost, ratings-driven operating strategies to develop these properties into successful metropolitan radio stations. Big City Radio, Inc., through the acquisition of Hispanic Internet Holdings, Inc., also owns TodoAhora.com, a bilingual Internet portal. Stuart Subotnick, Chairman of Big City Radio, Inc. and a general partner of Metromedia Metromedia (also often MetroMedia) was a media company that owned radio and television stations in the United States from 1956 to 1986. Overview The company arose from the ashes of the DuMont Television Network, the world's first licensed commercial television Company, is a majority shareholder of the Company's Common Stock. As the Company is in the early stage of development, the Company expects to generate significant operating and net losses as it continues to expand its presence in major markets and on the Internet. Management believes that its goals will be achieved through the Company's successful implementation and execution of its growth strategy. This partial discussion of the statements of financial condition and operations of the Company should be read in conjunction conjunction, in astronomy conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with the consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge and related notes contained in the Company's Form 10K for the year December 31, 1999, which will be filed with the U.S. Securities and Exchange Commission. This news release contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties. Factors that could cause or contribute to such risks and uncertainties include, but are not limited to, general economic and business conditions, competition, changes in technology and methods of marketing, and various other factors beyond the Company's control. This also includes such factors as described from time to time in the SEC reports filed by Big City Radio, Inc., including the Company's Form S-4 and its annual report on Forms 10-K for the year ended December 31, 1999.
BIG CITY RADIO, INC.
Consolidated Statements of Operations
(all numbers in $000s, except per share amounts)
Year ended December 31,
1997 1998 1999
---- ---- ----
Gross Revenues $ 11,731 $ 15,883 $ 23,296
agency commissions 1,271 1,681 2,692
------------ ------------ ------------
Net Revenues 10,460 14,202 20,604
Station
Operating expenses 12,979 17,525 23,617
------------ ------------ ------------
Broadcast cash flow (2,519) (3,323) (3,013)
Corporate,
general and
administrative
expenses 1,745 2,527 4,371
Employment Incentive 3,863 808 0
Depreciation
and amortization 1,791 2,528 3,812
------------ ------------ ------------
Operating loss (9,918) (9,186) (11,196)
Gain on sale
of stations 0 0 663
Interest expense, net 4,488 9,532 15,001
Other income, net (101) 224 337
------------ ------------ ------------
Loss before
benefit from income
taxes and
extraordinary loss (14,305) (18,942) (25,871)
Income tax benefit 1,050 1,988 63
Deferred income
taxes resulting
from conversion
to C Corporation
status (3,350) 0 0
------------ ------------ ------------
Loss before
extraordinary loss (16,605) (16,954) (25,808)
Extraordinary loss (313) (495) 0
------------ ------------ ------------
Net loss ($ 16,918) ($ 17,449) ($ 25,808)
============ ============ ============
Basic and diluted loss per share:
Loss before
extraordinary item ($ 1.74) ($ 1.21) ($ 1.83)
Extraordinary loss (0.03) (0.03) 0.00
------------ ------------ ------------
Net loss ($ 1.77) ($ 1.24) ($ 1.83)
============ ============ ============
Weighted average
number of shares
outstanding 9,539,000 14,026,000 14,136,000
============ ============ ============
BIG CITY RADIO, INC.
Computation of earnings per share
Year ended December 31,
1997 1998 1999
---- ---- ----
Computation of
earnings per share
Net loss ($16,918,000) ($17,449,000) ($25,808,000)
============ ============ ============
Weighted average
number of shares
outstanding-basic 9,539,000 14,026,000 14,136,000
Dilutive effect
of stock options after
application of
treasury stock method 0 0 0
------------ ------------ ------------
Weighted average
number of shares
outstanding 9,539,000 14,026,000 14,136,000
============ ============ ============
Net loss per share ($ 1.77) ($ 1.24) ($ 1.83)
============ ============ ============
BIG CITY RADIO, INC.
Consolidated Balance Sheets
(all numbers in $000s)
December 31,
1998 1999
---- ----
Assets
Cash, cash equivalents
and marketable $ 57,501 $ 12,499
securities
Accounts receivable 3,362 6,090
Interest receivable 1,574 526
Prepaids and other
current assets 603 920
--------- ---------
Total current assets 63,040 20,035
Property and
equipment, net 4,512 7,145
Intangibles, net 80,309 113,873
Deferred financing fees 4,052 3,399
Other assets 169 59
--------- ---------
Total assets 152,082 144,511
========= =========
Liabilities and
stockholders' equity
Accounts payable 518 822
Accrued expenses 1,186 3,146
Other current liabilities 1,287 974
--------- ---------
Total current
liabilities 2,991 4,942
Senior discount notes 136,776 152,596
Notes payable,
long-term debt 1,451 498
Deferred income
tax liabilities 2,473 2,410
Preferred stock
Common stock 141 145
Additional
paid-in-capital 27,831 29,458
Deficit (19,581) (45,538)
--------- ---------
Total liabilities
and stockholders'
equity 152,082 144,511
========= =========
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