Big Flower Reports Adjusted Net Income of 54 Cents per Share.NEW YORK--(BUSINESS WIRE)--Oct. 26, 1999-- Big Flower Holdings, Inc. (NYSE NYSE See: New York Stock Exchange :BGF BGF Black Guerrilla Family (Afro-American prison gang symbol/tattoo) BGF Boursier du Gouvernement Français (French) BGF Black Guerilla Family (gang) BGF Best Guy Friend ) announced today that its third quarter 1999 adjusted net income totaled $12.3 million, a decline of 6% from net income of $13.0 million in the third quarter of 1998. Adjusted diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of declined 5% to 54 cents as compared to 57 cents in the prior year quarter. Driven by a 10% increase in sales, which was primarily due to six acquisitions made since July July: see month. 1998, Big Flower's adjusted 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. and adjusted 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 increased by 8% and 11%, respectively, over the comparable 1998 period. Net income, however, declined due to slower than expected integration of recent direct marketing acquisitions, accompanied ac·com·pa·ny v. ac·com·pa·nied, ac·com·pa·ny·ing, ac·com·pa·nies v.tr. 1. To be or go with as a companion. 2. by weakness in the Company's direct mail sector arising from business with sweepstakes sweepstakes, contest or race, usually a horse race, on which a lottery is run. Prizes are awarded to the holders of winning tickets. In the case of a horse race, the draw is made from the names of all the horses entered in the race and vast numbers of blanks. and consumer products companies. The following table presents the adjusted results for the quarter. The 1999 adjusted results exclude a non-operational charge for the write off of in-process technology.
Three Months Ended September 30,
--------------------------------
(Dollars in thousands,
except per share data) 1999 1998 % Change
-------- ---------- ------------
Net Sales $ 482,961 $ 440,107 9.7%
EBITDA (1) 69,442 (2) 62,806 10.6%
Operating Income 43,979 (2) 40,649 8.2%
Net Income 12,250 (2) 13,005 -5.8%
Diluted Earnings Per Share $ 0.54 (2) $ 0.57 -5.3%
Net Income Per Share before
Amortization of
Intangibles (3) $ 0.72 (2) $ 0.73 -1.4%
After-Tax Cash Flow
Per Share (4) $ 1.23 (2) $ 1.15 7.0%
(1) "EBITDA" represents operating income plus depreciation and amortization of intangibles Property that is a "right" such as a patent, Copyright, or trademark, or one that is lacking physical existence, such as good will. . (2) Excludes the $2.8 million write off of in-process research and development costs related to the acquisition of Drake drake 1. male duck. 2. loliumtemulentum. Automation Limited. (3) Represents diluted earnings per share adjusted to exclude after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. intangibles amortization per share. (4) Represents diluted earnings per share plus after-tax depreciation and intangibles amortization per share. Insert Advertising and Newspaper Services Insert advertising and circulation-building newspaper products such as Sunday comics Sunday comics or "Sunday funnies" is the American idiom for the full color comic strip section carried in most American newspapers. While there are earlier combinations of color, art, and story that historians of the comic strip point to as precussors of the comic strip, the Yellow , TV listing guides, Sunday Sunday: see Sabbath; week. magazine sections and special supplements produced at the TC Advertising unit. Declining paper prices, which are generally a pass-through pass-through n. 1. An opening between two rooms, especially a shelved space between a kitchen and dining room that is used for passing food. 2. A route through which something is permitted to pass. 3. cost for the Company, impacted revenue in this segment. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight were flat with the third quarter of 1998, while value-added val·ue-add·ed adj. Of or relating to the estimated value that is added to a product or material at each stage of its manufacture or distribution: revenue, which excludes the cost of paper as well as ink, increased 4% over the prior-year period. Operating income was $28.7 million and EBITDA was $39.3 million, gains of 19% and 12%, respectively, over the results from the third quarter of 1998. The increase reflects continued improvement in productivity and the results of our continuing efforts to improve work mix. Direct Marketing Services Data-driven direct mail products and direct marketing services such as database management and response fulfillment ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. services provided by Webcraft's group of companies. Sales increased to $87.6 million, a gain of 28% over the same period last year. EBITDA was $11.0 million, a decrease of 5% from the 1998 quarter, while operating income decreased to $5.9 million from $7.6 million in the prior year period. Sales increased as a result of the Colorgraphic acquisition in January January: see month. 1999 partially offset by weakness in the direct mail sector related to Webcraft's business with consumer products and sweepstakes companies and the slower than expected integration of recent acquisitions. The decline in EBITDA and operating income is a result of the above-mentioned A`bove´-men`tioned a. 1. Mentioned or named before; aforesaid; mentioned or named earlier in the same text (in written documents). Adj. 1. factors. Digital Services Digital image design and production services, and computer-based management services offered through Laser Tech Color and Columbine columbine, in botany columbine (kŏl`əmbīn), any plant of the genus Aquilegia, temperate-zone perennials of the family Ranunculaceae (buttercup family), popular both as wildflowers and as garden flowers. JDS See Java Desktop System. . Sales grew to $100.0 million from $74.4 million in the same period a year ago, an increase of 34%. Adjusted EBITDA increased from $14.6 million to $18.5 million, a gain of 27%, and adjusted operating income increased 15% from $8.6 million to $9.9 million. Growth in Digital Services resulted from acquisitions including 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. Datatrak and U.K.-based Admagic and Drake Automation Limited as well as from increased demand for software management systems and retail and packaging premedia services. Specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. Products and Commercial Printing Fragrance samplers, coatings and chemical production, and commercial printing produced by Webcraft's group of companies. Sales increased from $26.5 million to $26.9 million. Operating income decreased from $3.3 million to $1.9 million and EBITDA decreased to $2.7 million from $4.2 million for the same period last year. Net Income/Net Income Per Share Adjusted net income for the third quarter was $12.3 million, or 54 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . This compared to net income of $13.0 million, or 57 cents per share in the 1998 third quarter. Actual net income for the quarter, which includes a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. write off of in-process acquired technology costs related to the acquisition of Drake Automation Limited (12 cents per share), was $9.5 million or 42 cents per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share. As previously announced on October October: see month. 11, 1999, Big Flower entered into an Amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. and Restated Agreement and Plan of Merger (the "Revised Agreement") with BFH BFH Bundesfinanzhof BFH Battlefield Heroes (gaming) BFH Bus Fare Home BFH Benign Familial Hematuria BFH Benign Fibrous Histiocytoma BFH Bitch from Hell BFH Big Freaking Hammer Merger Corp., an affiliate Affiliate Relationship between two companies when one company owns substantial interest, but less than a majority of the voting stock of another company, or when two companies are both subsidiaries of a third company. See: Subsidiaries, parent company. of Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs H. Lee Company and Evercore Capital Partners. The Revised Agreement provides for the payment to public shareholders of all-cash consideration of $31.50 per share of Big Flower common stock. The Big Flower Board of Directors has set a record date of October 22, 1999 and the holders of record on that date will be asked to adopt the Revised Agreement at Big Flower's Annual Meeting of Stockholders, which is scheduled to be held at 9:00 AM on November November: see month. 23, 1999 at the Hotel Inter-Continental, 111 East 48th Street, New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . Big Flower mailed a proxy statement Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. with respect to this Annual Meeting to its stockholders on October 25, 1999. Also, as previously announced on October 25, 1999, Big Flower Press Holdings, Inc., a subsidiary of the Company, commenced tender offers and consent solicitations Consent Solicitation A solicitation by one party to the stakeholders of a particular security for the consent of a material change. Notes: Should the majority of stakeholders provide valid consent prior to the consent expiry date, the issuer may then follow through with for all of its outstanding 8 7/8% Senior Subordinated Subordinated A claim ranked lower in priority than other claims. Common stock claims are always subordinated to debt. Notes due 2007, and all of its outstanding 8 5/8% Senior Subordinated Notes due 2008. The consummation CONSUMMATION. The completion of a thing; as the consummation of marriage; (q.v.) the consummation of a contract, and the like. 2. A contract is said to be consummated, when everything to be done in relation to it, has been accomplished. of the merger is not conditioned upon the completion of the tender offers. Big Flower intends to consummate To carry into completion; to fulfill; to accomplish. A Common-Law Marriage is consummated when the parties live in a manner intended to bring about public recognition of their relationship as Husband and Wife. the merger and the tender offers as soon as possible after the Annual Meeting. Big Flower Holdings, Inc. is a leading advertising and marketing services and solutions company which provides more than 3,000 retail, advertising agency, broadcasting, manufacturing and newspaper customers with highly-targeted, promotional advertising products, services and software. Big Flower specializes in targeted advertising inserts, circulation-building newspaper products, data-driven direct mail and direct marketing services and digital services, including commercial image design and production, and computer-based advertising management systems. Big Flower also owns XL Ventures, a venture capital subsidiary focused on making minority investments in companies involved in providing advertising and marketing services through the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the to both on-line and off-line See offline. (jargon) off-line - (Or "offline") 1. Not directly connected to the computer (e.g., an off-line tape drive), or with connection suspended ("take the printer off-line"). Contrast background, on-line. 2. Not now or not here. customers. For the year ended September September: see month. 30, 1999, the Company's pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma revenues were approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $1.9 billion, including all acquisitions. When used in this discussion, the words "expects," "believes," and similar expressions are intended to identify 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. Actual results in the future could differ materially from those described in the forward-looking statements as a result of fluctuations in the cost of paper and other raw materials used by the Company, changes in the advertising markets, the financial conditions of the Company's customers and the general condition of the domestic and international economies.
BIG FLOWER HOLDINGS, INC.
1998
------------- ----------- ------------
Actual Adjusted Actual
Net sales 20,118 20,118 16,842
----------- ----------- ------------
Other expenses (income):
Interest expen 526
Interest income (109 -----------
----------- ------------
19,613 19,613 16,566
----------- ----------- ------------
Income before income
tax expense 21,566 24,366 24,083
Income tax expense 12,116 12,116 11,078
----------- ----------- ------------
Net income $ 9,450 $ 12,250 $ 13,005
=========== =========== ============
Earnings per share:
Net income per basic share $ 0.48 $ 0.62 $ 0.66
======== ========== ============
Weighted average basic
shares outstanding 19,743 19,743 19,779
======== ========== ============
Net income for diluted
earnings per share $ 10,468 $ 13,268 $ 14,040
======== ========== ============
Net income per
diluted share $ 0.42 $ 0.54 $ 0.57
======== ========== ============
Weighted average diluted
shares outstanding 24,701 24,701 24,809
======== ========== ============
Supplemental Information:
Net income per diluted
share before amortization
of intangibles (b) $ 0.61 $ 0.72 $ 0.73
======== ========== ============
After-tax cash flow per
diluted share (c) $ 1.11 $ 1.23 $ 1.15
======== ========== ============
EBITDA (d) $ 66,642 $ 69,442 $ 62,806
======== ========== ============
NOTES TO CONSOLIDATED STATEMENT OF OPERATIONS FOR THE THREE MONTHS
ENDED SEPTEMBER 30, 1999
(a) Excludes $2.8 million write off of in-process research and
development costs related to the acquisition of Drake Automation
Limited.
(b) Represents net income per diluted share adjusted to exclude
after-tax intangibles amortization per share.
(c) Represents net income per diluted share plus after-tax
depreciation and intangibles am Nine Months Ended
September 30,
--------------------------------------------
1999 1xpenses:
Costs of production 978,847 978,847 931,438
Selling, general
and a 1,237,876 1,235,076--- -----------
-----------
Other expenses (income):
Interest expense 52,746 52,746 41,135
Amortization of deferred
financing costs 2,199 2,199 1,381
Interest income (469) (469) (353)
Preferred dividends of
a subsidiary trust 5,097 5,097 5,175
Other, net (5,118) (5,118) 3,125
----------- ----------- -----------
54,455 54,455 50,463
----------- ----------- -----------
Income before income
tax expense 42,519 45,319 41,473
Income tax expense 21,754 21,754 19,077
----------- ----------- -----------
Net income $ 20,765 $ 23,565 $ 22,396
=========== =========== ===========
Earnings per share:
Net income per
basic share $ 1.05 $ 1.19 $ 1.14
=========== =========== ===========
Weighted average basic
shares outstanding 19,724 19,724 19,625
=========== =========== ===========
Net income for diluted
earnings per share $ 23,823 $ 26,623 $ 25,501
=========== =========== ===========
Net income per
diluted share $ 0.97 $ 1.08 $ 1.03
=========== =========== ===========
Weighted average diluted
shares outstanding 24,673 24,673 24,735
=========== =========== ===========
Supplemental Information:
Net income per diluted
share before amortization
of intangibles (b) $ 1.50 $ 1.62 $ 1.57
=========== =========== ===========
After-tax cash flow
per diluted share (c) $ 2.96 $ 3.07 $ 2.75
=========== =========== ===========
EBITDA (d) $ 170,872 $ 173,672 $ 156,524
=========== =========== ===========
NOTES TO CONSOLIDATED STATEMENT OF OPERATIONS FOR THE NINE MONTHS
ENDED SEPTEMBER 30, 1999
(a) Excludes $2.8 million write off of in-process research and
development costs related to the acquisition of Drake Automation
Limited.
(b) Represents net income per diluted share adjusted to exclude
after-tax intangibles amortization per share.
(c) Represents net income per di (in thousands)
BUSINESS SEGMENT INFORMATION Three Months Ended
Adjusted
-----------------------------------------
NET SALES
Insert Advertising &
Newspaper Services $ 273,048 $ 272,937 0.0%
Direct Marketing Services 87,563 68,184 28.4%
Digital Services 100,002 74,404 34.4%
Specialty Products &
Commercial Printing 26,917 26,523 1.5%
Elimination of Intersegment
Sales (4,569) (1,941) -135.4%
---------- ---------- -------
Consolidated $ 482,961 $ 440,107 9.7%
========== ========== =======
OPERATING INCOME
Insert Advertising &
Newspaper Services $ 28,661 $ 23,986 19.5%
Direct Marketing Services 5,923 7,584 -21.9%
Digital Services 9,918(a) 8,647 14.7%
Specialty Products &
Commercial Printing 1,945 3,260 -40.3%
General Corporate (2,468) (2,828) 12.7%
---------- ---------- -------
Consolidated $ 43,979 $ 40,649 8.2%
========== ========== =======
DEPRECIATION
Insert Advertising &
Newspaper Services $ 8,687 $ 8,015 8.4%
Direct Marketing Services 4,217 3,467 21.6%
Digital Services 6,361 4,474 42.2%
Specialty Products &
Commercial Printing 579 729 -20.6%
General Corporate 274 157 74.5%
---------- ---------- -------
Consolidated $ 20,118 $ 16,842 19.5%
========== ========== =======
AMORTIZATION OF INTANGIBLES
Insert Advertising &
Newspaper Services $ 2,000 $ 3,046 -34.3%
Direct Marketing Services 883 519 70.1%
Digital Services 2,268 1,460 55.3%
Specialty Products &
Commercial Printing 192 165 16.4%
General Corporate 2 125 -98.4%
---------- ---------- -------
Consolidated $ 5,345 $ 5,315 0.6%
========== ========== =======
EBITDA (b)
Insert Advertising &
Newspaper Services $ 39,348 $ 35,047 12.3%
Direct Marketing Services 11,023 11,570 -4.7%
Digital Services 18,547(a) 14,581 27.2%
Specialty Products &
Commercial Printing 2,716 4,154 -34.6%
General Corporate (2,192) (2,546) 13.9%
---------- ---------- -------
Consolidated $ 69,442 $ 62,806 10.6%
========== ========== =======
Actual
--------------------------------------------------
NET SALES
Insert Advertising &
Newspaper Services $ 273,048 $ 272,937 0.0%
Direct Marketing Services 87,563 68,184 28.4%
Digital Services 100,002 74,404 34.4%
Specialty Products &
Commercial Printing 26,917 26,523 1.5%
Elimination of Intersegment
Sales (4,569) (1,941) -135.4%
---------- ---------- -------
Consolidated $ 482,961 $ 440,107 9.7%
========== ========== =======
OPERATING INCOME
Insert Advertising &
Newspaper Services $ 28,661 $ 23,986 19.5%
Direct Marketing Services 5,923 7,584 -21.9%
Digital Services 7,118 8,647 -17.7%
Specialty Products &
Commercial Printing 1,945 3,260 -40.3%
General Corporate (2,468) (2,828) 12.7%
---------- ---------- -------
Consolidated $ 41,179 $ 40,649 1.3%
========== ========== =======
DEPRECIATION
Insert Advertising &
Newspaper Services $ 8,687 $ 8,015 8.4%
Direct Marketing Services 4,217 3,467 21.6%
Digital Services 6,361 4,474 42.2%
Specialty Products &
Commercial Printing 579 729 -20.6%
General Corporate 274 157 74.5%
---------- ---------- -------
Consolidated $ 20,118 $ 16,842 19.5%
========== ========== =======
AMORTIZATION OF INTANGIBLES
Insert Advertising &
Newspaper Services $ 2,000 $ 3,046 -34.3%
Direct Marketing Services 883 519 70.1%
Digital Services 2,268 1,460 55.3%
Specialty Products &
Commercial Printing 192 165 16.4%
General Corporate 2 125 -98.4%
---------- ---------- -------
Consolidated $ 5,345 $ 5,315 0.6%
========== ========== =======
EBITDA (b)
Insert Advertising &
Newspaper Services $ 39,348 $ 35,047 12.3%
Direct Marketing Services 11,023 11,570 -4.7%
Digital Services 15,747 14,581 8.0%
Specialty Products &
Commercial Printing 2,716 4,154 -34.6%
General Corporate (2,192) (2,546) 13.9%
---------- ---------- -------
Consolidated $ 66,642 $ 62,806 6.1%
========== ========== =======
BUSINESS SEGMENT INFORMATION Nine Months Ended
September 30,
----------------------
1999 1998 % Change
---- ---- --------
Adjusted
-----------------------------------------
NET SALES
Insert Advertising &
Newspaper Services $ 776,013 $ 790,574 -1.8%
Direct Marketing Services 236,992 197,314 20.1%
Digital Services 264,245 187,240 41.1%
Specialty Products &
Commercial Printing 69,146 68,083 1.6%
Elimination of Intersegment
Sales (11,546) (6,332) -82.3%
------------ ----------- -------
Consolidated $ 1,334,850 $ 1,236,879 7.9%
============ =========== =======
OPERATING INCOME
Insert Advertising &
Newspaper Services $ 69,218 $ 56,392 22.7%
Direct Marketing Services 17,658 22,380 -21.1%
Digital Services 21,804(a) 19,813 10.0%
Specialty Products &
Commercial Printing 2,542 4,029 -36.9%
General Corporate (11,448) (10,678) -7.2%
------------ ----------- -------
Consolidated $ 99,774 $ 91,936 8.5%
============ =========== =======
DEPRECIATION
Insert Advertising &
Newspaper Services $ 25,457 $ 23,731 7.3%
Direct Marketing Services 12,883 9,722 32.5%
Digital Services 17,237 11,148 54.6%
Specialty Products &
Commercial Printing 1,742 2,182 -20.2%
General Corporate 778 447 74.0%
------------ ----------- -------
Consolidated $ 58,097 $ 47,230 23.0%
============ =========== =======
AMORTIZATION OF INTANGIBLES
Insert Advertising &
Newspaper Services $ 6,453 $ 10,822 -40.4%
Direct Marketing Services 2,659 1,496 77.7%
Digital Services 5,898 4,155 41.9%
Specialty Products &
Commercial Printing 522 510 2.4%
General Corporate 269 375 -28.3%
------------ ----------- -------
Consolidated $ 15,801 $ 17,358 -9.0%
============ =========== =======
EBITDA (b)
Insert Advertising &
Newspaper Services $ 101,128 $ 90,945 11.2%
Direct Marketing Services 33,200 33,598 -1.2%
Digital Services 44,939(a) 35,116 28.0%
Specialty Products &
Commercial Printing 4,806 6,721 -28.5%
General Corporate (10,401) (9,856) -5.5%
------------ ----------- -------
Consolidated $ 173,672 $ 156,524 11.0%
============ =========== =======
Actual
--------------------------------------------------
NET SALES
Insert Advertising &
Newspaper Services $ 776,013 $ 790,574 -1.8%
Direct Marketing Services 236,992 197,314 20.1%
Digital Services 264,245 187,240 41.1%
Specialty Products &
Commercial Printing 69,146 68,083 1.6%
Elimination of Intersegment
Sales (11,546) (6,332) -82.3%
------------ ----------- -------
Consolidated $ 1,334,850 $ 1,236,879 7.9%
============ =========== =======
OPERATING INCOME
Insert Advertising &
Newspaper Services $ 69,218 $ 56,392 22.7%
Direct Marketing Services 17,658 22,380 -21.1%
Digital Services 19,004 19,813 -4.1%
Specialty Products &
Commercial Printing 2,542 4,029 -36.9%
General Corporate (11,448) (10,678) -7.2%
------------ ----------- -------
Consolidated $ 96,974 $ 91,936 5.5%
============ =========== =======
DEPRECIATION
Insert Advertising &
Newspaper Services $ 25,457 $ 23,731 7.3%
Direct Marketing Services 12,883 9,722 32.5%
Digital Services 17,237 11,148 54.6%
Specialty Products &
Commercial Printing 1,742 2,182 -20.2%
General Corporate 778 447 74.0%
------------ ----------- -------
Consolidated $ 58,097 $ 47,230 23.0%
============ =========== =======
AMORTIZATION OF INTANGIBLES
Insert Advertising &
Newspaper Services $ 6,453 $ 10,822 -40.4%
Direct Marketing Services 2,659 1,496 77.7%
Digital Services 5,898 4,155 41.9%
Specialty Products &
Commercial Printing 522 510 2.4%
General Corporate 269 375 -28.3%
------------ ----------- -------
Consolidated $ 15,801 $ 17,358 -9.0%
============ =========== =======
EBITDA (b)
Insert Advertising &
Newspaper Services $ 101,128 $ 90,945 11.2%
Direct Marketing Services 33,200 33,598 -1.2%
Digital Services 42,139 35,116 20.0%
Specialty Products &
Commercial Printing 4,806 6,721 -28.5%
General Corporate (10,401) (9,856) -5.5%
------------ ----------- -------
Consolidated $ 170,872 $ 156,524 9.2%
============ =========== =======
(a) Excludes $2.8 million write-off of acquired in-process technology
costs.
(b) EBITDA represents operating income plus depreciation and
amortization of intangibles.
BIG FLOWER HOLDINGS, INC.
CONDENSED BALANCE SHEET INFORMATION
(in thousands)
September 30, December 31,
1999 1998
--------------- -----------
ASSETS
Cash and cash equivalents $ 2,928 $ 8,504
Other current assets 317,221 261,345
----------- -----------
Total current assets 320,149 269,849
Non-current assets 1,313,550 1,058,333
----------- -----------
Total Assets $ 1,633,699 $ 1,328,182
=========== ===========
LIABILITIES AND EQUITY
Current liabilities $ 264,877 $ 275,630
Long-term debt, net of
current portion 933,063 731,080
Deferred income taxes and
other long-term liabilities 145,053 79,262
----------- -----------
1,342,993 1,085,972
Redeemable convertible
preferred securities 114,065 115,000
Total stockholders' equity 176,641 127,210
----------- -----------
Total Liabilities and Equity $ 1,633,699 $ 1,328,182
=========== ===========
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