Big Flower Reports Record First Quarter Operating Income and Cash Flow.NEW YORK--(BUSINESS WIRE)--April 28, 1998--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 its results for the first quarter of 1998, reporting a 29% increase in sales, a 25% increase in 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 a 29% increase in earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
tr.v. ab·sorbed, ab·sorb·ing, ab·sorbs 1. To take (something) in through or as through pores or interstices. 2. To occupy the full attention, interest, or time of; engross. a relatively equal share of the acquisition expenses reflected in depreciation, intangibles Property that is a "right" such as a patent, Copyright, or trademark, or one that is lacking physical existence, such as good will. amortization, interest expense and preferred dividends preferred dividend n. a payment of a corporation's profits to holders of preferred shares of stock. (See: preferred stock) on the Company's outstanding 6% Convertible Quarterly Income Preferred Securities (QUIPS QUIPS See Quarterly Income Preferred Securities (QUIPS). (TM)) issued on Oct. 20, 1997. Assuming the conversion of the QUIPS(TM) and the exercise of stock options, first quarter 1998 net income was $2.1 million, or nine 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. . -0-
Following are the results for the quarter:
(Dollars and shares in thousands, except per share data)
Three Months Ended March 31,
1998 1997 % Change
---- ---- --------
Net Sales $383,902 $ 297,501 29.0 %
EBITDA (1) 40,277 31,106 29.5 %
Operating Income 19,520 15,576 25.3 %
Net Income 1,085 1,681 (35.5)%
Net Income Per Share (2) 0.09 0.09 --
Net Income Per Share
before Amortization
of Intangibles (2) (3) 0.27 0.24 12.5%
After-Tax Cash Flow Per Share (2) (4) 0.63 0.60 5.0%
(1) "EBITDA" represents operating income plus depreciation and
amortization of intangibles.
(2) Assumes the conversion of the QUIPS(TM) and the exercise of stock
options at the beginning of the quarter.
(3) Net income per share adjusted to exclude after-tax amortization
per share.
(4) Net income per share plus after-tax depreciation and amortization
per share.
Commenting on the first quarter, President and Chief Executive Officer Edward Edward killed his father at his mother’s instigation. [Br. Balladry: Edward in Benét, 302] See : Patricide T. Reilly Reilly is a surname distinct from O'Reilly and Riley, and may refer to:
The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. in gaining new customers and offering expanded services in image management and media software. "Following the six acquisitions the Company made in the fall, we have acquired three digital services companies in 1998. We acquired two U.K.-based premedia companies, Production Response and Lifeboat Matey mat·ey adj. Chiefly British Sociable; friendly. matey Adjective Brit informal friendly or intimate Adj. 1. , for our Laser Tech Color group Color Group ASA was established in 1990 as a result of the merge between Jahre Line and Norway Line. The same year Color Line took over Fred. Olsen Lines cruiseferry operations, and then expanding its business further. , which give us the ability to provide European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. premedia and image technology solutions on a coordinated basis for our multinational multinational Of, relating to, or being a company with subsidiaries or other operations in a number of countries. The diversity of operations of such companies subjects them to unique risks (for example, exchange rate changes or government nationalization) customers. Last week we acquired Reach America America [for Amerigo Vespucci], the lands of the Western Hemisphere—North America, Central (or Middle) America, and South America. The world map published in 1507 by Martin Waldseemüller is the first known cartographic use of the name. , a software development and database marketing company with which we worked in developing our Target Reach program. We continue to meld these, and our previous acquisitions, into our business environment as we continue the transformation of Big Flower into a full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. provider of integrated advertising, marketing and information services." Big Flower is now reporting its results in four segments as follows: Insert Advertising and Newspaper Services includes advertising inserts 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. Direct Marketing Services includes highly-customized 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. Digital Services includes outsourced Outsourced is a modern day comedy of cross-cultural conflict and romance, directed by John Jeffcoat, released in 2007. Synopsis Todd Anderson (Josh Hamilton) spends his days managing a customer call center for American Novelty Products in Seattle, until his job, digital premedia, image content management and broadcast management services. This group is comprised of the products and 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. . 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 includes fragrance samplers, coatings and chemical production, and commercial printing produced by Webcraft's group of companies. Commenting on the four business segments the company will now report, Mr. Reilly added, "We believe that with our segment reporting segment reporting A type of financial reporting in which the firm discloses information by identifiable industry segments. For example, Union Pacific Corporation reports revenues, income, assets, depreciation, and capital expenditures for each of four , it will now be much easier for analysts and shareholders to realize the significant value inherent in our businesses. We had fine results from our three primary segments of Insert Advertising and Newspaper Services, Direct Marketing Services and Digital Services. On a 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 basis, as if the acquisitions made in fall of 1997 had been included from the beginning of 1997, each of these businesses had significant operating income growth performances. As we have stated in the past, we are executing a strategy of de-emphasizing commercial printing and the results of this strategy will be reflected in the Specialty Products and Commercial Printing segment as the year continues. The first quarter decline in this segment primarily reflects the timing of revenues associated with fragrance products and some forms of government related printing. We would expect this segment's full year performance to be flat to slightly up at the operating income line for the year." Attached are the Company's operating results by segment for the full year of 1996, by quarter for 1997 and for the first quarter of 1998 on an actual basis and adjusted to exclude non-operational charges. Insert Advertising and Newspaper Services Sales rose to $251.0 million, with operating income of $10.8 million and EBITDA of $22.8 million, posting year over year gains of 24%, 24% and 22%, respectively. The results reflect increased volume, the successful integration of RCPC See Regional Check Processing Center. , a West-Coast insert advertising producer acquired in late 1997, new business gains in the Target Reach program and the continuing growth in less seasonally-sensitive business from grocery stores, drug stores and home improvement centers. Direct Marketing Services Sales increased to $62.8 million, a gain of 42% over the same period last year. Operating income was $6.1 million, a gain of 29%, and EBITDA rose to $9.7 million, an increase of 29%. The acquisitions of U.K.-based Olwen In Welsh mythology, Olwen is the daughter of the giant Ysbaddaden. She is the heroine of the story Culhwch and Olwen in the Mabinogion. Her father is fated to die if she ever marries, so when Culhwch comes to court her, he is given a series of immensely difficult Direct Mail and New York-based IMPCO, a database and response management provider, contributed to the growth, as did the introduction of new products developed in the highly-customized direct mail business for the publishing, utilities and telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. businesses. The Direct Marketing segment also saw increased business from new and existing customers. Digital Services Sales grew to $47.6 million from $19.9 million in the same period a year ago. Operating income rose from $1.5 million to $4.7 million, an increase of 206%. EBITDA also increased from $3.2 million to $8.7 million, a gain of 170%. Growth in digital services resulted from the acquisitions of Columbine JDS, a leading provider of broadcast software systems for electronic media, Gamma One, a 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 area premedia company, and U.K.-based Production Response and Lifeboat Matey, Laser Tech's first European subsidiaries. In addition, the Digital Services group's strong performance benefited from Columbine JDS' continued international introduction of the Paradigm multi-channel See multichannel. software system. Specialty Products and Commercial Printing Sales decreased from $31.7 million to $24.2 million, a decline of 24%. Operating income and EBITDA also decreased from $3.9 million to $1.8 million and $5.0 million to $2.7 million, respectively, from the same period last year. The year over year declines were a result of continued softness and redeployment re·de·ploy tr.v. re·de·ployed, re·de·ploy·ing, re·de·ploys 1. To move (military forces) from one combat zone to another. 2. of assets in the commercial printing business and the timing of fragrance revenue. Big Flower Holdings, Inc. is a leading advertising, marketing and information services company specializing in targeted advertising inserts and circulation-building newspaper products, customized direct mail and direct marketing services and digital services, including outsourced digital premedia and computer-based management systems for the broadcast industry. For the twelve months ended March 31, 1998, the Company's pro forma revenues were approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $1.6 billion, including the recently completed acquisitions. -0- 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. For more more information, contact: Big Flower Holdings, Inc. Nancy S Nancy (näNsē`), city (1990 pop. 102,410), capital of Meurthe-et-Moselle dept., NE France, on the Meurthe River and the Marne-Rhine Canal. It is the administrative, economic, and educational center of Lorraine. . Murray Murray, river, Australia Murray, principal river of Australia, 1,609 mi (2,589 km) long, rising in the Australian Alps, SE New South Wales, and flowing westward to form the New South Wales–Victoria boundary. , 212/521-1606 nmurray@bigflower.com. -0-
BIG FLOWER HOLDINGS, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(Dollars and Shares in Thousands, Except Per Share Data)
Three Months Ended March 31,
1998 1997
Net Sales $383,902 $297,501
Operating expenses:
Costs of production 295,188 235,245
Selling, general and
administrative 48,437 31,150
Depreciation 14,889 11,429
Amortization of intangibles 5,868 4,101
364,382 281,925
Operating income 19,520 15,576
Other expenses (income):
Interest expense 13,029 9,710
Amortization of deferred financing
costs 429 555
Interest income (120) (120)
Dividends of a subsidiary trust 1,725
Other, net(a) 2,447 2,135
17,510 12,280
Income before income tax expense 2,010 3,296
Income Tax Expense 925 1,615
Net income $1,085 $1,681
Earnings per share:
Basic net income per share $0.06 $0.09
======= =======
Weighted average basic shares
outstanding 19,455 18,584
======= =======
Supplemental information:
The following is presented to illustrate
the effect of stock options and the QUIPS(TM)
securities on the 1998 period as if conversion
took place on January 1, 1998:
Net income per share $0.09(b) $0.09
======== =======
Net income per share before
amortization of intangibles(c) $0.27 $0.24
======== =======
After-tax cash flow per share(d) $0.63 $0.60
======== =======
Weighted average shares
outstanding 24,552 19,296
======== =======
EBITDA(e) $40,277 $31,106
======== =======
NOTES TO CONSOLIDATED con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 1998 (a) Other, net, includes $1.5 million in 1998 and 1997 for costs of accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying sales in connection with the Company's accounts receivable securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. facility. (b) Under Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting , "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. " earnings per share would reflect the impact of the exercise of stock options outstanding and the potential conversion of the QUIPS(TM) only if they would dilute di·lute v. To reduce a solution or mixture in concentration, quality, strength, or purity, as by adding water. adj. Thinned or weakened by diluting. the per share earnings. For the quarter ended March 31, 1998, including the combined effect of stock options and the assumed conversion of the QUIPS(TM) is anti-dilutive and, therefore, "diluted" earnings per share is not presented above. This supplemental calculation will not be used for reporting purposes. (c) Net income 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. amortization per share. (d) Net income per share plus after-tax depreciation and amortization per share. (e) "EBITDA" represents operating income plus depreciation and amortization of intangibles. -0-
BIG FLOWER HOLDINGS, INC.
BUSINESS SEGMENT INFORMATION
(in thousands)
Three Months Ended March 31,
1998 1997 % Change
NET SALES
Insert Advertising &
Newspaper Services $ 251,027 $ 202,742 23.8%
Direct Marketing Services 62,794 44,347 41.6%
Digital Services 47,601 19,879 139.5%
Specialty Products &
Commercial Printing 24,230 31,726 -23.6%
Elimination (1,750) (1,193) 46.7%
Consolidated $ 383,902 $ 297,501 29.0%
OPERATING INCOME
Insert Advertising &
Newspaper Services $ 10,823 $ 8,750 23.7%
Direct Marketing Services 6,104 4,721 29.3%
Digital Services 4,732 1,546 206.1%
Specialty Products &
Commercial Printing 1,788 3,942 -54.6%
General Corporate (3,927) (3,383) 16.1%
Consolidated $ 19,520 $ 15,576 25.3%
DEPRECIATION
Insert Advertising &
Newspaper Services $ 8,125 $ 6,458 25.8%
Direct Marketing Services 3,074 2,550 20.5%
Digital Services 2,822 1,372 105.7%
Specialty Products &
Commercial Printing 725 937 -22.6%
General Corporate 143 112 27.7%
Consolidated $ 14,889 $ 11,429 30.3%
AMORTIZATION
OF INTANGIBLES
Insert Advertising &
Newspaper Services $ 3,888 $ 3,442 13.0%
Direct Marketing Services 501 206 143.2%
Digital Services 1,169 318 267.6%
Specialty Products &
Commercial Printing 185 135 37.0%
General Corporate 125 -- --
Consolidated $ 5,868 $ 4,101 43.1%
EBITDA (a)
Insert Advertising &
Newspaper Services $ 22,836 $ 18,650 22.4%
Direct Marketing Services 9,679 7,477 29.5%
Digital Services 8,723 3,236 169.6%
Specialty Products &
Commercial Printing 2,698 5,014 -46.2%
General Corporate (3,659) (3,271) 11.9%
Consolidated $ 40,277 $ 31,106 29.5%
(a) EBITDA represents operating income plus depreciation and
amortization of intangibles.
BIG FLOWER HOLDINGS, INC.
BUSINESS SEGMENT INFORMATION
(in thousands)
----------------1997----------------------
Q1 Q2
Actual Adjusted Actual Adjusted
NET SALES
Insert Advertising &
Newspaper Services $ 202,742 $ 202,742 $ 227,465 $ 227,465
Direct Marketing Services 44,347 44,347 45,607 45,607
Digital Services 19,879 19,879 22,206 22,206
Specialty Products &
Commercial Printing 31,726 31,726 22,778 22,778
Elimination (1,193) (1,193) (1,218) (1,218)
Consolidated $ 297,501 $ 297,501 $ 316,838 $ 316,838
OPERATING INCOME
Insert Advertising &
Newspaper Services $ 8,750 $ 8,750 $ 17,001 $ 17,001
Direct Marketing Services 4,721 4,721 5,921 5,921
Digital Services 1,546 1,546 2,031 2,031
Specialty Products &
Commercial Printing 3,942 3,942 (817) (817)
General Corporate (3,383) (3,383) (3,917) (3,337)(4)
Consolidated $ 15,576 $ 15,576 $ 20,219 $ 20,799
DEPRECIATION
Insert Advertising &
Newspaper Services $ 6,458 $ 6,458 $ 6,325 $ 6,325
Direct Marketing Services 2,550 2,550 2,650 2,650
Digital Services 1,372 1,372 1,478 1,478
Specialty Products
& Commercial Printing 937 937 944 944
General Corporate 112 112 174 174
Consolidated $ 11,429 $ 11,429 $ 11,571 $ 11,571
AMORTIZATION
OF INTANGIBLES
Insert Advertising
& Newspaper Services $ 3,442 $ 3,442 $ 3,464 $ 3,464
Direct Marketing Services 206 206 212 212
Digital Services 318 318 319 319
Specialty Products &
Commercial Printing 135 135 192 192
General Corporate -- -- -- --
Consolidated $ 4,101 $ 4,101 $ 4,187 $ 4,187
EBITDA (a)
Insert Advertising &
Newspaper Services $ 18,650 $ 18,650 $ 26,790 $ 26,790
Direct Marketing Services 7,477 7,477 8,783 8,783
Digital Services 3,236 3,236 3,828 3,828
Specialty Products &
Commercial Printing 5,014 5,014 319 319
General Corporate (3,271) (3,271) (3,743) (3,163)(4)
Consolidated $ 31,106 $ 31,106 $ 35,977 $ 36,557
----------------1997------------------------
Q3 Q4
Actual Adjusted Actual Adjusted
NET SALES
Insert Advertising &
Newspaper Services $ 236,019 $ 236,019 $ 295,351 $ 295,351
Direct Marketing Services 51,116 51,116 61,127 61,127
Digital Services 25,822 25,822 40,701 40,701
Specialty Products &
Commercial Printing 30,071 30,071 25,277 25,277
Elimination (1,449) (1,449) (1,668) (1,668)
Consolidated $ 341,579 $ 341,579 $ 420,788 $ 420,788
OPERATING INCOME
Insert Advertising &
Newspaper Services $ 18,696 $ 18,696 $ 27,578 $ 29,778 (6)
Direct Marketing Services 2,704 5,887 (5) 7,689 7,689
Digital Services 3,469 3,469 6,447 6,447
Specialty Products &
Commercial Printing 1,350 1,350 381 381
General Corporate (2,471) (2,471) (4,944) (4,637)(6)
Consolidated $ 23,748 $ 26,931 $ 37,151 $ 39,658
DEPRECIATION
Insert Advertising &
Newspaper Services $ 6,268 $ 6,268 $ 8,174 $ 8,174
Direct Marketing Services 2,775 2,775 3,145 3,145
Digital Services 1,573 1,573 2,373 2,373
Specialty Products &
Commercial Printing 959 959 960 960
General Corporate 201 201 223 223
Consolidated $ 11,776 $ 11,776 $ 14,875 $ 14,875
AMORTIZATION
OF INTANGIBLES
Insert Advertising &
Newspaper Services $ 3,470 $ 3,470 $ 3,752 $ 3,752
Direct Marketing Services 214 214 484 484
Digital Services 319 319 815 815
Specialty Products &
Commercial Printing 165 165 164 164
General Corporate -- -- -- --
Consolidated $ 4,168 $ 4,168 $ 5,215 $ 5,215
EBITDA (a)
Insert Advertising &
Newspaper Services $ 28,434 $ 28,434 $ 39,504 $ 41,704 (6)
Direct Marketing Services 5,693 8,876 (5) 11,318 11,318
Digital Services 5,361 5,361 9,635 9,635
Specialty Products &
Commercial Printing 2,474 2,474 1,505 1,505
General Corporate (2,270) (2,270) (4,721) (4,414)(6)
Consolidated $ 39,692 $ 42,875 $ 57,241 $ 59,748
------Full Year------
Actual Adjusted
NET SALES
Insert Advertising & Newspaper Services $ 961,577 $ 961,577
Direct Marketing Services 202,197 202,197
Digital Services 108,608 108,608
Specialty Products & Commercial Printing 109,852 109,852
Elimination (5,528) (5,528)
Consolidated $1,376,706 $1,376,706
OPERATING INCOME
Insert Advertising & Newspaper Services $ 72,025 $ 74,225
Direct Marketing Services 21,035 24,218
Digital Services 13,493 13,493
Specialty Products & Commercial Printing 4,856 4,856
General Corporate (14,715) (13,828)
Consolidated $ 96,694 $ 102,964
DEPRECIATION
Insert Advertising & Newspaper Services $ 27,225 $ 27,225
Direct Marketing Services 11,120 11,120
Digital Services 6,796 6,796
Specialty Products & Commercial Printing 3,800 3,800
General Corporate 710 710
Consolidated $ 49,651 $ 49,651
AMORTIZATION
OF INTANGIBLES
Insert Advertising & Newspaper Services $ 14,128 $ 14,128
Direct Marketing Services 1,116 1,116
Digital Services 1,771 1,771
Specialty Products & Commercial Printing 656 656
General Corporate -- --
Consolidated $ 17,671 $ 17,671
EBITDA (a)
Insert Advertising & Newspaper Services $ 113,378 $ 115,578
Direct Marketing Services 33,271 36,454
Digital Services 22,060 22,060
Specialty Products & Commercial Printing 9,312 9,312
General Corporate (14,005) (13,118)
Consolidated $ 164,016 $ 170,286
1996
Full Year
Actual Adjusted
NET SALES
Insert Advertising & Newspaper Services $ 900,465 $ 900,465
Direct Marketing Services 134,795 134,795
Digital Services 44,443 44,443
Specialty Products & Commercial Printing 125,846 (1) 125,846 (1)
Elimination (3,689) (3,689)
Consolidated $ 1,201,860 $ 1,201,860
OPERATING INCOME
Insert Advertising & Newspaper Services $ 60,124 $ 60,124
Direct Marketing Services 11,881 13,367 (2)
Digital Services (178) 2,568 (3)
Specialty Products & Commercial Printing 8,635 (1) 8,635 (1)
General Corporate (11,119) (11,119)
Consolidated $ 69,343 $ 73,575
DEPRECIATION
Insert Advertising & Newspaper Services $ 19,904 $ 19,904
Direct Marketing Services 8,208 8,208
Digital Services 2,721 2,721
Specialty Products & Commercial Printing 3,897 (1) 3,897 (1)
General Corporate 26 26
Consolidated $ 34,756 $ 34,756
AMORTIZATION
OF INTANGIBLES
Insert Advertising & Newspaper Services $ 14,979 $ 14,979
Direct Marketing Services 675 675
Digital Services 728 728
Specialty Products & Commercial Printing 621 (1) 621 (1)
General Corporate -- --
Consolidated $ 17,003 $ 17,003
EBITDA (a)
Insert Advertising & Newspaper Services $ 95,007 $ 95,007
Direct Marketing Services 22,250 22,250
Digital Services 3,271 6,017 (3)
Specialty Products & Commercial Printing 13,153 (1) 13,153 (1)
General Corporate (11,093) (11,093)
Consolidated $ 122,588 $ 125,334
(a)EBITDA represents operating income plus depreciation,
amortization of intangibles and merger costs.
(1) 1996 includes Webcraft Games, which was sold in December 1996.
Adjusted results exclude non-operational charges described below.
(2) 1996 Adjusted excludes $1.5 million of merger costs related
to the acquisition of Scanforms.
(3) 1996 Adjusted excludes $2.7 million of costs related to
acquisitions.
(4) Second Quarter 1997 Adjusted excludes $0.6 million of costs
related to the Company's secondary stock offering.
(5) Third Quarter 1997 Adjusted excludes $3.2 million of costs
related to the acquisition of Olwen Direct Mail.
(6) Fourth Quarter 1997 Adjusted excludes $2.5 million of costs
related to acquisitions.
CONTACT: Big Flower Holdings, Inc. Nancy S. Murray, 212/521-1606 nmurray@bigflower.com |
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