Big Flower Reports Record Second Quarter Results.NEW YORK--(BUSINESS WIRE)--July 28, 1998-- Net income increased 77%; 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. EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. rose 58% over second quarter last year 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 second quarter 1998 net income grew 77% to $8.3 million, or 38 cents per diluted share, compared with an adjusted net income of $4.7 million, or 24 cents per diluted share, for the prior year's second quarter. Driven by a 30% increase in sales, Big Flower's 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. increased 53% and 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 grew to $53.4 million, a 46% increase over the same period in 1997. The increases reflect the successful integration of 13 marketing and advertising services companies Big Flower has acquired since September September: see month. 1997 and the continued higher-margin growth in the direct marketing and digital services businesses. Following are the results for the quarter: (Dollars in thousands, except per share data) -0-
Three Months Ended June 30,
1998 1997 % Change
Net Sales $ 412,870 $ 316,838 30.3%
EBITDA (1) 53,441 36,557 (2) 46.2%
Operating Income 31,767 20,799 (2) 52.7%
Net Income 8,306 4,694 (2) 76.9%
Basic Earnings Per Share $ 0.42 $ 0.25 (2) 68.0%
Diluted Earnings Per Share 0.38 0.24 (2) 58.3%
Diluted Earnings Per Share
before Amortization of
Intangibles (3) 0.57 0.40 (2) 42.5%
After-Tax Cash Flow Per Share (4) 0.94 0.76 (2) 23.7%
(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 $0.6 million of pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta costs related to the Company's secondary stock offering in June June: see month. 1997 as well as an extraordinary loss of $3.0 million (net of tax) related to the early termination The point where a line, channel or circuit ends. See SCSI termination and hybrid. of a revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility. (3) 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 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. (4) Diluted earnings per share plus after-tax depreciation and amortization per share. Commenting on the second 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:
execute - execution our acquisition strategy in the second quarter by integrating 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 targeting program for retailers and newspapers; Enteron en·ter·on n. The alimentary canal; the intestines. enteron the gut or alimentary canal; usually used in medicine with specific reference to the small intestine. , a large digital premedia company with strategic locations serving the Chicago Chicago, city, United States Chicago (shĭkä`gō, shĭkô`gō), city (1990 pop. 2,783,726), seat of Cook co., NE Ill., on Lake Michigan; inc. 1837. and 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 advertising markets; ColorStream ColorStream is Toshiba's trademark name for their component video interconnect. Colorstream is a video-display standard that rose into popularity with the advent of high-resolution applications such as DVD players and High-definition television. , a one-to-one one-to-one adj. 1. Allowing the pairing of each member of a class uniquely with a member of another class. 2. Mathematics marketing services organization, and Adtraq Data Systems and KTS KTS Knots (plural of knot, 1 nautical mile per hour) KTS Key Telephone System KTS Klippel-Trenaunay Syndrome KTS Kill the Spams (email filter) KTS Knowledge Technology Solutions PLC Automation, providers of specialty software An umbrella term for software that is designed for a specific application or niche. What is specialty software one day can become a mainstream application the next. See special. systems to advertising agencies. As a result, approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 30% of our year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. revenues were from our direct marketing services and digital services segments and more than 40% of our year-to-date EBITDA, excluding corporate expenses, was generated from those faster-growth businesses." Commenting on the primary businesses by segment, Mr. Reilly added, "We had a strong performance in the Insert Advertising and Newspaper Services segment with increased volume despite some strategic curtailment Curtailment The act of contracting or reducing operations of a company in the hope of bringing it financial or operational stability. This management technique is often used when a company has grown too fast and is unable to effectively manage its operations. of insert page counts on the part of a few major national retailers. We expect these customers to return to larger page count insert programs in the fourth quarter." "In our Direct Marketing Services segment, we had a strong demand from our financial services 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. customers and we saw a growing demand for our higher-margin direct marketing services such as database management and web site 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. . We believe the momentum will continue for the balance of the year as we continue to introduce new and existing customers to our integrated marketing services." "In our Digital Services group, we continued the expansion of domestic and international capabilities with the addition of new services and customers. We continue to make inroads inroads Noun, pl make inroads into to start affecting or reducing: my gambling has made great inroads into my savings inroads npl to make inroads into [+ in securing contractual premedia business in content management, telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. and workflow The automatic routing of documents to the users responsible for working on them. Workflow is concerned with providing the information required to support each step of the business cycle. management systems. At 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. , we added 30 new channels to our Paradigm system and achieved an accelerated schedule of installations." Insert Advertising and Newspaper Services Sales rose to $266.6 million, with operating income of $21.6 million and EBITDA of $33.1 million, posting year-over-year gains of 17%, 27% and 23%, respectively. These results reflect the acquisition of RCPC See Regional Check Processing Center. , increased volume and demand for inserts, new business gains in the Target Reach program with customers in the financial and consumer goods consumer goods Any tangible commodity purchased by households to satisfy their wants and needs. Consumer goods may be durable or nondurable. Durable goods (e.g., autos, furniture, and appliances) have a significant life span, often defined as three years or more, and industries, and growth in business from home improvement and electronics and computer retailers. The business gains were offset by a higher percentage of lower-priced products in the work mix from a few national retailers, a condition which we expect will improve by the fall. Direct Marketing Services Sales increased to $66.3 million, a gain of 45% compared to the same period last year. Operating income was $8.7 million, a gain of 47%, and EBITDA rose to $12.3 million, an increase of 41%. 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, IMPCO, a database and response management provider, and ColorStream, a Chicago-based targeted marketing company, contributed to the sales growth, as did the continuing development of retail business and strength in the core business of individualized in·di·vid·u·al·ize tr.v. in·di·vid·u·al·ized, in·di·vid·u·al·iz·ing, in·di·vid·u·al·iz·es 1. To give individuality to. 2. To consider or treat individually; particularize. 3. direct mail. Digital Services Sales grew to $65.2 million from $22.2 million in the same period a year ago. Operating income rose from $2.0 million to $6.4 million, an increase of 217%, notwithstanding significant expenditures on marketing and expanded production capacity. EBITDA increased from $3.8 million to $11.8 million, a gain of 209%. Growth in digital services resulted from the acquisitions of additional faster-growth, higher margin businesses including Columbine JDS See Java Desktop System. , Gamma One, U.K.-based BSS See 802.11. BSS - Block Started by Symbol , Production Response and Lifeboat Matey mat·ey adj. Chiefly British Sociable; friendly. matey Adjective Brit informal friendly or intimate Adj. 1. , the Enteron Group and Adtraq Data Systems and KTS Automation Systems. The Laser Tech group also benefited from an increase in long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. contracts with commercial and packaging customers, while Columbine JDS had continued success with the international licensing of its Paradigm multi-channel See multichannel. software 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 Sales decreased from $22.8 million to $17.3 million, a decline of 24%, reflecting the elimination of a joint agreement in April. This segment's operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. increased slightly from $0.8 million to $1.0 million, and EBITDA declined by $0.4 million from the same period last year. Big Flower Holdings, Inc. is a leading advertising, marketing and information services See Information Systems. company specializing in targeted advertising inserts and circulation-building newspaper products, customized direct mail and direct marketing services and digital services, including 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 and computer-based management systems for the broadcast industry. For the twelve months ended June 30, 1998, 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 $1.7 billion, including the recently completed 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. 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 June 30,
1998 1997 1997
------------ ------------ ------------
------------ ------------ ------------
Actual Actual Adjusted
Net sales $ 412,870 $ 316,838 $ 316,838
------------ ------------ ------------
------------ ------------ ------------
Operating expenses:
Costs of production 309,813 248,909 248,909
Selling, general and
administrative 49,616 31,952 31,372(a)
Depreciation 15,499 11,571 11,571
Amortization of intangibles 6,175 4,187 4,187
------------ ------------ ------------
------------ ------------ ------------
381,103 296,619 296,039
------------ ------------ ------------
------------ ------------ ------------
Operating income 31,767 20,219 20,799
------------ ------------ ------------
------------ ------------ ------------
Other expenses (income):
Interest expense 13,518 9,794 9,794
Amortization of deferred
financing costs 426 417 417
Interest income (80) (102) (102)
Dividends of a
subsidiary trust 1,725 - -
Other, net 798 1,726 1,726
------------ ------------ ------------
------------ ------------ ------------
16,387 11,835 11,835
------------ ------------ ------------
------------ ------------ ------------
Income before income
tax expense 15,380 8,384 8,964
Income tax expense 7,074 3,991 4,270
------------ ------------ ------------
------------ ------------ ------------
Income before
extraordinary item 8,306 4,393 4,694
Extraordinary item, net - (2,959) -(a)
------------ ------------ ------------
============ ============ ============
Net income $ 8,306 $ 1,434 $ 4,694
============ ============ ============
============ ============ ============
Earnings per share:
Basic net income per share
before extraordinary item $ 0.42 $ 0.24 $ 0.25
Extraordinary item per
basic share - (0.16) -
------------ ------------ ------------
============ ============ ============
Basic net income per share $ 0.42 $ 0.08 $ 0.25
============ ============ ============
============ ============ ============
Weighted average basic
shares outstanding 19,643 18,529 18,529
============ ============ ============
============ ============ ============
Net income for diluted
earnings per share $ 9,341 $ 1,434 $ 4,694
============ ============ ============
============ ============ ============
Diluted net income per share
before extraordinary item $ 0.38 $ 0.23 $ 0.24
Extraordinary item per
diluted share - (0.16) -
------------ ------------ ------------
============ ============ ============
Diluted net income per share $ 0.38 $ 0.07 $ 0.24
============ ============ ============
============ ============ ============
Weighted average diluted
shares outstanding 24,843 19,296 19,296
============ ============ ============
============ ============ ============
Supplemental Information:
Net income per diluted share
before amortization of
intangibles (b) $ 0.57 $ 0.23 $ 0.40
============ ============ ============
============ ============ ============
After-tax cash flow per
diluted share (c) $ 0.94 $ 0.59 $ 0.76
============ ============ ============
============ ============ ============
EBITDA (d) $ 53,441 $ 35,977 $ 36,557
============ ============ ============
============ ============ ============
NOTES TO CONSOLIDATED STATEMENT OF OPERATIONS FOR THE THREE MONTHS
ENDED JUNE 30, 1998
(a) Excludes $0.6 million of costs associated with the Company's
secondary offering in June 1997 (and the related tax effect) as
well as an extraordinary loss of $3.0 million (net of tax benefit)
related to the termination of a revolving credit facility.
(b) Diluted net income per share adjusted to exclude after-tax
amortization per share.
(c) Diluted net income per share plus after-tax depreciation and
amortization per share.
(d) "EBITDA" represents operating income plus depreciation and
amortization of intangibles.
BIG FLOWER HOLDINGS, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(Dollars and Shares in Thousands, Except Per Share Data)
Six Months Ended June 30,
1998 1997 1997
--------- ------- --------
--------- ------- --------
Actual Actual Adjusted
Net sales $ 796,772 $ 614,339 $ 614,339
--------- --------- ---------
--------- --------- ---------
Operating expenses:
Costs of production 605,001 484,154 484,154
Selling, general and
administrative 98,053 63,102 62,522 (a)
Depreciation 30,388 23,000 23,000
Amortization of intangibles 12,043 8,288 8,288
------- ------ ------
------- ------ ------
745,485 578,544 577,964
------- ------- -------
------- ------- -------
Operating income 51,287 35,795 36,375
------- ------- -------
------- ------- -------
Other expenses (income):
Interest expense 26,547 19,504 19,504
Amortization of deferred
financing costs 855 972 972
Interest income (200) (222) (222)
Dividends of a subsidiary
trust 3,450
Other, net 3,245 3,861 3,861
------ ------ ------
------ ------ ------
33,897 24,115 24,115
------ ------ ------
Income before income
tax expense 17,390 11,680 12,260
Income tax expense 7,999 5,606 5,885
------ ------ ------
------ ------ ------
Income before
extraordinary item 9,391 6,074 6,375
Extraordinary
item, net - (2,959) -(a)
------------ ------------ -----------
============ ============ ============
Net income $ 9,391 $ 3,115 $ 6,375
============ ============ -============
Earnings per share:
Basic net income
per share before
extraordinary item $ 0.48 $ 0.33 $ 0.34
Extraordinary item
per basic share - (0.16) -
------------ ------------ -----------
============ ============ ============
Basic net income
per share $ 0.48 $ 0.17 $ 0.34
============ ============ ============
============ ============ ============
Weighted average
basic shares
outstanding 19,549 18,557 18,557
============ ============ ============
============ ============ ============
Net income for diluted
earnings per share $ 11,461 $ 3,115 $ 6,375
============ ============ ============
============ ============ ============
Diluted net income
per share before
extraordinary item $ 0.46 $ 0.32 $ 0.33
Extraordinary item per
diluted share - (0.16) -
------------ ----------- ------------
============ ============ ============
Diluted net
income per share $ 0.46 $ 0.16 $ 0.33
============ ============ ============
Weighted average diluted
shares outstanding 24,698 19,296 19,296
============ ============ ============
============ ============ ============
Supplemental Information:
Net income per diluted
share before amortization
of intangibles (b) $ 0.83 $ 0.48 $ 0.65
============ ============ ============
============ ============ ============
After-tax cash flow per
diluted share (c) $ 1.57 $ 1.19 $ 1.36
=========== ============ ============
=========== ============ ============
EBITDA (d) $ 93,718 $ 67,083 $ 67,663
============ ============ ============
============ ============ ============
NOTES TO CONSOLIDATED STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED
JUNE 30, 1998
(a) Excludes $0.6 million of costs associated with the Company's
secondary offering in June 1997 (and the related tax effect) as well
as an extraordinary loss of $3.0 million (net of tax benefit) related
to the termination of a revolving credit facility.
(b) Diluted net income per share adjusted to exclude after-tax
amortization per share.
(c) Diluted net income per share plus after-tax depreciation and
amortization per share.
(d) "EBITDA" represents operating income plus depreciation and
amortization of intangibles.
BIG FLOWER HOLDINGS, INC.
BUSINESS SEGMENT INFORMATION
(in thousands)
Three Months Ended
June 30,
---------------------------
---------------------------
1998 1997 % Change
------------- ------------ ---------
------------- ------------ ---------
Actual
-----------------------------------------
-----------------------------------------
NET SALES
Insert Advertising &
Newspaper Services $ 266,610 $ 227,465 17.2%
Direct Marketing Services 66,336 45,607 45.5%
Digital Services 65,235 22,206 193.8%
Specialty Products &
Commercial Printing 17,330 22,778 -23.9%
Elimination (2,641) (1,218) -116.8%
----- ------
===== ======
Consolidated $ 412,870 $ 316,838 30.3%
======= =======
======= =======
OPERATING INCOME
Insert Advertising &
Newspaper Services $ 21,583 $ 17,001 27.0%
Direct Marketing Services 8,692 5,921 46.8%
Digital Services 6,434 2,031 216.8%
Specialty Products &
Commercial Printing (1,019) (817) -24.7%
General Corporate (3,923) (3,917) - 0.2%
------ ------
====== ======
Consolidated $ 31,767 $ 20,219 57.1%
====== ======
====== ======
DEPRECIATION
Insert Advertising &
Newspaper Services $ 7,591 $ 6,325 20.0%
Direct Marketing Services 3,181 2,650 20.0%
Digital Services 3,852 1,478 160.6%
Specialty Products &
Commercial Printing 728 944 -22.9%
General Corporate 147 174 -15.5%
------ -----
====== =====
Consolidated $ 15,499 $ 11,571 33.9%
====== ======
====== ======
AMORTIZATION
OF INTANGIBLES
Insert Advertising &
Newspaper Services $ 3,888 $ 3,464 12.2%
Direct Marketing Services 476 212 124.5%
Digital Services 1,526 319 378.4%
Specialty Products &
Commercial Printing 160 192 -16.7%
General Corporate 125 -- --
------ ------
====== ======
Consolidated $ 6,175 $ 4,187 47.5%
====== ======
====== ======
EBITDA (a)
Insert Advertising &
Newspaper Services $ 33,062 $ 26,790 23.4%
Direct Marketing Services 12,349 8,783 40.6%
Digital Services 11,812 3,828 208.6%
Specialty Products &
Commercial Printing (131) 319 -141.1%
General Corporate (3,651) (3,743) 2.5%
------ ------
====== ======
Consolidated $ 53,441 $ 35,977 48.5%
====== ======
====== ======
Adjusted
---------------------------------------
NET SALES
Insert Advertising &
Newspaper Services $ 266,610 $ 227,465 17.2%
Direct Marketing Services 66,336 45,607 45.5%
Digital Services 65,235 22,206 193.8%
Specialty Products &
Commercial Printing 17,330 22,778 -23.9%
Elimination (2,641) (1,218) -116.8%
------ ------
====== ======
Consolidated $ 412,870 $ 316,838 30.3%
====== =======
====== =======
OPERATING INCOME
Insert Advertising &
Newspaper Services $ 21,583 $ 17,001 27.0%
Direct Marketing Services 8,692 5,921 46.8%
Digital Services 6,434 2,031 216.8%
Specialty Products &
Commercial Printing (1,019) (817) -24.7%
General Corporate (3,923) (3,337) -17.6%
------ ------
====== ======
Consolidated $ 31,767 $ 20,799 52.7%
====== =======
====== =======
DEPRECIATION
Insert Advertising &
Newspaper Services $ 7,591 $ 6,325 20.0%
Direct Marketing Services 3,181 2,650 20.0%
Digital Services 3,852 1,478 160.6%
Specialty Products &
Commercial Printing 728 944 -22.9%
General Corporate 147 174 -15.5%
------ ------
====== ======
Consolidated $ 15,499 $ 11,571 33.9%
====== ======
====== ======
AMORTIZATION
OF INTANGIBLES
Insert Advertising &
Newspaper Services $ 3,888 $ 3,464 12.2%
Direct Marketing Services 476 212 124.5%
Digital Services 1,526 319 378.4%
Specialty Products &
Commercial Printing 160 192 -16.7%
General Corporate 125 -- --
------ ------
====== ======
Consolidated $ 6,175 $ 4,187 47.5%
====== ======
====== ======
EBITDA (a)
Insert Advertising &
Newspaper Services $ 33,062 $ 26,790 23.4%
Direct Marketing Services 12,349 8,783 40.6%
Digital Services 11,812 3,828 208.6%
Specialty Products &
Commercial Printing (131) 319 -141.1%
General Corporate (3,651) (3,163) - 15.4%
------ ------
====== ======
Consolidated $ 53,441 $ 36,557 46.2%
====== ======
====== ======
Six Months Ended
June 30,
---------------------------
---------------------------
1998 1997 % Change
-------------- -------- ------------
------------- --------- ------------
Actual
-----------------------------------------
-----------------------------------------
NET SALES
Insert Advertising &
Newspaper Services $ 517,637 $ 430,207 20.3%
Direct Marketing Services 129,130 89,954 43.6%
Digital Services 112,836 42,085 168.1%
Specialty Products &
Commercial Printing 41,560 54,504 -23.7%
Elimination (4,391) (2,411) -82.1%
--------- ---------
========= =========
Consolidated $ 796,772 $ 614,339 29.7%
========= =========
========= =========
OPERATING INCOME
Insert Advertising &
Newspaper Services $ 32,406 $ 25,751 25.8%
Direct Marketing Services 14,796 10,642 39.0%
Digital Services 11,166 3,577 212.2%
Specialty Products &
Commercial Printing 769 3,125 -75.4%
General Corporate (7,850) (7,300) -7.5%
--------- ---------
========= =========
Consolidated $ 51,287 $ 35,795 43.3%
========= =========
========= =========
DEPRECIATION
Insert Advertising &
Newspaper Services $ 15,716 $ 12,783 22.9%
Direct Marketing Services 6,255 5,200 20.3%
Digital Services 6,674 2,850 134.2%
Specialty Products &
Commercial Printing 1,453 1,881 -22.8%
General Corporate 290 286 1.4%
--------- ---------
========= =========
Consolidated $ 30,388 $ 23,000 32.1%
========= =========
========= =========
AMORTIZATION
OF INTANGIBLES
Insert Advertising &
Newspaper Services $ 7,776 $ 6,906 12.6%
Direct Marketing Services 977 418 133.7%
Digital Services 2,695 637 323.1%
Specialty Products &
Commercial Printing 345 327 5.5%
General Corporate 250 -- --
--------- ---------
========= =========
Consolidated $ 12,043 $ 8,288 45.3%
========= =========
========= =========
EBITDA (a)
Insert Advertising &
Newspaper Services $ 55,898 $ 45,440 23.0%
Direct Marketing Services 22,028 16,260 35.5%
Digital Services 20,535 7,064 190.7%
Specialty Products &
Commercial Printing 2,567 5,333 -51.9%
General Corporate (7,310) (7,014) -4.2%
--------- ---------
========= =========
Consolidated $ 93,718 $ 67,083 39.7%
========= =========
========= =========
Adjusted
----------------------------------------
NET SALES
Insert Advertising &
Newspaper Services $ 517,637 $ 430,207 20.3%
Direct Marketing Services 129,130 89,954 43.6%
Digital Services 112,836 42,085 168.1%
Specialty Products &
Commercial Printing 41,560 54,504 -23.7%
Elimination (4,391) (2,411) -82.1%
--------- ---------
========= =========
Consolidated $ 796,772 $ 614,339 29.7%
========= =========
========= =========
OPERATING INCOME
Insert Advertising &
Newspaper Services $ 32,406 $ 25,751 25.8%
Direct Marketing Services 14,796 10,642 39.0%
Digital Services 11,166 3,577 212.2%
Specialty Products &
Commercial Printing 769 3,125 -75.4%
General Corporate (7,850) (6,720) -16.8%
--------- ---------
========= =========
Consolidated $ 51,287 $ 36,375 41.0%
========= =========
========= =========
DEPRECIATION
Insert Advertising &
Newspaper Services $ 15,716 $ 12,783 22.9%
Direct Marketing Services 6,255 5,200 20.3%
Digital Services 6,674 2,850 134.2%
Specialty Products &
Commercial Printing 1,453 1,881 -22.8%
General Corporate 290 286 1.4%
--------- ---------
========= =========
Consolidated $ 30,388 $ 23,000 32.1%
========= =========
========= =========
AMORTIZATION
OF INTANGIBLES
Insert Advertising &
Newspaper Services $ 7,776 $ 6,906 12.6%
Direct Marketing Services 977 418 133.7%
Digital Services 2,695 637 323.1%
Specialty Products &
Commercial Printing 345 327 5.5%
General Corporate 250 -- --
--------- ---------
========= =========
Consolidated $ 12,043 $ 8,288 45.3%
========= =========
========= =========
EBITDA (a)
Insert Advertising &
Newspaper Services $ 55,898 $ 45,440 23.0%
Direct Marketing Services 22,028 16,260 35.5%
Digital Services 20,535 7,064 190.7%
Specialty Products &
Commercial Printing 2,567 5,333 -51.9%
General Corporate (7,310) (6,434) -13.6%
--------- ---------
========= =========
Consolidated $ 93,718 $ 67,663 38.5%
========= =========
========= =========
(a) EBITDA represents operating plus depreciation, amortization
of intangibles and merger costs.
(1) Excludes $0.6 million of costs related to the Company's
secondary stock offering.
CONTACT: Big Flower Holdings, Inc.
Nancy S. Murray, 212/521-1606
nmurray@bigflower.com
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