Big Flower Reports Record Third Quarter Results.NEW YORK--(BUSINESS WIRE)--Oct. 27, 1998-- Sales increase 29%; Net Income up 60% due to growth in marketing and digital services 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 third quarter 1998 net income grew 60% to $13.0 million, or 57 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, compared with adjusted net income of $8.2 million, or 42 cents per diluted share, for the prior year's third quarter. Driven by a 29% increase in sales, primarily in higher-margin businesses, 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 51% to $40.6 million, 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 $62.8 million, a 46% gain over the same period in 1997. These record results were due primarily to: -- successful integration of the 13 advertising and marketing services companies Big Flower has acquired since September September: see month. 1997; -- continued growth in the higher-margin direct marketing services business; -- customer gains in the digital services business, particularly in retail and consumer packaging categories in the premedia business; and -- increased sales of fully-integrated retail marketing services packages in the insert advertising segment. Following are the results for the quarter:
Three Months Ended September 30,
(Dollars in thousands,
except per share data) 1998 1997 % Change
Net Sales $440,107 $ 341,579 28.8%
EBITDA (1) 62,806 42,875(2) 46.5%
Operating Income 40,649 26,931(2) 50.9%
Net Income 13,005 8,153(2) 59.5%
Basic Earnings Per Share $ 0.66 $0.44(2) 50.0%
Diluted Earnings Per Share $ 0.57 $0.42(2) 35.7%
Diluted Earnings Per Share
before Amortization
of Intangibles (3) $ 0.73 $0.58(2) 25.9%
After-Tax Cash Flow
Per Share (4) $ 1.14 $0.94(2) 21.3%
(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 $3.2 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 acquisition of 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 in September 1997 as well as an extraordinary loss of $10.5 million (net of tax) related to the early extinguishment The destruction or cancellation of a right, a power, a contract, or an estate. Extinguishment is sometimes confused with merger, though there is a clear distinction between them. of debt. (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. intangibles amortization per share. (4) Diluted earnings per share plus after-tax depreciation and intangibles amortization per share. Outlook Commenting on the outlook for the businesses, 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:
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 customers rely on promotional advertising and direct response products to drive their sales even when they curtail cur·tail tr.v. cur·tailed, cur·tail·ing, cur·tails To cut short or reduce. See Synonyms at shorten. [Middle English curtailen, to restrict other forms of advertising. Nonetheless, we regularly monitor the marketplace and actively manage our businesses with a view toward maintaining solid performance." Business Overview "Our record third quarter sales, cash flow and operating income reflect our efforts to diversify diversify To acquire a variety of assets that do not tend to change in value at the same time. To diversify a securities portfolio is to purchase different types of securities in different companies in unrelated industries. our business mix and strengthen our higher-margin advertising and marketing services businesses," Mr. Reilly said, adding, "The increasing significance of our direct marketing and digital services businesses, which now account for over 40% of our EBITDA as compared to 31% in the third quarter of 1997, clearly demonstrate our success in broadening broad·en tr. & intr.v. broad·ened, broad·en·ing, broad·ens To make or become broad or broader. broad Big Flower's scope of marketing services." Insert Advertising and Newspaper Services Sales rose to $272.9 million, with operating income of $24.0 million and EBITDA of $35.0 million, posting year-over-year gains of 16%, 28% and 23%, respectively. The results reflect the acquisition of RCPC See Regional Check Processing Center. , a West-Coast insert producer, growth in 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 due to an increase in volume, our mix of insert products well supported by the company's nationwide offset production platform and increased sales in retail analytic an·a·lyt·ic or an·a·lyt·i·cal adj. 1. Of or relating to analysis or analytics. 2. Expert in or using analysis, especially one who thinks in a logical manner. 3. Psychoanalytic. services through the 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. acquisition. "Our Insert Advertising and Newspaper Services segment produced greater volume at stable pricing, while operating within strict cost controls. We had solid profits for the segment with healthy momentum going into the final quarter of the year," Mr. Reilly stated. Direct Marketing Services Sales increased to $68.2 million, a gain of 33% over the same period last year. Operating income was $7.6 million, and EBITDA rose to $11.6 million, increases of 29% and 30%, respectively, over the adjusted amounts for the prior period. The results are a reflection of increased sales in customized direct mail products, increased demand for response management services and the acquisitions of U.K.-based Olwen Direct Mail, IMPCO, a New York-based database and response management provider, and 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 Chicago-based software-driven printing company. "Our Direct Marketing Services segment grew at a strong pace, primarily as a result of the development of our highly-personalized direct mail products," Mr. Reilly said. "In addition to the positive impact of our acquisitions, a large percentage of increased sales was a result of converting existing and attracting new clients to the customized direct response products which have proven to produce superior sales returns." Digital Services Sales grew to $74.4 million from $25.8 million in the same period a year ago. Operating income rose from $3.5 million to $8.6 million, an increase of 149%. EBITDA also increased from $5.4 million to $14.6 million, a gain of 172%. Growth in digital services resulted from the acquisitions of faster-growth, higher margin businesses including 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. , Gamma One, the 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. Group, Adtraq Data Systems, Adserve and U.K.-based Production Response and Lifeboat Matey mat·ey adj. Chiefly British Sociable; friendly. matey Adjective Brit informal friendly or intimate Adj. 1. . The Laser Tech group also benefited from an increase in retail, consumer packaging and digital solution sales. Mr. Reilly added, "Our Digital Services group saw gains in both the premedia and broadcast software services businesses. In our premedia business, we made important 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 the retail sector. We also made important gains in securing new packaging business. At CJDS, our broadcast software group, we saw continued growth in securing new Paradigm New Paradigm In the investing world, a totally new way of doing things that has a huge effect on business. Notes: The word "paradigm" is defined as a pattern or model, and it has been used in science to refer to a theoretical framework. customers with sales increasing 86% year over year." 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 $30.1 million to $26.5 million, a decline of 12%. This segment's operating income, however, increased from $1.4 million to $3.3 million and EBITDA increased to $4.2 million from $2.5 million for the same period last year. The year-over-year sales declines were a result of the divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). of a minority interest in a Midwest Midwest or Middle West, region of the United States centered on the western Great Lakes and the upper-middle Mississippi valley. It is a somewhat imprecise term that has been applied to the northern section of the land between the Appalachians printing venture, which were offset by increased higher-margin revenues in the fragrance group. Big Flower Holdings, Inc. is a leading advertising, marketing and information services See Information Systems. company which provides more than 1,500 retail, advertising agency, broadcasting, manufacturing and newspaper customers with highly-targeted, promotional advertising products and services and software. Big Flower specializes in targeted advertising inserts, 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 September 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 ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $1.7 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. CONTACT: 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. Big Flower Holdings, Inc. 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 September 30,
1998 1997 1997
------------- ------------- -----------
Actual Actual Adjusted
Net sales $ 440,107 $ 341,579 $ 341,579
------------- ------------- -----------
Operating expenses:
Costs of production 325,991 268,827 268,827
Selling, general and
administrative 51,310 33,060 29,877(a)
Depreciation 16,842 11,776 11,776
Amortization of intangibles 5,315 4,168 4,168
------------- ------------- -----------
399,458 317,831 314,648
------------ ------------- -----------
Operating income 40,649 23,748 26,931
------------ ------------- -----------
Other expenses (income):
Interest expense 14,588 9,805 9,805
Amortization of deferred
financing costs 526 305 305
Interest income (153) (35) (35)
Dividends of a subsidiary
trust 1,725
Other, net (120) 1,758 1,758
------------- ------------- ------------
16,566 11,833 11,833
------------- ------------- ------------
Income before income
tax expense 24,083 11,915 15,098
Income tax expense 11,078 5,855 6,945
-------- -------- -------
Income before
extraordinary item 13,005 6,060 8,153
Extraordinary item, net (10,504) (a)
============= ============= ============
Net income (loss) $ 13,005 $ (4,444) $ 8,153
============= ============= ============
Earnings per share:
Income per basic share
before extraordinary
item $ 0.66 $ 0.33 $ 0.44
Extraordinary item per
basic share (0.57)
------- -------- -------
Net income (loss) per
basic share $ 0.66 $ (0.24) $ 0.44
======== ======== =======
Weighted average basic
shares outstanding 19,779 18,518 18,518
============ ============ ============
Net income (loss) for
diluted earnings per
share $ 14,040 $ (4,444) $ 8,153
============ ============ ============
Income per diluted share
before extraordinary item $ 0.57 $ 0.31 $ 0.42
Extraordinary item per
diluted share (0.54)
============ ============= ============
Net income (loss) per
diluted share $ 0.57 $ (0.23) $ 0.42
============ ============= ============
Weighted average diluted
shares outstanding 24,809 19,396 19,396
============ ============= ============
Supplemental Information:
Net income (loss) per
diluted share before
amortization of
intangibles (b) $ 0.73 $ (0.07) $ 0.58
============ ============= ============
After-tax cash flow
per diluted share (c) $ 1.14 $ 0.29 $ 0.94
============ ============= ============
EBITDA (d) $ 62,806 $ 39,692 $ 42,875
============ ============= ============
NOTES TO CONSOLIDATED STATEMENT OF OPERATIONS FOR THE THREE MONTHS
ENDED SEPTEMBER 30, 1998
(a) Excludes $3.2 million of costs associated with the Company's
acquisition of Olwen Direct Mail, Ltd. in September 1997 (and the
related tax effect) as well as an extraordinary loss of $10.5
million (net of tax benefit) related to the early extinguishment
of debt.
(b) Diluted net income per share adjusted to exclude after-tax
intangible amortization per share.
(c) Diluted net income per share plus after-tax depreciation and
intangible 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)
Nine Months Ended September 30,
1998 1997 1997
------------ ----------- ----------
Actual Actual Adjusted
Net sales $1,236,879 $ 955,918 $ 955,918
------------ ----------- ----------
Operating expenses:
Costs of production 930,992 752,981 752,981
Selling, general and
administrative 149,363 96,162 92,399(a)
Depreciation 47,230 34,776 34,776
Amortization of intangibles 17,358 12,456 12,456
------------ ----------- ----------
1,144,943 896,375 892,612
------------ ----------- ----------
Operating income 91,936 59,543 63,306
------------ ----------- ----------
Other expenses (income):
Interest expense 41,135 29,309 29,309
Amortization of deferred
financing costs 1,381 1,277 1,277
Interest income (353) (257) (257)
Dividends of a subsidiary
trust 5,175
Other, net 3,125 5,619 5,619
------------ ----------- ----------
50,463 35,948 35,948
------------ ----------- ----------
Income before income tax
expense 41,473 23,595 27,358
Income tax expense 19,077 11,461 12,830
------------ ----------- ----------
Income before extraordinary
item 22,396 12,134 14,528
Extraordinary item, net (13,463) (a)
------------ ----------- ----------
Net income (loss) $ 22,396 $ (1,329) $ 14,528
============ =========== ==========
Earnings per share:
Income per basic share
before extraordinary item $ 1.14 $ 0.65 $ 0.78
Extraordinary item per
basic share (0.72)
------------ ----------- ----------
Net income (loss) per basic
share $ 1.14 $ (0.07) $ 0.78
============ =========== ==========
Weighted average basic
shares outstanding 19,625 18,544 18,544
============ =========== ==========
Net income (loss) for
diluted earnings per share $ 25,501 $ (1,329) $ 14,528
============ =========== ==========
Income per diluted share
before extraordinary item $ 1.03 $ 0.64 $ 0.75
Extraordinary item per
diluted share (0.71)
============ =========== ==========
Net income (loss) per
diluted share $ 1.03 $ (0.07) $ 0.75
============ =========== ==========
Weighted average diluted
shares outstanding 24,735 19,329 19,329
============ =========== ==========
Supplemental Information:
Net income per diluted
share before amortization
of intangibles (b) $ 1.57 $ 0.41 $ 1.23
============ =========== ==========
After-tax cash flow per
diluted share (c) $ 2.71 $ 1.49 $ 2.31
============ =========== ==========
EBITDA (d) $ 156,524 $ 106,775 $ 110,538
============ =========== ==========
NOTES TO CONSOLIDATED STATEMENT OF OPERATIONS FOR THE NINE MONTHS ENDED
SEPTEMBER 30, 1998
(a) Excludes $0.6 million of costs associated with the Company's
secondary stock offering in June 1997 and $3.2 million of costs
associated with the Company's acquisition of Olwen Direct Mail,
Ltd. in September 1997 (and the related tax effects) as well as
extraordinary losses of $13.5 million (net of tax benefit)
related to the termination of a revolving credit facility and the
early extinguishment of debt.
(b) Diluted net income per share adjusted to exclude after-tax
intangible amortization per share.
(c) Diluted net income per share plus after-tax depreciation and
intangible 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
September 30,
1998 1997 % Change
Actual Actual
NET SALES
Insert Advertising &
Newspaper Services $ 272,937 $ 236,019 15.6%
Direct Marketing Services 68,184 51,116 33.4%
Digital Services 74,404 25,822 188.1%
Specialty Products &
Commercial Printing 26,523 30,071 -11.8%
Elimination of
Intersegment Sales (1,941) (1,449) -34.0%
------- -------
Consolidated $ 440,107 $ 341,579 28.8%
======= =======
OPERATING INCOME
Insert Advertising &
Newspaper Services $ 23,986 $ 18,696 28.3%
Direct Marketing Services 7,584 2,704 180.5%
Digital Services 8,647 3,469 149.3%
Specialty Products &
Commercial Printing 3,260 1,350 141.5%
General Corporate (2,828) (2,471) -14.4%
----------- ----------
Consolidated $ 40,649 $ 23,748 71.2%
========== =========
DEPRECIATION
Insert Advertising &
Newspaper Services $ 8,015 $ 6,268 27.9%
Direct Marketing Services 3,467 2,775 24.9%
Digital Services 4,474 1,573 184.4%
Specialty Products &
Commercial Printing 729 959 -24.0%
General Corporate 157 201 -21.9%
------ ------
Consolidated $ 16,842 $ 11,776 43.0%
====== ======
AMORTIZATION OF INTANGIBLES
Insert Advertising &
Newspaper Services $ 3,046 $ 3,470 -12.2%
Direct Marketing Services 519 214 142.5%
Digital Services 1,460 319 357.7%
Specialty Products &
Commercial Printing 165 165 0.0%
General Corporate 125 --
------ -----
Consolidated $ 5,315 $ 4,168 27.5%
====== =====
EBITDA (a)
Insert Advertising &
Newspaper Services $ 35,047 $ 28,434 23.3%
Direct Marketing Services 11,570 5,693 103.2%
Digital Services 14,581 5,361 172.0%
Specialty Products &
Commercial Printing 4,154 2,474 67.9%
General Corporate (2,546) (2,270) -12.2%
------- -------
Consolidated $ 62,806 $ 39,692 58.2%
====== ======
Nine Months Ended
September 30,
1998 1997 % Change
Actual Actual
NET SALES
Insert Advertising &
Newspaper Services $ 790,574 $ 666,226 18.7%
Direct Marketing Services 197,314 141,070 39.9%
Digital Services 187,240 67,907 175.7%
Specialty Products &
Commercial Printing 68,083 84,575 -19.5%
Elimination of
Intersegment Sales (6,332) (3,860) -64.0%
--------- --------
Consolidated $ 1,236,879 $ 955,918 29.4%
========= ========
OPERATING INCOME
Insert Advertising &
Newspaper Services $ 56,392 $ 44,447 26.9%
Direct Marketing Services 22,380 13,346 67.7%
Digital Services 19,813 7,046 181.2%
Specialty Products &
Commercial Printing 4,029 4,475 -10.0%
General Corporate (10,678) (9,771) -9.3%
------- ------
Consolidated $ 91,936 $ 59,543 54.4%
======= ======
DEPRECIATION
Insert Advertising &
Newspaper Services $ 23,731 $ 19,051 24.6%
Direct Marketing Services 9,722 7,975 21.9%
Digital Services 11,148 4,423 152.0%
Specialty Products &
Commercial Printing 2,182 2,840 -23.2%
General Corporate 447 487 -8.2%
----- -----
Consolidated $ 47,230 $ 34,776 35.8%
====== ======
AMORTIZATION OF INTANGIBLES
Insert Advertising &
Newspaper Services $ 10,822 $ 10,376 4.3%
Direct Marketing Services 1,496 632 136.7%
Digital Services 4,155 956 334.6%
Specialty Products &
Commercial Printing 510 492 3.7%
General Corporate 375 --
------ ------
Consolidated $ 17,358 $ 12,456 39.4%
====== ======
EBITDA (a)
Insert Advertising &
Newspaper Services $ 90,945 $ 73,874 23.1%
Direct Marketing Services 33,598 21,953 53.0%
Digital Services 35,116 12,425 182.6%
Specialty Products &
Commercial Printing 6,721 7,807 -13.9%
General Corporate (9,856) (9,284) -6.2%
------- -------
Consolidated $ 156,524 $ 106,775 46.6%
======= =======
Three Months Ended
September 30,
1998 1997 % Change
Adjusted Adjusted
NET SALES
Insert Advertising &
Newspaper Services $ 272,937 $ 236,019 15.6%
Direct Marketing Services 68,184 51,116 33.4%
Digital Services 74,404 25,822 188.1%
Specialty Products &
Commercial Printing 26,523 30,071 -11.8%
Elimination of
Intersegment Sales (1,941) (1,449) -34.0%
------- -------
Consolidated $ 440,107 $ 341,579 28.8%
======= =======
OPERATING INCOME
Insert Advertising &
Newspaper Services $ 23,986 $ 18,696 28.3%
Direct Marketing Services 7,584 5,887(1) 28.8%
Digital Services 8,647 3,469 149.3%
Specialty Products &
Commercial Printing 3,260 1,350 141.5%
General Corporate (2,828) (2,471) -14.4%
------- ------
Consolidated $ 40,649 $ 26,931 50.9%
======= ======
DEPRECIATION
Insert Advertising &
Newspaper Services $ 8,015 $ 6,268 27.9%
Direct Marketing Services 3,467 2,775 24.9%
Digital Services 4,474 1,573 184.4%
Specialty Products &
Commercial Printing 729 959 -24.0%
General Corporate 157 201 -21.9%
----- ------
Consolidated $ 16,842 $ 11,776 43.0%
====== ======
AMORTIZATION OF INTANGIBLES
Insert Advertising &
Newspaper Services $ 3,046 $ 3,470 -12.2%
Direct Marketing Services 519 214 142.5%
Digital Services 1,460 319 357.7%
Specialty Products &
Commercial Printing 165 165 0.0%
General Corporate 125 --
----- -----
Consolidated $ 5,315 $ 4,168 27.5%
===== =====
EBITDA (a)
Insert Advertising &
Newspaper Services $ 35,047 $ 28,434 23.3%
Direct Marketing Services 11,570 8,876 30.4%
Digital Services 14,581 5,361 172.0%
Specialty Products &
Commercial Printing 4,154 2,474 67.9%
General Corporate (2,546) (2,270) -12.2%
------ -------
Consolidated $ 62,806 $ 42,875 46.5%
====== =======
Nine Months Ended
September 30,
1998 1997 % Change
Adjusted Adjusted
Net Sales
Insert Advertising &
Newspaper Services $ 790,574 $ 666,226 18.7%
Direct Marketing Services 197,314 141,070 39.9%
Digital Services 187,240 67,907 175.7%
Specialty Products &
Commercial Printing 68,083 84,575 -19.5%
Elimination of
Intersegment Sales (6,332) (3,860) -64.0%
--------- --------
Consolidated $ 1,236,879 $ 955,918 29.4%
========= ========
OPERATING INCOME
Insert Advertising &
Newspaper Services $ 56,392 $ 44,447 26.9%
Direct Marketing Services 22,380 16,529 35.4%
Digital Services 19,813 7,046 181.2%
Specialty Products &
Commercial Printing 4,029 4,475 -10.0%
General Corporate (10,678) (9,191)(2) -16.2%
-------- -------
Consolidated $ 91,936 $ 63,306 45.2%
======== =======
DEPRECIATION
Insert Advertising &
Newspaper Services $ 23,731 $ 19,051 24.6%
Direct Marketing Services 9,722 7,975 21.9%
Digital Services 11,148 4,423 152.0%
Specialty Products &
Commercial Printing 2,182 2,840 -23.2%
General Corporate 447 487 -8.2%
------ ------
Consolidated $ 47,230 $ 34,776 35.8%
====== ======
AMORTIZATION OF INTANGIBLES
Insert Advertising &
Newspaper Services $ 10,822 $ 10,376 4.3%
Direct Marketing Services 1,496 632 136.7%
Digital Services 4,155 956 334.6%
Specialty Products &
Commercial Printing 510 492 3.7%
General Corporate 375 --
------ ------
Consolidated $ 17,358 $ 12,456 39.4%
====== ======
EBITDA (a)
Insert Advertising &
Newspaper Services $ 90,945 $ 73,874 23.1%
Direct Marketing Services 33,598 25,136(1) 33.7%
Digital Services 35,116 12,425 182.6%
Specialty Products &
Commercial Printing 6,721 7,807 -13.9%
General Corporate (9,856) (8,704) -13.2%
------- -------
Consolidated $ 156,524 $ 110,538 41.6%
======= =======
(a) EBITDA represents operating income plus depreciation and
amortization of intangibles.
(1) Excludes $3.2 million of costs related to the acquisition of
Olwen Direct Mail, Ltd. plus depreciation and amortization of
intangibles.
(2) Excludes $0.6 million of costs related to the Company's secondary
stock offering.
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion