CHILDREN'S BROADCASTING CORPORATION REPORTS FOURTH QUARTER, 1995 YEAR-END RESULTS; Fiscal 1995 Revenues Up 16% - Company signed key strategic partner in ABC Radio Network, Inc., initiated offering.MINNEAPOLIS--(BUSINESS WIRE)--March 26, 1996--Children's Broadcasting Corporation (CBC (1) (Cell Broadcast Center) See cell broadcast. (2) (Cipher Block Chaining) In cryptography, a mode of operation that combines the ciphertext of one block with the plaintext of the next block. , Nasdaq National Market: AAHS AAHS American Aviation Historical Society AAHS Aromatic Acid: H+ Symporter AAHS American Association for Hand Surgery AAHS Athens Area High School (Pennsylvania) AAHS Ambridge Area High School (Pennsylvania) ) today announced financial results for its fourth quarter and year ended December 31, 1995. The Company reported a net loss for the quarter of $1,556,743 or $(0.55) per share, compared to a net loss of $1,754,606 or $(0.65) per share, for the quarter ended December 31, 1994. Revenues for the fourth quarter ended December 31, 1995 decreased 18% to $1,221,990 from $1,486,562 for the same year ago period. Revenues for the fiscal year ended December 31, 1995 increased 16% to $5,106,545 from $4,388,657 for the year ended December 31, 1994. The net loss for the year was $6,107,777 or $(2.22) per share, compared to a net loss of $4,518,570, or $(1.69) per share, for the comparable year ago period. Commenting on the results, Christopher T. Dahl, president and chief executive officer of Children's Broadcasting Corporation, stated, "Fiscal 1995 was a tremendous partnership-building and financing year. Fourth quarter was particularly significant because we signed an operations agreement with ABC Radio ABC Radio is a broadcasting unit of Citadel Broadcasting Corporation.[1] ABC Radio was, from 1945 until 2007, the division of the American Broadcasting Company (ABC) focused on AM radio and FM radio broadcasting. Network, Inc. in November and filed a stock offering with the Securities and Exchange Commission in December. The stock offering was completed in February 1996, and we are rolling forward rolling forward The liquidation of one option position by an investor at the same time that he or she takes an essentially identical position with a more distant maturity. with great support and even greater enthusiasm to grow Radio AAHS History Radio AAHS (sometimes misspelled as "Radio Oz") was a radio network managed by the Children's Broadcasting Corporation. Its flagship station was WWTC-AM in Minneapolis. At its height in 1996, Radio AAHS had 29 affilliates across the nation. (R) well beyond its current 34% coverage. Our affiliate numbers and the interest in radio for children and families keeps growing undeniably stronger." "As we enter fiscal 1996," Dahl continued, "we have great momentum with ABC Radio Network, Inc., the well-respected leader in network radio. We are working in tandem Adv. 1. in tandem - one behind the other; "ride tandem on a bicycle built for two"; "riding horses down the path in tandem" tandem with ABC ABC in full American Broadcasting Co. Major U.S. television network. It began when the expanding national radio network NBC split into the separate Red and Blue networks in 1928. to add affiliate stations, sell network advertising and market Radio AAHS(R)." "It is our intention to now pursue to Chicago market and push further toward our goal of being in the top 100 markets," Dahl said. He also noted that the Company recently signed its 29th and 30th Radio AAHS(R) stations, WJDM-AM 1660, 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. and WINU-AM 880, St. Louis, Missouri. "Children's Broadcasting and ABC Radio Network, Inc., both recognize the tremendous market demographics associated with the Radio AAHS(R) format, the significant influence that market has on spending and the fact that advertisers spend approximately $1 billion annually to reach children through non-radio advertising. We are confident that our target market offers the Company solid long-term growth potential," said Dahl. "Children's Broadcasting Corporation's Radio AAHS(R) is an award-winning programming mix of music, news, stories and games, produced and distributed for children age 12 and under and their parents. The Company's Radio AAHS(R) format, which broadcasts via satellite from its flagship station In broadcasting, a flagship station is the station which originates a broadcast network, or a particular radio show or TV show, primarily in the United States and Canada. This includes both direct network feeds and syndication, but generally not backhauls. WWTC-AM in Minneapolis is available to approximately 35 percent of the country. Radio AAHS(R) has an affiliated network of 30 stations across the country, including company owned or operated station in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , Dallas, Minneapolis, Kansas City, Denver, 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 . It is the only live, 24-hour radio network in the United States providing programming -- including live shows from Disneyland and Walt Disney World Noun 1. Walt Disney World - a large amusement park established in 1971 to the southwest of Orlando Orlando - a city in central Florida; site of Walt Disney World -- for children and their families. -0-
CHILDREN'S BROADCASTING CORPORATION
CONDENSED STATEMENT OF OPERATIONS
Three Months Ended Twelve Months Ended
December 31 December 31
1995 1994 1995 1994
---------- ---------- ---------- ----------
Total Revenues $1,221,990 $1,486,562 $5,106,545 $4,388,657
Operating Expenses 2,530,153 3,140,957 10,006,509 8,818,986
Loss From Operations (1,308,163) (1,654,395) (4,899,514) (4,430,330)
Interest Income (Expense), Net (248,580) (100,211) (1,208,263) (88,240) Net Loss (1,556,743) (1,754,606) (6,107,777)($4,518,570) Net Loss Per Share (.55) (.65) (2.22) (1.69) Weighted Average Common and Common Equivalent Shares Outstanding 2,815,500 2,703,500 2,815,500 2,703,500 CONTACT: Children's Broadcasting Corporation Christopher T. Dahl, President Joy Plaschko, Media/Investor Relations Manager 612/330-9524 |
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