Chancellor Broadcasting Company announces fiscal year ended December 31, 1995 results.DALLAS--(BUSINESS WIRE)--Feb. 26, 1996--Chancellor Broadcasting Company Noun 1. broadcasting company - a company that manages tv or radio stations company - an institution created to conduct business; "he only invests in large well-established companies"; "he started the company in his garage" today announced its financial results for fiscal year ended Dec. 31, 1995. Net revenues increased from $26.3 million for the fiscal year 1994 to $64.7 million for the fiscal year 1995. Broadcast cash flow increased from $10.7 million to $26.9 million for the fiscal year 1995 and operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. increased from $10.0 million to $25.0 million. Net loss for the fiscal year 1995 was $11.5 million, compared to a net loss of $106K for 1994. These increases reflect the addition of radio stations acquired during the past year, as well as significant improvements in the performance of the existing stations. On a proforma Proforma A financial projection based on assumptions. basis, assuming all of the original fourteen radio stations were operated during the full year, net revenues for the year 1995 would have increased 7% to $64.7 million from $60.7 million for the similar 1994 period. Broadcast cash flow would have increased 14% and operating cash flow 17%. On Feb. 14, 1996, Chancellor Broadcasting Co. closed the acquisition of Shamrock shamrock, a plant with leaves composed of three leaflets. According to legend it was used by St. Patrick in explaining the doctrine of the Trinity; it is now used as the emblem of Ireland. An artificial or real shamrock leaf is customarily worn on St. Patrick's Day. Broadcasting, completed its initial public offering of 7.7 million shares of common stock, including the exercise of the 15% over-allotment (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CBCA CBCA Centro Brasileiro da Construção em Aço CBCA Canadian Business Corporations Act CBCA Calgary Birth Control Association CBCA Charlotte Builders and Contractors Association CBCA Chilled Beam and Ceiling Association ) which generated gross proceeds of $154.1 million and sold $200.0 million of 9 3/8% senior subordinated notes due 2004. On Feb. 26, Chancellor sold $100.0 million of 12 1/4% senior cumulative exchangeable preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. which refunded a similar size issue of 14% preferred stock. Chancellor now owns 33 radio stations (21 FM and 12 AM) located in 15 of the 40 largest markets in the country. -0- Chancellor Broadcasting Company Condensed Financial Data (in thousands)
Year Ended Dec. 31, Qtr Ended Dec. 31,
1995 1994 1995 1994
Net revenues 64,322,143 26,317,095 16,401,531 13,291,196
Operating expenses 37,464,730 15,660,152 9,345,035 7,595,752
Broadcast Cash
Flow 26,857,413 10,656,943 7,056,496 5,695,444
Operating Cash
Flow 25,041,879 10,057,286 6,532,740 5,399,773
CONTACT: Chancellor Broadcasting Company Jacques D. Kerrest, 214/239-6220 |
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