Children's Broadcasting Corporation Reports Third Quarter Results.MINNEAPOLIS--(BUSINESS WIRE)--Nov. 16, 1998--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. )(NNM NNM Network Node Manager NNM NASDAQ National Market (financial) NNM National Nutrition Month (March; American Dietetic Association) NNM Naryan-Mar (Russia) NNM Net New Money :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) ) announced today its financial results for its third quarter ended September 30, 1998. Loss, before interest, taxes, depreciation, amortization and corporate charges was $570,269 for the quarter ended September 30, 1998 compared to $408,559 for the same quarter 1997. The Company reported a net loss for the quarter of $4,114,477 or 0.69 per share, compared to a net loss of $2,823,238 or 0.44 per share, for the quarter ended September 30, 1997. Christopher T. Dahl, President and Chief Executive Officer said, "We are extremely pleased to see certain events come to fruition, including the litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. with Disney and 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. , and the sale of ten (10) of our radio stations. Our final three (3) radio stations are expected to be sold to Radio Unica for $29.25 million in early January, 1999. At last we will have the opportunity to take a breath of fresh air and begin the execution of our business plan. We have developed an in-depth analysis of the television commercial production business and structured a plan which will involve various acquisitions of production companies thereby increasing efficiencies and profitability of this business. We recently took the final steps of our reorganization of Harmony Holdings, Inc. (HHI HHI Herfindahl-Hirschman Index (measure of market concentration) HHI Heinrich Hertz Institut (Germany) HHI Hilton Head Island HHI Household Income HHI Hyundai Heavy Industries Co, Ltd ) which included the closing of a division that had experienced a four year decline in revenue. Although HHI lost money in the recent quarter, on a pro-forma basis its net income would have been positive with the exclusion of the unprofitable division. We expect HHI to act as a positive income base for our overall future business plan." Dahl also noted, "In addition to continued management of HHI and a full scale implementation of our business plan once the sale of stations to Radio Unica is concluded, we will focus on bringing cash into the Company through the collection of our verdict against Disney and ABC - which included $20 million for breach of contract by ABC and $10 million for misappropriation misappropriation n. the intentional, illegal use of the property or funds of another person for one's own use or other unauthorized purpose, particularly by a public official, a trustee of a trust, an executor or administrator of a dead person's estate, or by any of trade secrets by Disney--and the monitoring of our $15 million, 18 month note with Catholic Radio Network. This is truly an exciting time for the Company." Certain statements in this news release constitute "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. " within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. In particular, statements contained herein are subject to known and unknown risks, uncertainties and contingencies, any of which are beyond the control of Children's Broadcasting Corporation and which may cause actual results, performance or achievements to differ materially from anticipated results, performance or achievements. Factors that might affect such forward-looking statements include, among others, overall economic and business conditions, the demand for the Company's services and competitive factors. Additional factors that may affect the company's business and performance are set forth in the company's filing with the Securities and Exchange Commission. |
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