Hollinger Consolidated Year End 1997 Results.TORONTO--(BUSINESS WIRE)--May 26, 1997--Hollinger Inc. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , ME, VSE See DOS/VSE. VSE - Virtual Storage Extended :HLG HLG High Level Group (NATO) HLG Hannibal-Lagrange College (Missouri) HLG Hand Launched Glider HLG Half-Life Guard (anti-cheat for half-life based games) HLG Hawk Logistics Group ., 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 :HLGRF.) Hollinger Hollinger may refer to:
v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: financial results for the three months ended March 31, 1997 with comparison to the three months ended March 31, 1996. -0-
Per Common Share
1997 1996 1997 1996
(millions of Cdn. dollars) (Cdn. dollars)
Total Revenue 714.6 427.3 n/a n/a
Net earnings (loss)
before Unusual Items 13.7 (7.2) $0.19 $(0.19)
Net earnings 157.4 6.5 $2.73 $0.05
Cash flow provided by
operations(2) 91.4 33.5 $1.57 $0.53
Notes:
(1) See further details under Hollinger International Inc. press
release of May 15, 1997.
(2) Cash flow per share is based on cash flow from operations
before changes in non-cash operating working capital, unusual items
and foreign currency translation adjustments.
-0- Net earnings for the first quarter of 1997 were $157.4 million or $2.73 per share, compared with $6.5 million or $0.05 per share in 1996. Net earnings excluding the net effect of unusual items were $13.7 million or $0.19 per share in 1997 compared with a loss of $7.2 million or a loss of $0.19 per share in 1996. The results of Southam have been consolidated for the first quarter of 1997, whereas in the first quarter of 1996 the results of Southam were included in equity earnings. On January January: see month. 7, 1997 The Boards of Directors of the Company and Hollinger International Inc. announced that they had reached an agreement for the transfer by the Company of certain of its Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. Publishing interests to a subsidiary of Hollinger International Inc. The transaction was effective January 1, 1997. The Company's first quarter results reflect this transaction retroactive Having reference to things that happened in the past, prior to the occurrence of the act in question. A retroactive or retrospective law is one that takes away or impairs vested rights acquired under existing laws, creates new obligations, imposes new duties, or attaches a to January 1, 1997. The first quarter results showed a significant improvement from 1996 with segmented profit increasing from $36.4 million in 1996 to $97.5 million in 1997. All segments with the exception of "Other Countries" showed significant improvements as a result of both increased advertising sales and lower newsprint newsprint low grade paper used for newspapers. Old newspapers are fed to cattle as an alternative roughage and may occasionally be ingested by dogs. Significant amounts of lead are accumulated in tissues; no cases of poisoning have been recorded in cattle, though it has been costs. "Other Countries" segmented profit in 1997 was lower than 1996 because 1996 included equity earnings in Fairfax Fairfax, city (1990 pop. 19,622), historic seat of Fairfax co., NE Va., a residential suburb of Washington, D.C.; inc. 1892, as a city 1961 (at which time it became independent and no longer included in a county). There is some light manufacturing. . Net unusual items totalled $143.7 million or $2.54 per share in 1997 and $13.7 million or $0.25 per share in 1996. Net unusual items in 1997 included a gain of $108.7 million on the transfer of Canadian Newspaper assets to Hollinger International Inc., a gain of $39.0 million on the 1997 portion of the sale of Fairfax shares and a net loss of $4.1 million in respect of the direct prepaid pre·pay tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay  ment n. subscription program at
the Telegraph telegraph, term originally applied to any device or system for distant communication by means of visible or audible signals, now commonly restricted to electrically operated devices. Attempts at long-distance communication date back thousands of years (see signaling). . -0-
HOLLINGER INC.
CONSOLIDATED BALANCE SHEET
(in thousands of dollars)
March 31 December 31
1997 1996
(unaudited)
---------- ----------
ASSETS
Current assets
Cash $418,464 $204,674
Accounts receivable 477,045 481,687
Inventory 43,646 44,362
---------- ----------
939,155 730,723
Marketable securities, at cost - 225,406
Investments
Associated companies, at equity 16,150 16,940
Other investments, at cost 110,735 110,978
Capital assets 3,377,129 3,241,219
Goodwill and other assets 433,854 402,140
---------- ----------
$4,877,023 $4,727,406
---------- ----------
---------- ----------
LIABILITIES
Current liabilities
Bank indebtedness $238,758 $918,405
Accounts payable and accrued
expenses 457,668 474,435
Income taxes payable 11,638 38,776
Current portion of long-term debt 68,309 93,966
---------- ----------
776,373 1,525,582
Long-term debt 1,729,133 1,052,332
Redeemable preference shares of
subsidiary companies 171,247 170,104
Convertible instruments 278,133 269,083
---------- ----------
2,954,886 3,017,101
---------- ----------
MINORITY INTEREST AND DEFERRED
CREDITS 1,176,047 1,088,163
---------- ----------
SHAREHOLDERS' EQUITY
Capital Stock 385,671 385,671
Convertible instruments 111,822 110,281
Retained earnings 236,170 90,173
---------- ----------
733,663 586,125
Equity adjustment from foreign
currency translation 12,427 36,017
---------- ----------
746,090 622,142
---------- ----------
$4,877,023 $4,727,406
---------- ----------
---------- ----------
Hollinger Inc.
Schedule of Segmented Earnings
(not audited)
(in thousands of dollars)
Total Canada United United Other
States Kingdom Countries
Three months ended March 31, 1997
----------------------------------------------------------------
Sales $711,089 $336,419 $191,858 $175,875 $ 6,937
Cost of sales
and expenses (573,343) (282,879) (153,500) (130,702) (6,262)
Corporate
expenses -
allocated - 3,716 (2,775) (784) (157)
Depreciation and
amortization (46,312) (19,913) (13,462) (12,462) (475)
Net foreign
currency gains 2,256 215 - 2,015 26
Investment and
other income 3,522 2,001 376 1,145 -
------------------------------------------------
Publishing
operating
profit 97,212 39,559 22,497 35,087 69
Net earnings in
equity accounted
companies before
unusual items 323 - 197 - 126
------------------------------------------------
Segmented profit 97,535 $ 39,559 $22,694 $35,087 $195
--------------------------------------
--------------------------------------
Interest
expense (42,379)
--------
55,156
Income taxes (23,388)
Minority
interest (18,110)
--------
13,658
--------
Unusual items 195,537
Income taxes (20,803)
Minority
interest (31,041)
--------
143,693
--------
Unusual items
in equity
accounted
companies -
--------
Minority
interest -
--------
Net earnings $157,351
--------
--------
Three months ended March 31, 1996
---------------------------------------------------------------
Sales $425,271 $70,571 $188,054 $159,777 $6,869
Cost of sales
and expenses (369,183) (71,223) (164,851) (126,366) (6,743)
Corporate expenses
- allocated - 2,719 (1,513) (979) (227)
Depreciation and
amortization (26,219) (4,221) (12,508) (9,007) (483)
Net foreign currency
gains (losses) 163 187 - (10) (14)
Investment and other
income 2,043 726 690 627 -
--------- ------- -------- ------- ------
Publishing
operating profit 32,075 (1,241) 9,872 24,042 (598)
Net earnings in
equity accounted
companies before
unusual items 4,302 91 176 - 4,035
--------- ------- -------- ------- ------
Segmented profit 36,377 $ (1,150) $10,048 $24,042 $3,437
Interest expense (29,780)
---------
6,597
Income taxes
Minority interest (6,256)
(7,571)
---------
(7,230)
---------
Unusual items 11,380
Income taxes 1,880
Minority interest 907
---------
14,167
---------
Unusual items
in equity
accounted companies (978)
Minority interest 561
---------
(417)
---------
Net earnings $6,520
---------
---------
Notes to the Schedule of Segmented Earnings.
1.The Company operates principally in the business of publishing,
printing and distribution of newspapers and magazines and holds
investments principally in companies which operate in the same
business as the Company. Other investments held by the Company are
not sufficient to warrant classification as a separate industry
segment.
2. The "Other countries" geographic segment includes operations
primarily in Israel and the Cayman Islands. In 1996 "Other
Countries" also included operations in Australia.
3. Corporate expenses have been allocated on an estimated usage
basis.
CONTACT: Hollinger Inc. J. A. Boultbee, 416/363-8721 or Hollinger Inc. Marianne This article is about the symbol of France. For other uses, see Marianne (disambiguation). Marianne, a national emblem of France, is a personification of Liberty and Reason. Godwin Godwin or Godwine (both: gŏd`wĭn), d. 1053, earl of Wessex. He became chief adviser to King Canute, was created (c.1018) an earl, and was given great wealth and lands. , 416/363-8721 |
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