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JONES SPACELINK REPORTS FIRST QUARTER RESULTS; REVENUES INCREASE 11 PERCENT

 JONES SPACELINK REPORTS FIRST QUARTER RESULTS;
 REVENUES INCREASE 11 PERCENT
 ENGLEWOOD, Colo., Oct. 21 /PRNewswire/ -- Jones Spacelink Ltd. (NASDAQ-NMS: SPLKA) and its consolidated subsidiaries, including Jones Intercable Inc., (NASDAQ-NMS: JOIN and JOINA) today reported an 11 percent increase in revenues for its first quarter of fiscal 1993. Revenues for the first quarter ended Aug. 31, 1992 increased from $31.6 million reported in fiscal 1992 to $35.2 million reported in fiscal 1993. If not for the sale of Jones Intercable's Onalaska, Wis., cable television system (the "Onalaska System") in December 1991, revenues for the first quarter of fiscal 1993 would have increased $4.4 million, or 14 percent, over revenues for the first quarter of fiscal 1992.
 Operating income before depreciation and amortization for the first quarter of fiscal 1993 was $15.2 million, an increase of 13 percent from the $13.5 million reported in the similar period one year ago. If the effect of the Onalaska System sale is considered, operating income before depreciation and amortization would have increased 16 percent from $13.1 million in the first quarter of fiscal 1992 to $15.2 million in the like period of fiscal 1993.
 Operating, general and administrative expenses for the first quarter of fiscal 1993 totaled $19.9 million, a 10-percent increase from the $18.1 million reported in the first quarter of fiscal 1992. But for the sale of the Onalaska System, these expenses would have increased $2.2 million, or 12 percent. Increased expenses of Jones Intercable, primarily personnel costs, marketing-related costs and advertising- related costs, accounted for approximately 51 percent of the first quarter increase.
 In July 1992, Jones Intercable sold $160 million of 11.5 percent Senior Subordinated Debentures due 2004. On Aug. 24, 1992, the net proceeds of $156 million were used to redeem all of the remaining $66.6 million principal amount of Jones Intercable's 9.75 percent Subordinated Debentures due 1998. In the first quarter of fiscal 1993, Jones Intercable recognized an extraordinary loss, before income taxes, related to this transaction of $6.3 million. Pending use of the remaining proceeds to purchase one or more cable television systems, the proceeds were used to repay the $66 million outstanding under Jones Intercable's credit facility. Jones Intercable expects to borrow amounts on its credit facility in order to finance its acquisition of the Alexandria, Va., cable television system in November 1992.
 RESULTS OF JONES SPACELINK EXCLUDING JONES INTERCABLE
 On a separate basis, excluding Jones Intercable, Jones Spacelink and its consolidated subsidiaries derive their revenues from five primary sources: subscriber service fees from Jones Spacelink-owned cable television systems, management fees from Jones Spacelink-managed limited partnerships, sales by Jones Futurex Inc. of data security products and of electronics manufacturing services, sales by Jones Satellite Networks (formerly Jones Satellite Audio) of a variety of audio programming to radio stations and brokerage fees earned by The Jones Group Ltd. on the acquisition and sale of cable television properties.
 Jones Spacelink and its consolidated subsidiaries, excluding Jones Intercable, reported revenues of $7.8 million for the first quarter of fiscal 1993, an increase of $1.7 million, or 27 percent, over the revenues reported for the similar period in the prior fiscal year. Jones Spacelink achieved impressive revenue growth in all of its businesses for the first quarter ended Aug. 31, 1992: subscriber service fees increased 12 percent, management fees increased 34 percent, revenues of Jones Futurex increased 49 percent, revenues of Jones Satellite Networks increased 50 percent, and brokerage fees of The Jones Group increased 269 percent.
 On a separate basis, operating income before depreciation and amortization of the first quarter of fiscal 1993 was $2.6 million, an increase of 40 percent from the $1.9 million reported in the similar period one year ago.
 Operating, general and administrative expenses for the first quarter of fiscal 1993 totaled $5.2 million, an increase of $904,000, or 21 percent, from the amount reported in the first quarter of fiscal 1992. The increase for the first quarter is the result of increased personnel and programming costs in the operation of cable television systems, increased costs of sales and services of Jones Futurex and increased sales, and programming and administrative costs of Jones Satellite Networks.
 For the three months ended Aug. 31, 1992, interest expense decreased 39 percent from $1.4 million reported in fiscal 1992 to $854,000 reported in fiscal 1993. The decrease is primarily the result of lower interest rates charged on Jones Spacelink's interest-bearing debt.
 The net loss reported for the first quarter of fiscal 1993 totaled $668,000, or 1 cent per share, as compared to a net loss of $1.7 million, or 2 cents per share, reported for the first quarter of fiscal 1992.
 Jones Spacelink and its consolidated subsidiaries, including Jones Intercable, are primarily in the cable television business. Additionally, Jones Spacelink is in the business of brokering the purchase and sale of cable television properties through its subsidiary, The Jones Group, Ltd.(R). Further, Jones Spacelink is also involved in both video and audio programming through two affiliates: Jones Galactic Radio(R) Inc. and Mind Extension University(R) (ME/U): The Education Network(TM). Jones Galactic Radio provides high-quality transmission of a number of radio formats and services to radio stations and cable television systems. ME/U is a 24-hour-a-day basic cable television network devoted solely to distance education. Jones Spacelink is also involved in the personal computer security industry through its subsidiary, Jones Futurex(R) Inc.
 For more detailed information, contact the Investor Relations department of Jones Spacelink Ltd. at 303-792-9191 or write Jones Spacelink Ltd., 9697 E. Mineral Avenue, Englewood, CO., 80112.
 JONES SPACELINK LTD. AND SUBSIDIARIES
 (Including Jones Intercable Inc.)
 UNAUDITED FINANCIAL HIGHLIGHTS
 (Stated in thousands except per share data)
 For the Three Months Ended Percent
 Aug. 31, Increase
 1992 1991 (Decrease)
 Revenues $ 35,174 $ 31,594 11
 Operating, General and
 Administrative Expenses $ 19,939 $ 18,107 10
 Operating Income Before
 Depreciation and Amortization $ 15,235 $ 13,487 13
 Depreciation and Amortization $ 12,021 $ 12,695 (5)
 Interest Expense, Net of Interest
 Charged to Cable Systems Held for
 Resale $ 10,463 $ 11,425 (8)
 Minority Interests in Net Losses
 of Consolidated Subsidiaries $ 4,476 $ 111 N/M
 Extraordinary Loss on Early
 Extinguishment of Debt $ (1,542) --- N/M
 Cumulative Effect of Change in
 Method of Accounting for Income
 Taxes $ 560 --- N/M
 Net Loss $ (2,653) $ (12,144) (78)
 Net Loss Per Share:
 Before Extraordinary Item
 and Accounting Change $ (.02) $ (.16) (88)
 Effect of Extraordinary Item (.02) --- N/M
 Effect of Accounting Change .01 --- N/M
 Net Loss $ (.03) $ (.16) (81)
 Weighted Average Number of Shares
 Outstanding 76,935 76,322 1
 UNAUDITED BALANCE SHEET DATA
 Aug. 31, May 31,
 As of: 1992 1992
 Total Assets $ 451,403 $ 426,843 6
 Total Debt $ 393,602 $ 364,297 8
 Total Shareholders' Equity $ 6,668 $ 8,998 (26)


Not Meaningful (N/M)
 JONES SPACELINK LTD.
 (Excluding Jones Intercable Inc.)
 UNAUDITED FINANCIAL HIGHLIGHTS
 (Stated in thousands except per share data)
 For the Three Months Ended Percent
 Aug. 31, Increase
 1992 1991 (Decrease)
 Revenues $ 7,811 $ 6,160 27
 Operating, General and
 Administrative Expenses $ 5,214 $ 4,310 21
 Operating Income Before
 Depreciation and Amortization $ 2,597 $ 1,850 40
 Depreciation and Amortization $ 2,139 $ 2,023 6
 Cumulative Effect of Change in
 Method of Accounting for Income
 Taxes $ (315) --- N/M
 Net Loss $ (668) $ (1,721) (61)
 Net Loss Per Share:
 Before Accounting Change $ (.01) $ (.02) (50)
 Accounting Change --- --- ---
 Net Loss $ (.01) $ (.02) (50)
 Weighted Average Number of Shares
 Outstanding 76,935 76,322 1


Not Meaningful (N/M)
 -0- 10/21/92
 /CONTACT: Jay B. Lewis or Nancy Reed Long of Jones Spacelink, 303-792-9191/
 (SPLKA JOIN) CO: Jones Spacelink Ltd.; Jones Intercable Inc. ST: Colorado IN: TLS SU: ERN


BB -- DV008 -- 2729 10/21/92 09:33 EDT
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