Printer Friendly

K-III COMMUNICATIONS ANNOUNCES CONTINUED GROWTH IN THE SECOND QUARTER

 NEW YORK, July 30 /PRNewswire/ -- K-III Communications today announced consolidated earnings before depreciation and amortization (EBITDA) of $40.1 million for the quarter ended June 30, 1993, a 10.2 percent increase over the $36.4 million earned in the second quarter of 1992. For the first half of 1993 consolidated EBITDA was $45.2 million, 13.9 percent over the $39.7 million earned in the 1992 period.
 The second quarter EBITDA growth resulted largely from an 8.9 percent sales increase, from $190.5 million in 1992 to $207.5 million in 1993. Year-to-date sales grew 9.6 percent, from $374.4 million in 1992 to $410.8 million in 1993.
 Operating profit after charges for depreciation and amortization of goodwill and intangible assets was $2.4 million in the second quarter of 1993 versus an operating loss of $5.6 million in the 1992 period. The net loss declined by 61.4 percent from $45.3 million in 1992 to $17.5 million in the 1993 second quarter. The year-do-date operating loss declined 35.5 percent from $43.1 million in 1992 to $27.8 million in 1993, and the net loss declined 35.1 percent from $103.1 million in 1992 to $66.9 million in 1993. Interest expense declined during the 1993 period.
 "We are pleased and encouraged by K-III's sales increase and our fourth consecutive quarter of significantly improved operating results," said William F. Reilly, chairman and CEO. "Our bottom-line improvement results from two factors: improved operating results and the fact that intangible assets associated with K-III's earliest acquisitions are largely amortized."
 K-III Communications is a diversified publishing, information and direct response company with such well known titles as Seventeen and New York magazines, Weekly Reader, Daily Racing Form, Funk & Wagnalls Encyclopedia and World Almanac. K-III's preferred stock is traded on the New York Stock Exchange.
 K-III COMMUNICATIONS
 Financial Highlights
 (Unaudited, dollars in millions)
 Periods ended Three months Six months
 June 30 1992 1993 1992 1993
 Total sales - net $190.5 $207.5 $374.7 $410.8
 Operating costs and expenses 154.1 167.4 335.0 365.6
 Earnings before depreciation
 and amortization (EBITDA) 36.4 40.1 39.7 45.2
 Depreciation and amortization 42.0 37.7 82.8 73.0
 Operating profit (loss) (5.6) 2.4 (43.1) (27.8)
 Write-off of unamortized
 deferred financing costs 19.8 -- 19.8 --
 Interest expense and other 19.9 19.9 40.2 39.1
 Net loss (45.3) (17.5) (103.1) (66.9)
 -0- 7/30/93
 /CONTACT: Gregory William Miller of Robinson Lake/Sawyer Miller, 212-484-7404, for K-III Communications/ CO: K-III Communications ST: New York IN: PUB SU: ERN


WB-TS -- NY028 -- 7701 07/30/93 11:35 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 30, 1993
Words:459
Previous Article:PHILADELPHIA $3.8 MILLION GENERAL OBLIGATION BONDS 'BB' BY FITCH -- FITCH FINANCIAL WIRE --
Next Article:FLEET MORTGAGE SECURITIES $101.5 MILLION SERIES 1993-1 CERTIFICATES RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters