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T/SF COMMUNICATIONS CORPORATION ANNOUNCES THIRD QUARTER RESULTS

 TULSA, Okla., Nov. 12 /PRNewswire/ -- T/SF Communications Corporation (AMEX: TCM) today announced a net loss of $6,097,000, or $1.16 per share for the third quarter. The company noted that this was a result of a decision to sell its shopper-newspaper division as well as certain other non recurring items, including an extraordinary loss of $560,000, or $0.11 per share, related to early payoff of its 10.32 percent Senior Notes. In particular, the decision to sell the shopper-newspaper division resulted in a pre-tax write-down of $9,224,000.
 Comparative information for the third quarter and year to date is further complicated by the fact that in the third quarter of 1992, the company realized an unusual gain of $24,412,000 pre-tax as a result of its decision to close The Tulsa Tribune in exchange for certain payments received and to be received from World Publishing Company.
 Taking all of the above into account, the loss for the third quarter of 1993 reported above occurred on revenues of $21,695,000. This compares with earnings of $13,879,000, or $2.63 per share, on revenues of $26,248,000 for the third quarter of 1992, which includes the unusual gain described above. Year-to-date 1993, the company reported a loss of $7,149,000, or $1.36 per share, on revenues of $58,017,000, as compared with earnings of $14,978,000, or $2.84 per share, on revenues of $75,567,000 for the first nine months of 1992.
 Howard G. Barnett, Jr., chairman and chief executive officer of T/SF Communications, stated, "The decision to sell the shopper- newspaper division is an important one for the future of the company as this division has been losing money for a number of years. While not reflected in the third quarter financials, in November 1993, we reported the sale of the Long Island shopper-newspapers and the proceeds of that sale, together with cash on hand, were used to prepay approximately $9,000,000 of indebtedness. These actions go a long way toward improving the prospects for earnings in 1994 and substantially strengthen the balance sheet of the company for future growth."
 T/SF COMMUNICATIONS CORPORATION
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (In thousands, except per share amounts)
 Three Months Ended Nine Months Ended
 September 30, September 30,
 1993 1992 1993 1992
 (Unaudited)
 Total revenues $ 21,695 $ 26,248 $ 58,017 $ 75,567
 Total costs
 and expenses (A) 31,391 27,061 69,040 74,129
 Income (loss) before unusual gain,
 equity earnings
 and income taxes ( 9,696) ( 813) ( 11,023) 1,438
 Unusual gain - 24,412 - 24,412
 Earnings from equity
 investments 4 20 29 42
 Benefit from (provision for)
 income taxes 4,155 ( 9,740) 4,405 ( 10,914)
 Income (loss) before
 extraordinary loss ( 5,537) 13,879 ( 6,589) 14,978
 Extraordinary loss, net of
 tax of $340 ( 560) -- ( 560) --
 Net income (loss) $( 6,097) $ 13,879 $( 7,149) $ 14,978
 Earnings (loss) per common and
 common equivalent share:
 Before extraordinary
 loss $( 1.05) $ 2.63 $( 1.25) $ 2.84
 Extraordinary loss ( 0.11) -- ( 0.11) --
 (A) Includes loss on assets held for sale of $9,224 in three months and nine months ended Sept. 30, 1993.
 -0- 11/12/93
 /CONTACT: Howard G. Barnett, Jr., president and chief executive officer, or J. Gary Mourton, chief financial officer, 918-747-2600, both of T/SF Communications/
 (TCM)


CO: T/SF Communications Inc. ST: Oklahoma IN: PUB SU: ERN

TM -- SF007 -- 3759 11/12/93 14:18 EST
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Publication:PR Newswire
Date:Nov 12, 1993
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