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THE NEWS CORPORATION LIMITED REPORTS SIX-MONTH RESULTS

 Highlights from the following report to Australian Stock Exchanges for the six months ended Dec. 31, 1992:
 -- Net operating profit before abnormal items increased by 94 percent to A$490.1 million from A$252.2 million.
 -- BSkyB television in the United Kingdom and Ansett Transport Industries in Australia showed profits compared to losses a year ago.
 -- The company declares a 3-for-1 bonus issue and increases interim dividend by 20 percent.
 -- Other major events included:
 - The raising in October 1992 of approximately US$700 million in
 equity and US$850 million of long-term public debt issues to
 repay bank debt.
 - Completion of the sale of the San Antonio Express-News for
 US$185 million in January.
 - The issue in February 1993 of US$1.5 billion of long-term
 (10-, 12- and 20-year) debt to repay bank debt.
 - Achieved investment grade rating from Standard & Poor's.
 SYDNEY, Australia, Feb. 9 /PRNewswire/ -- The News Corporation Limited (NYSE: NWS) today released the following:
 Commentary Group Result
 The News Corporation Limited reported after-tax profits before abnormal items for the six months ended Dec. 31, 1992, of A$490.1 million (A$1.18 per share), an increase of 94 percent over the same period last year (A$252.2 million and A$0.79 per share).
 Revenues, compared to last year, remained flat at A$5.3 billion primarily due to weak global economies. Profit after abnormal items was A$452.8 million vs. A$355.3 million for the prior period which included the gain on sale of Pacific Magazines & Printing. The abnormal loss of A$37.3 million is primarily due to unrealized foreign exchange losses at Ansett.
 Gains in operating profits were reported by almost all the company's businesses. Fox Broadcasting Co. and Fox Television Stations in the United States reported significant gains compared to a year ago. In addition, inserts, magazines and newspapers worldwide all posted particularly strong results in weak advertising environments. These gains were partially offset by lower earnings from Twentieth Century Fox Film and HarperCollins.
 Profit from equity accounted investments totaled A$93.1 million for the period compared to a loss of A$62.7 million a year ago. BSkyB, Ansett, and Pacific Magazines & Printing all posted profits.
 Interest expense declined 22 percent to A$387.4 million from A$497.3 million during the prior period mainly as a result of lower debt levels and lower interest rates.
 The company continued to strengthen its financial condition and during the quarter raised approximately US$700 million in equity and US$850 million of long term senior debt. In January and February, the company raised an additional US$1.5 billion in senior debt securities with maturities of 10, 12 and 20 years. The proceeds of all these offerings were used primarily to repay bank debt. By accessing the public debt markets the company has successfully continued to reduce its reliance on bank debt and lengthen the average life of its debt maturities.
 As confirmation of News Corporation's improved financial condition, Standard & Poor's raised the company's senior debt rating to BBB- or investment grade on Jan. 28, 1993, a much sought after financial goal of the company.
 The sale of the San Antonio Express-News to Hearst Corporation for US$185 million was also completed in January.
 United States
 Profits from the company's two television businesses, Fox Broadcasting and Fox Television Stations, increased significantly, up almost 20 percent compared to the same period last year. Both divisions continue to increase advertising revenues, primarily due to the improved rating performance. On a season-to-date basis, the Fox network is number two among adults 18-34, outperforming NBC and CBS. On a fiscal year-to-date basis, household ratings are 2.8 percent ahead of last year and adult 18-49 ratings are even with last year. This performance is of particular note given the addition of Wednesday night.
 Profits at Twentieth Century Fox Film were off 55 percent compared to a year ago primarily due to the poor performance of two of its winter releases, "Toys" and "Hoffa." "Home Alone 2: Lost in New York" has performed strongly and to date has generated over US$320 million in worldwide box office receipts, making it one of the most successful sequels in film history.
 Operating profits at the company's two major U.S. publishing businesses, TV Guide magazine and the Free Standing Insert division (FSI), both improved compared to the prior period a year ago. While both benefited from improved operating margins, TV Guide also saw a rise in advertising revenues. Circulation revenues were up as a result of the cover price increase in March 1992.
 At HarperCollins, the company's book division, worldwide operating results were down on last year. This decline was primarily due to no major scheduled elementary state adoptions in the ScottForesman School division as well as continued softness in all trade markets.
 United Kingdom
 For the six months operating profit for the United Kingdom newspapers continued to improve compared to the same period a year ago. This increase is a result of margin improvements associated with cost rationalizations combined with an increase in circulation revenues. This profit increase is even more significant, given the prolonged length of the country's recession.
 Australia and Pacific Basin
 Revenues for all the company's major Australian newspaper divisions, metropolitan, regional and suburban, were up compared to the same period last year in spite of a continued recession in the Australian economy. Operating profits for metropolitan and regional newspapers increased significantly over last year, up 28 percent and 27 percent, respectively. Operating profit at the suburban newspapers remained flat.
 Increased circulation and advertising revenues at The South China Morning Post contributed to strong operating profits, up 15 percent from the same six months a year ago.
 Equity Investments
 BSkyB (Sky Television) in the United Kingdom reported a profit compared to a loss a year ago. Weekly revenues at the 50 percent owned satellite company continued to grow, up 79 percent compared to a year ago. As of the end of December, the total number of homes receiving Sky channels totaled 3.4 million. Pay movie subscribers totaled 1.9 million and pay sports subscribers 1.4 million for the same period. At quarter end, BSkyB's weekly revenues amounted to 6.6 million pounds sterling, with weekly operating profit just under one million pounds.
 In December, BSkyB announced an agreement with Viacom Inc., owner of the Nickelodeon Channel in the United States, for the creation of a children's programming channel in the United Kingdom, with an October air-date planned.
 As a result of higher passenger volumes and improved yields, Ansett Transport Industries (50 percent owned) posted a profit for the six months compared with a loss a year ago.
 This year's equity earnings reflect the inclusion of the company's 45 percent interest in the Australian magazine and commercial printing group, Pacific Magazines & Printing, a wholly owned subsidiary until December 1991. In spite of a very soft advertising market, PMP's results were on budget and ahead of last year.
 Bonus Issue
 The company has declared a bonus issue of three ordinary shares of 50 cents each, fully paid, for every one ordinary share of 50 cents each held, to shareholders on the books at close of business at 5:00 p.m. on March 5, 1993. The bonus shares will be issued out of the Share Premium Reserve.
 Following the bonus share issuance the company's American Depositary Share (ADS) will now represent eight ordinary shares.
 Interim Dividend
 The company has declared an interim dividend of 1.5 cents per share (fully franked) which will be payable on all outstanding shares including the bonus shares (1992 -- 1.25 cents per share after adjusting for the issuance of the bonus shares), payable on April 30, 1993, to shareholders on the books at close of business at 5:00 p.m. on April 16, 1993.
 Shareholders who have lodged valid election notices for participation in the Dividend Reinvestment and Bonus Share Plan will receive additional News Corporation shares in lieu of cash.
 -0- 2/9/93
 /CONTACT: David Santos of Howard J. Rubenstein Associates, in New York, 212-489-6900, for The News Corporation Limited/
 /FIRST AND FINAL ADD -- TABULAR MATERIAL -- TO FOLLOW/
 (NWS)


CO: The News Corporation Limited ST: IN: PUB SU: ERN

GK-TS -- NY012 -- 4592 02/09/93 11:04 EST
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Date:Feb 9, 1993
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