Univision Announces 3rd Quarter and 9-Month Results; 3rd Quarter Increases In Net Revenue 5%, EBITDA 4%, After Tax Cash Flow 35%.Business Editors LOS ANGELES Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , CA--(BUSINESS WIRE)--November 6, 2001 Network Delivers 98 of the Top 100 Spanish-language Shows in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. ; Hits Record Audience Levels In Key Demos Univision  This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.You can assist by [ editing it] now. Communications Inc. (NYSE NYSE See: New York Stock Exchange : UVN UVN Ustredni Vojenska Nemocnice (Prague) ), the nation's leading Spanish-language Network and fifth largest Network overall, today announced results for the third quarter ended September September: see month. 30, 2001. Despite a weak economic environment, Univision's Core Broadcast Group reported increases over last year. THIRD QUARTER FINANCIAL RESULTS Univision's consolidated net revenues increased by 5% to $221.7 million and EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become , which includes our emerging business initiatives (Online, Music and Telefutura TeleFutura is a U.S. Spanish-language broadcast television network owned by Univision with headquarters in Miami, Florida. Overview The network started on January 14, 2002, a month behind Telemundo's launch of its cable TV network, the bilingual mun2, with programs such ), increased by 4% to $81.6 million from $78.7 million. Consolidated after tax cash flow ("ATCF ATCF After Tax Cash Flow ATCF Automated Tropical Cyclone Forecasting ATCF As The Crow Flies ATCF Automated Tropical Cyclone Forecast (meteorology) ATCF air traffic control facility ATCF Aero Touring Club de France ATCF Air Traffic Control Flight ") increased $17.4 million or 35%. Univision's net revenues from its Core Broadcast Group were $213.0 million compared to $212.0 million and EBITDA increased to $90.8 million from $90.7 million. Univision's business divisions reported the following:
$, Millions Revenues EBITDA
-------- ------
2001 2000 2001 2000
---- ---- ---- ----
Core Broadcast Group $ 213.0 $ 212.0 $ 90.8 $ 90.7
Online 1.5 - (8.0) (10.0)
Music 3.4 - (0.3) -
USA Stations 3.8 - (0.9) -
Restructuring charge - - - (2.0)
--------- --------- --------- ---------
Consolidated $ 221.7 $ 212.0 $ 81.6 $ 78.7
========= ========= ========= =========
Excluding Univision's emerging businesses, the recently acquired USA Stations (which are being converted to the Telefutura Network), as well as the equity losses in unconsolidated subsidiaries, the extraordinary loss on the extinguishment The destruction or cancellation of a right, a power, a contract, or an estate. Extinguishment is sometimes confused with merger, though there is a clear distinction between them. of debt and the restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. , comparable net income available to common stockholders for the quarter increased by 4% to $36.4 million. Consolidated net income available to common stockholders decreased to $6.9 million. Consolidated net income includes a one time after tax charge of $10.0 million for the dissolution Act or process of dissolving; termination; winding up. In this sense it is frequently used in the phrase dissolution of a partnership. The dissolution of a contract is its Rescission by the parties themselves or by a court that nullifies its binding force and reinstates each of Univision's joint venture in Ask Jeeves Noun 1. Ask Jeeves - a widely used search engine accepting plain English questions or phrases or terms trademark - a formally registered symbol identifying the manufacturer or distributor of a product En Espanol.
Three Months Ended September 30,
---------------------------------------------------------
$, Millions Comparable As Reported
----------------------------- --------------------------
(Except Per
Share Amounts) 2001 2000 Change 2001 2000 Change
---- ---- ------ ---- ---- ------
Net Revenues $ 213.0 $ 212.0 - $ 221.7 $ 212.0 5%
EBITDA 90.8 90.7 - 81.6 78.7 4%
Net income
available to
common
stockholders 36.4 35.1 4% 6.9 27.5 (75%)
Diluted EPS 0.15 0.15 - 0.03 0.12 (75%)
ATCF 66.8 55.7 20% 66.5 49.1 35%
ATCF per share 0.28 0.23 22% 0.28 0.21 33%
On a comparable basis, Basic and Diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. earnings per common share on net income available to common stockholders were flat at $0.17 and $0.15, respectively. Consolidated Basic and Diluted earnings per common share on net income available to common stockholders decreased to $0.03 each from $0.13 and $0.12, respectively. On a comparable basis, ATCF increased by 20% to $66.8 million ($0.28 per share) from $55.7 million ($0.23 per share). Consolidated ATCF increased by 35% to $66.5 million ($0.28 per share) from $49.1 million ($0.21 per share). Univision's third quarter results were negatively impacted by actual lost revenue and added costs aggregating approximately $5 million as a result of the September 11th terrorist attacks. The company's television division remained in commercial free, live news coverage for four days. In addition to the actual lost revenues and added costs, the September 11th and ensuing en·sue intr.v. en·sued, en·su·ing, en·sues 1. To follow as a consequence or result. See Synonyms at follow. 2. To take place subsequently. events have further exacerbated the already weakened weak·en tr. & intr.v. weak·ened, weak·en·ing, weak·ens To make or become weak or weaker. weak  en·er n. advertising market."Despite the impact of world events on ad spending and the related news costs, both net revenues and EBITDA grew for our Core Broadcast Group and exceeded the high end of our published guidance," said George George, river, c.345 mi (560 km) long, rising in a lake on the Quebec-Labrador boundary, E Canada. It flows N through Indian Lake (125 sq mi/324 sq km) to Ungava Bay (an arm of Hudson Strait). Blank, Univision's Executive Vice President and Chief Financial Officer. "The strong demographic growth of the Hispanic Hispanic Multiculture A person of Mexican, Puerto Rican, Cuban, Central or South American, or other Spanish culture or origin, regardless of race Social medicine Any of 17 major Latino subcultures, concentrated in California, Texas, Chicago, Miam, NY, and elsewhere community and our strong ratings and reach throughout the Hispanic community make Univision a very compelling buy for advertisers, particularly in soft economic times. However, we do remain somewhat cautious for the remainder of the year and our updated financial guidance reflects that view," added Blank. Ray Rodriguez Ray Rodriguez is Cuban-American businessperson and the current president of Univision. Univision Communications (a subsidiary of Broadcasting Media Partners Inc.) • • , President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , Univision Networks said: "The strength of Spanish-language television was further validated val·i·date tr.v. val·i·dat·ed, val·i·dat·ing, val·i·dates 1. To declare or make legally valid. 2. To mark with an indication of official sanction. 3. this quarter. Despite the difficult economic environment, we were one of the few companies that experienced advertising growth. Univision also achieved record audience levels, enjoying its most successful third quarter period ever in sign-on Sign-on (or startup) is the term used to describe the beginning of operations for a television station. It is the opposite to a sign-off (or closedown). As with sign-offs, sign-ons vary from country to country, and from station to station. to sign-off Sign-off (or, in British/Irish/New Zealand English, closedown) is the sequence of operations involved when a radio or television station shuts down its transmitters and goes off the air for a predetermined period (most frequently, during the overnight hours). among Hispanic Households, Adults 18-49 and Adults 18-34 with audience increases of 13%, 15% and 19%, respectively, over the same period a year ago." "Looking forward, the fundamental strengths of Univision's, Galavision's and Telefutura's long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. strategic programming agreements, highly competitive in-house In-house In the context of general equities, keeping an activity within the firm. For example, rather than go to the marketplace and sell a security for a client to anyone, an attempt is made to find a buyer to complete the transaction with the firm. production capabilities and unparalleled nationwide distribution will ensure our continued market leadership while attracting an even broader audience to Spanish-language television. Additionally, the outstanding early successes of Univision's Music and Online Divisions demonstrate the unique strength of our brand and our unmatched ability to continually con·tin·u·al adj. 1. Recurring regularly or frequently: the continual need to pay the mortgage. 2. raise the bar for Spanish-language media in the United States," added Rodriguez Rodriguez or Rodrigues (rōdrē`gəs), island (1996 est. pop. 34,883), 42 sq mi (109 sq km), in the Indian Ocean, c.350 mi (560 km) E of Mauritius, of which it is a dependency. . THIRD QUARTER NETWORK HIGHLIGHTS In the 2001 third quarter, Univision's strength continued unrivaled, achieving record audience levels as well as Hispanic market share in every daypart among nearly all demographics The attributes of people in a particular geographic area. Used for marketing purposes, population, ethnic origins, religion, spoken language, income and age range are examples of demographic data. . The Network once again delivered the most-watched Spanish-language programs on television. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Nielsen Noun 1. Nielsen - Danish composer (1865-1931) Carl August Nielsen, Carl Nielsen Media Research, during the 2001 third quarter, Univision aired 98 of the top 100 Spanish-language programs, and, at least 90 of the top 100 Spanish- or English-language programs among Hispanic Households, Adults, Men and Women 18-49. Also during the quarter, Univision broadcast 42 of the top 50 Spanish- or English-language programs watched by Hispanic Teens. According to Nielsen Media research, Univision's third quarter audience growth and market share were as follows:
3Q01 3Q00 % Audience
Daypart Demographic Spanish-Language Spanish-Language Increase
Network Share Network Share vs. 3Q 2000
Total
Primetime Adults 18-34 85% 79% 21%(a)
(M-Sun, Adults 18-49 85% 79% 16%(a)
7pm-11pm) Women 18-49 87% 81% 15%
Men 18-49 83%(b) 76% 18%(a)
Teens 88% 88% 24%(a)
Persons 2+ 84% 81% 18%(a)
Primetime
Novelas Adults 18-34 89% 85% 23%(a)
(M-F, Adults 18-49 88% 84% 18%(a)
7pm-10pm) Women 18-49 90% 86% 15%
Men 18-49 86% 81% 22%(a)
Teens 92% 92% 31%(a)
Persons 2+ 87% 85% 19%(a)
Sign-On to
Sign-Off Adults 18-34 81% 77% 19%(a)
(M-Su, Adults 18-49 80% 76% 15%(a)
7am-2am) Women 18-49 83% 79% 16%(a)
Men 18-49 77%(b) 73% 15%(a)
Teens 85% 85% 18%(a)
Persons 2+ 78% 78% 12%(a)
(a) Represents record third quarter audience level
(b) Represents record third quarter Spanish-Language Network share
LOCAL STATIONS HIGHLIGHTS Locally, Univision made history in the July July: see month. sweeps when its New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Los Angeles, Miami, Houston Houston, city (1990 pop. 1,630,553), seat of Harris co., SE Tex., a deepwater port on the Houston Ship Channel; inc. 1837. Economy The fourth largest city in the nation and the largest in the entire South and Southwest, Houston is a port of entry; , Dallas, Fresno and Bakersfield owned and operated stations captured the #1 primetime positions among all 18-34 year-olds, Hispanics and non-Hispanics combined, beating all viewing sources (including NBC NBC in full National Broadcasting Co. Major U.S. commercial broadcasting company. It was formed in 1926 by RCA Corp., General Electric Co. (GE), and Westinghouse and was the first U.S. company to operate a broadcast network. , CBS (Cell Broadcast Service) See cell broadcast. , ABC ABC in full American Broadcasting Co. Major U.S. television network. It began when the expanding national radio network NBC split into the separate Red and Blue networks in 1928. , FOX and Telemundo stations). Following these successes, during October Sweeps, Univision's owned and operated stations also attracted record audience levels and gained additional market share compared to last year. Early Nielsen results show that this October, during the primetime novela block, our audience was up 14% at Univision's Los Angeles station, 32% in New York and 38% in Chicago compared to last year. In daytime Daytime may refer to:
, our audience rose 27% in Los Angeles and 29% in New York compared to last October. EMERGING BUSINESS HIGHLIGHTS Univision's Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the division, Univision Online, continues to show impressive growth. Univision.com's page views have grown by a 15% compounded monthly rate over the past year. In addition, Nielsen Media Research's Hispanic Internet Users Internet user n → internauta m/f Internet user Internet n → internaute m/f study found that Univision.com is the top Spanish-language web destination for U.S. Hispanic users. Spanish Spanish, river, c.150 mi (240 km) long, issuing from Spanish Lake, S Ont., Canada, NW of Sudbury, and flowing generally S through Biskotasi and Agnew lakes to Lake Huron opposite Manitoulin island. There are several hydroelectric stations on the river. speaking and bilingual bi·lin·gual adj. 1. a. Using or able to use two languages, especially with equal or nearly equal fluency. b. Internet users visited Univision.com three times more often than Yahoo! en Espanol, four times more often than Terra, 30 times more often than Yupi and 40 times more often than StarMedia. As of October 27, 2001, Univision's Music division, which includes the Univision Music Group The Univision Music Group Is the #1 Latin music company in the U.S. with approximately 45% market share. Founded in April 2001 with a vision of releasing and marketing the best of every genre of Latin music, the Univision Music Group now includes three record labels: Univision label and the unconsolidated Disa label, enjoyed the number 1, 3, 5 and 7 positions on the Billboard Top Latin Album Chart and the number 1, 3, 4, 5 and 11 positions on the Billboard Regional Mexican Mexican named after or originating in Mexico. Mexican axolotl see ambystomamexicanum. Mexican beaded lizard (Heloderma horridum Album Chart. ACQUISITIONS During the quarter, Univision closed its acquisition of the assets of WTMW, Channel 14, in Washington, D.C. for $60 million and funded the second tranche Tranche One of several related securities offered at the same time. Tranches from the same offering usually have different risk, reward, and/or maturity characteristics. tranche A class of bonds. of its USA Broadcasting USA Broadcasting was an American media company owned by veteran entertainment industry executive Barry Diller. USAB dates back to the mid-1990s when Diller purchased Silver King Broadcasting from Lowell W. "Bud" Paxson and Roy Speer. acquisition which included WHSI, Channel 67, and WHSE WHSE Warehouse WHSE Wholesale , channel 68, in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. for $215 million. 9-MONTH FINANCIAL RESULTS Consolidated net revenues increased by 5% to $654.1 million and EBITDA, which includes our emerging business initiatives, decreased 3% to $223.4 million. Net revenues for the nine months ended September 30, 2001 for Univision's Core Broadcast Group increased by 3% to $642.3 million. Excluding a first quarter cost reduction charge of $11.9 million, EBITDA increased by 6% to $267.4 million. Univision's business divisions reported the following:
$, Millions Revenues EBITDA
-------- ------
2001 2000 2001 2000
---- ---- ---- ----
Core Broadcast Group $ 642.3 $ 624.6 $ 267.4 $ 252.7
Online 3.9 - (29.7) (20.6)
Music 3.4 - (1.2) -
USA Stations 4.5 - (1.2) -
Restructuring charge - - (11.9) (2.0)
--------- --------- --------- ---------
Consolidated $ 654.1 $ 624.6 $ 223.4 $ 230.1
========= ========= ========= =========
On a comparable basis, net income available to common stockholders increased 7% to $102.3 million. Consolidated net income available to common stockholders decreased by 49% to $41.4 million. Consolidated net income includes a one time after tax charge of $10.0 million for the dissolution of our joint venture in Ask Jeeves En Espanol and $7.1 million for the cost reduction charge.
Nine Months Ended September 30,
-------------------------------------------------------
$, Millions Comparable As Reported
-------------------------- -------------------------
(Except Per
Share Amounts) 2001 2000 Change 2001 2000 Change
---- ---- ------ ---- ---- ------
Net Revenues $642.3 $624.6 3% $654.1 $ 624.6 5%
EBITDA 267.4 252.7 6% 223.4 230.1 (3%)
Net income
available to
common
stockholders 102.3 95.5 7% 41.4 81.5 (49%)
Diluted EPS 0.43 0.40 8% 0.17 0.34 (50%)
ATCF 179.7 156.1 15% 159.3 143.4 11%
ATCF per share 0.75 0.65 15% 0.66 0.60 10%
On a comparable basis, Basic and Diluted earnings per common share on net income available to common stockholders increased to $0.49 and $0.43, respectively, from $0.47 and $0.40, respectively. Consolidated Basic and Diluted earnings per common share on net income available to common stockholders decreased to $0.20 and $0.17, respectively, from $0.40 and $0.34, respectively. On a comparable basis, ATCF increased to $179.7 million ($0.75 per share) from $156.1 million ($0.65 per share). Consolidated ATCF increased to $159.3 million ($0.66 per share) from $143.4 million ($0.60 per share). GUIDANCE The following updated financial guidance reflects the effect of world events on the economic climate for the balance of the year and their impact on our financial results. In 2001 our Core Broadcast Group revenues are now expected to be between $854 million and $859 million for the full year. EBITDA for the Core Broadcast Group is expected to range between $354 million and $358 million for the full year, excluding the $11.9 million charge taken in the first quarter. For the full year, we expect the operations of the Music Group, the run out of the USA stations and the Telefutura Network start up costs to result in EBITDA losses of approximately $12 million and Online operations to result in EBITDA losses of approximately $36 million. Univision Communications Inc. (NYSE: UVN), the leading Spanish-language television broadcast company in the United States, reaches 95 percent of U.S. Hispanic households through its owned-and-operated stations, 32 broadcast affiliates and 1,103 cable affiliates nationwide. The Company's operations include Univision Network, the most-watched Spanish-language television network in the U.S.; Univision Television Group, which owns and operates 12 full-power and 7 low-power television stations, including full-power stations in 11 of the top 15 U.S. Hispanic markets; Galavision, the Country's leading Spanish-language cable network, Univision Online, the premier Internet company in the U.S. Hispanic market reaching 80% of the nation's Spanish-speaking online audience at www.univision.com; the Univision Music Group, which includes a 50% interest in one of the leading Mexican music publishing The contractual relationship between a songwriter or music composer and a music publisher, whereby the writer assigns part or all of his or her music copyrights to the publisher in exchange for the publisher's commercial exploitation of the music. and recording company Disa Records Disa Records is a privately owned record label based in Monterrey, Nuevo Leon, Mexico. Specializing in Spanish language recordings, the company's works are distributed in the United States by Universal Music Group. [1]. ; and Telefutura, a new Spanish-language network scheduled to launch in January 2002. Univision is headquartered in Los Angeles, with network operations in Miami and television stations and sales offices in major cities throughout the United States. Univision will review its third-quarter financial results in a conference call with the investment community on Tuesday, November 6, at 5:00 p.m. EST P.M. also p.m. or p.m. abbr. post meridiem Usage Note: By definition, 12 a.m. . The call can be accessed by dialing 212-346-6468. Live audio of the conference call will also be accessible at www.vcall.com. The call will be available on the website from November 6 through November 13, as well as by replay for twenty-four hours by dialing 800-633-8284 (within the U.S.) or 858-812-6440 (outside the U.S.) and entering reservation number: 19937105. Forward Looking Statements This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties, including those relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc Univision's future success and growth. Actual results may differ materially due to risks and uncertainties as described in Univision's filings with the Securities and Exchange Commission. Univision assumes no obligation to update forward-looking information contained in this press release.
UNIVISION COMMUNICATIONS INC.
The Company's three and nine months operating results were:
Three Months Ended Nine Months Ended
September 30, September 30,
----------------------------- -------------------------
$, Millions 2001 2000 Change 2001 2000 Change
(Except Per (Unaudited)(Unaudited) (Unaudited)(Unaudited)
Share
Amounts)
Net Revenues 221.7 $ 212.0 5% 654.1 $ 624.6 5%
Broadcast Cash
Flow (BCF) 84.2 82.5 2% 232.7 240.7 (3%)
EBITDA 81.6 78.7 4% 223.4 230.1 (3%)
Income available to
common stockholders
before
extraordinary
loss(1) 8.9 27.5 (68%) 43.7 81.5 (46%)
Extraordinary loss on
extinguishment
of debt 2.0 - - 2.3 - -
Net income 6.9 27.6 (75%) 41.5 81.9 (49%)
Net income available
to common
stockholders(2) 6.9 27.5 (75%) 41.4 81.5 (49%)
Basic EPS
Income per share
available to
common stockholders
before extraordinary
loss(1) 0.04 0.13 (69%) 0.21 0.40 (48%)
Net income per share
available to common
stockholders 0.03 0.13 (77%) 0.20 0.40 (50%)
Weighted average
common shares
outstanding 208.9 205.3 207.7 204.6
Diluted EPS
Income per share
available to
common stockholders
before extraordinary
loss(1) 0.04 0.12 (67%) 0.18 0.34 (47%)
Net income per share
available to
common
stockholders 0.03 0.12 (75%) 0.17 0.34 (50%)
Weighted average
common shares
outstanding 239.6 239.3 239.6 239.1
After Tax
Cash Flow(3)(4) 66.5 49.1 35% 159.3 143.4 11%
After Tax Cash
Flow per share(3) 0.28 0.21 33% 0.66 0.60 10%
---------------------------------
(1) On a comparable basis, which excludes Online, Music, Telefutura,
and the USA stations, as well as the equity losses in
unconsolidated subsidiaries (which includes a net $10.0 million
writedown for the dissolution of our JV in Ask Jeeves En Espanol)
and the cost reduction charge in 2001, net income available to
common stockholders for the three and nine month periods increased
by 4% to $36.4 million from $35.1 million and increased by 7% to
$102.3 million from $95.5 million, respectively. Basic and diluted
earnings per share on net income available to common stockholders
for the three and nine month periods were flat at $0.17 and $0.15,
respectively, and increased to $0.49 and $0.43 from $0.47 and
$0.40, respectively.
(2) Includes the effect of Online's loss on net income of $7.7 million
and $6.4 million for the three months and $22.7 million and $12.8
million for the nine months ended September 30, 2001 and 2000,
respectively. Includes the effect of Music's loss on net income of
$1.0 million and $1.5 million for the three and nine months ended
September 30, 2001. Includes the effect of the USA stations and
Telefutura losses on net income of $6.2 million and $6.8 million
for the three and nine months ended September 30, 2001. Includes
the effect of the remaining equity losses in unconsolidated
subsidiaries on net income of $12.6 million for the three months
and $20.5 million for the nine months ended September 30, 2001.
Includes the effect of the cost reduction charge on net income of
$7.1 million for the nine months ended September 30, 2001.
(3) After Tax Cash Flow = net income before extraordinary loss on
extinguishment of debt, depreciation/amortization, deferred taxes
and other non-cash items. The After Tax Cash Flow per share data
is based on weighted average common shares outstanding on a fully
diluted basis, which include options, warrants and convertible
preferred stock.
(4) On a comparable basis, which excludes Online's ATCF loss of $5.7
million and $5.4 million for the three months and $18.1 million
and $11.5 million for the nine months ended September 30, 2001 and
2000, respectively, Music's ATCF loss of $0.6 million for the
three months and $1.1 million for the nine months, the USA
stations and Telefutura ATCF of $3.3 for the three months and $3.1
million for the nine months, the current tax benefit of $2.8
million related to the dissolution charge for Ask Jeeves for the
three and nine months and the cost reduction charge on net income
of $7.1 million for the nine months ended September 30, 2001, ATCF
for the three and nine months ended September 30 increased by 20%
from $55.7 million to $66.8 million and by 15% from $156.1 million
to $179.7 million, respectively. ATCF per share for the three and
nine months ended September 30 increased from $0.23 in 2000 to
$0.28 in 2001 and from $0.65 in 2000 to $0.75 in 2001.
Univision Communications Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
($ In Millions)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------- ---------------------
2001 2000 2001 2000
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Net revenues $ 221.7 $ 212.0 $ 654.1 $ 624.6
-------- -------- -------- --------
Direct operating
expenses 88.6 78.3 263.8 225.0
Selling, general
and
administrative
expenses 48.9 51.2 157.6 158.9
Corporate charges 2.6 3.8 9.3 10.6
Depreciation and
amortization 21.6 17.2 58.5 49.4
-------- -------- -------- --------
Operating income 60.0 61.5 164.9 180.7
Interest expense 16.5 7.5 35.7 20.6
Equity loss in
unconsolidated
affiliates / other(1) 22.9 0.1 36.6 0.1
Amortization of
deferred financing
costs 0.8 0.3 1.5 1.0
-------- -------- -------- --------
Income before taxes
and extraordinary
loss on
extinguishment
of debt 19.8 53.6 91.1 159.0
Provision for
income taxes 10.9 26.0 47.3 77.1
-------- --------- -------- --------
Income before
extraordinary
loss on
extinguishment
of debt 8.9 27.6 43.8 81.9
Extraordinary loss
on extinguishment
of debt 2.0 - 2.3 -
-------- -------- -------- --------
Net income 6.9 27.6 41.5 81.9
Preferred stock
dividends - (0.1) (0.1) (0.4)
-------- -------- --------- --------
Net income
available to
common
stockholders $ 6.9 $ 27.5 $ 41.4 $ 81.5
======== ======== ======== ========
(1) Includes $16.8 million for the dissolution of our joint venture in
Ask Jeeves En Espanol.
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion