Univision Communications Inc. announces third quarter results.
On a pro forma basis, third quarter net revenues were $92.9 million, a 17 percent increase over the third quarter of 1995. Pro forma operating income before depreciation and amortization (EBITDA) was $35.5 million for the third quarter, a 23 percent increase over the comparable 1995 period. These increases were the result of higher revenues at both the company's network and owned stations.
Pro forma net revenue for the nine months ended Sept. 30, 1996 increased by 14 percent to $263.8 million. Pro forma EBITDA for the nine month period increased by 18 percent over the comparable 1995 period to $97.3 million.
George Blank, executive vice president and chief financial officer, stated: "Univision's continued ratings dominance among Hispanic households has resulted in accelerated revenue growth and excellent operating results. We look forward to continued growth and to creating value for our new shareholders."
On a pro forma basis, the company's three and nine months results were: -0-
Three Months Ended Nine Months Ended $, Millions Sept. 30, Sept. 30, (Except per share amounts) 1996 1995 Change 1996 1995 Change Net revenues $92.9 $79.3 17% $263.8 $232.0 14% Broadcast cash flow 38.3 31.2 23% 104.1 89.0 17% EBITDA 35.5 28.8 23% 97.3 82.4 18% Extraordinary loss -- -- -- (20.8) Net income (loss) 10.6 2.2 22.2 (17.1) Earnings (loss) per common share/1 .19 .04 .39 (.30) Weighted avg. shares outstanding 57.0 57.0 57.0 57.0 1/ Excluding the extraordinary losses for the nine months ended Sept. 30, 1995, which related to the pro forma repurchase and defeasance of the outstanding 11.75 percent senior subordinated notes at Jan. 1, 1995, the earnings per share for the nine months in 1996 were 39 cents compared with 6 cents in the 1995 period.
Prior to the company's initial public offering on Sept. 27, 1996 and its subsequent corporate reorganization on Oct. 2, 1996 ("the reorganization"), the company's owned stations and the network were operated separately, had different management and ownership structures, and, accordingly, reported financial information separately. As a result of the reorganization, Univision will report financial information on a consolidated basis that includes the network.
The unaudited pro forma results of operations presented above reflect the reorganization as if it had occurred on Jan. 1, 1995 after including the adjustments for interest expense on reorganization debt, amortization of goodwill and reorganization-related financing costs, and the elimination of the management fees paid to the partners of the network prior to the reorganization. The unaudited pro forma results of operations do not purport to represent what Univision's results of operations would actually have been if these transactions in fact had occurred on the dates assumed or to project results of operations for any future date or periods.
Univision is the leading Spanish-language television broadcaster in the United States. The company's network is the most watched television network (English- or Spanish-language) among Hispanic households and provides the Univision affiliates with 24 hours per day of Spanish-language programming. Univision owns and operates 11 full-power and seven low-power UHF stations. The company also owns Galavision, the leading U.S. Spanish-language cable network. -0-
Univision Communications Inc. and Subsidiaries Unaudited Pro Forma Condensed Consolidated Statement of Operations (Dollars in Millions) Three Months Ended Nine Months Ended Sept. 30, Sept. 30, 1996 1995 1996 1995 Net revenues $92.9 $79.3 $263.8 $232.0 Direct operating expenses 30.9 27.2 88.1 80.7 Selling, general & administrative expenses 23.7 20.9 71.6 62.3 Corporate charges 2.8 2.4 6.8 6.6 Depreciation & amortization 13.6 13.5 41.3 39.9 Operating income 21.9 15.3 56.0 42.5 Interest expense 10.9 11.0 32.8 33.6 Amortization of deferred financing costs 0.3 0.3 0.9 0.9 Non-recurring expense -- 1.8 -- 1.8 Income before taxes & extraordinary loss on extinguishment of debt 10.7 2.2 22.3 6.2 Provision for income taxes 0.1 -- 0.1 2.5 Income before extraordinary loss on extinguishment of debt 10.6 2.2 22.2 3.7 Extraordinary loss on extinguishment of debt -- -- -- (20.8) Net income (loss) $10.6 $2.2 $22.2 ($17.1)
CONTACT: Univision Communications Inc.
Andrew Hobson, Executive Vice President, 212/455-5310
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|Date:||Nov 4, 1996|
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