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ADELPHIA COMMUNICATIONS ANNOUNCES FISCAL YEAR END RESULTS

 COUDERSPORT, Pa., July 1 /PRNewswire/ -- John J. Rigas, president and CEO of Adelphia Communications Corporation (Adelphia) (NASDAQ-NMS: ADLAC), today reported the results of operations for the fiscal year which ended on March 31, 1993.
 Fiscal 1993 results saw record levels of combined revenues and other income which amounted to $334.2 million, and cash flow from operating and other income of $202.3 million. Adelphia owned or managed cable television systems serving approximately 1,230,000 subscribers at March 31, 1993. Adelphia and its subsidiaries served approximately 817,000 subscribers in its wholly owned cable television systems and approximately 413,000 subscribers in its joint venture and managed cable television systems at March 31, 1993.
 Combined revenues and other income for the year increased 11.4 percent to $334.2 million from $300.0 million for the prior year. Cash flow from operating and other income increased 11.9 percent to $202.3 million from $180.8 million for the prior year. Combined revenues and other income for the quarter ended March 31, 1993, totaled $86.6 million, compared with $77.9 million for the prior year. Cash flow from operating and other income for the quarter ended March 31, 1993, totaled $51.5 million, compared with $48.0 million for the prior year.
 Net loss for the year totaled $176.8 million, or $11.68 per share, compared with a net loss of $121.6 million, or $8.80 per share, for the prior year. Adelphia's net loss for fiscal 1993 reflects the adoption by Adelphia's Olympus Communications, L.P. joint venture (Olympus), effective Jan. 1, 1993, of the provisions of Statement of Financial Accounting Standards No. 109 (SFAS 109) which requires an asset and liability approach for financial accounting and reporting for income taxes. As a result of the adoption of SFAS 109, Adelphia recorded a cumulative effect of change in accounting principle by Olympus of $59.5 million. Adelphia also recorded an extraordinary loss of $14.4 million in 1993 for the early extinguishment of debt. Adelphia's net loss before the cumulative effect of change in accounting principle by Olympus and extraordinary loss was $102.9 million, or $6.80 per share, compared with a net loss of $121.6 million, or $8.80 per share, for the prior year, a decrease of 15.4 percent.
 The ratio of total long-term debt, net of cash and cash equivalents, over


annualized cash flow for the quarter ended March 31, 1993, was 8.22 to 1, compared with a ratio of 8.03 to 1 for the same period in the prior year.
 ADELPHIA COMMUNICATIONS CORPORATION AND SUBSIDIARIES
 Selected Financial Data
 (Dollars in thousands, except per share amounts)
 Income Statement Data
 Period Ended Three Months Year
 March 31 1993 1992 1993 1992
 Revenues(A) $79,302 $70,648 $305,222 $273,630
 Operating expenses:
 Direct operating and
 programming(B) 21,267 18,881 82,377 74,787
 Selling, general and
 administrative(B) 13,840 11,044 49,468 44,427
 Depreciation and
 amortization 24,261 22,634 90,406 84,817
 Total 59,368 52,559 222,251 204,031
 Operating income 19,934 18,089 82,971 69,599
 Other income (expense):
 Interest income from
 affiliates(A) 1,255 759 5,216 3,085
 Other income(A) 445 968 1,447 968
 Priority investment
 income(A) 5,575 5,575 22,300 22,300
 Interest expense (44,541) (39,332) (164,859) (164,839)
 Equity in net loss
 of Olympus joint
 venture before
 cumulative effect of
 change in accounting
 principle (10,532) (5,656) (46,841) (52,718)
 Total (47,798) (37,686) (182,737) (191,204)
 Income tax expense (3,143) -- (3,143) --
 Loss before extraordinary
 loss and cumulative
 effect of change in
 accounting principle (31,007) (19,597) (102,909) (121,605)
 Extraordinary loss -- -- (14,386) --
 Cumulative effect of
 change in accounting
 principle (59,500) -- (59,500) --
 Net loss (90,507) (19,597) (176,795) (121,605)
 Loss per weighted
 average share of
 common stock before
 ordinary loss and
 cumulative effect of
 change in accounting
 principle $(2.02) $(1.42) $(6.80) $(8.80)
 Net loss per weighted
 average share of common
 stock $(5.90) $(1.42) $(11.68) $(8.80)
 (A) Combined revenues and other income is comprised of the four items indicated with (A).
 (B) Cash flow is comprised of combined revenues and other income less the two items indicated with (B).
 Balance Sheet Data March 31
 1993 1992
 Cash and cash equivalents $38,671 $11,173
 Debt:
 Notes to bank and institutions 962,900 1,192,967
 16.5 percent senior discount
 notes due 1999 -- 250,000
 12.5 percent senior notes due 2003 400,000 --
 11-7/8 percent senior debentures
 due 2005 124,416 --
 9-7/8 percent senior debentures due
 2005 127,781 --
 13 percent senior subordinated notes
 due 1997 99,329 99,181
 Other debt 16,673 12,122
 Total debt 1,731,099 1,554,270
 Debt net of cash 1,692,428 1,543,097
 -0- 7/1/93
 /CONTACT: Timothy J. Rigas, senior vice president of Adelphia Communications, 814-274-9830/
 (ADLAC)


CO: Adelphia Communications Corporation ST: Pennsylvania IN: TLS SU: ERN

CD-KC -- PG003 -- 7789 07/01/93 13:48 EDT
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Date:Jul 1, 1993
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