Printer Friendly

BET HOLDINGS REPORTS RECORD FIRST QUARTER RESULTS

 BET HOLDINGS REPORTS RECORD FIRST QUARTER RESULTS
 WASHINGTON, Dec. 16 /PRNewswire/ -- BET Holdings, Inc. (NYSE: BTV)


today reported increased revenues, operating income, net income and earnings per share for the first fiscal quarter ended Oct. 31, 1991. Results are as follows:
 BET HOLDINGS, INC.
 (In millions, except per share)
 First fiscal quarter
 ended Oct. 31: 1991 1990 Percent change
 Revenues $13.2 $11.6 14
 Operating income 4.3 4.0 8
 Net income 2.3 2.0 13
 Earnings per share $0.12 $0.11 9
 Weighted average number
 of shares outstanding 18.7 18.7
 Commenting on the company's performance, Robert L. Johnson, president and chief executive officer, said, "Our improved financial results reflect continued subscriber and advertiser support for BET's unique entertainment and information service. Our 14 percent revenue increase for the first quarter of fiscal 1992 resulted from higher subscription and advertising revenues. Subscriber fees rose 30 percent due to a subscriber base growth and an increase in monthly subscriber fees.
 "On the advertising front, the economic recession has taken its toll on many companies in the media and entertainment industries. Advertising industry experts predict that calendar 1991 advertising spending in major media will experience its first year-to-year decline since 1961. Despite this lackluster advertising environment, BET's advertising revenues rose 5 percent for 1992's first fiscal quarter.
 "Net income increased 13 percent to $2.3 million for the quarter ended Oct. 31, 1991, a $0.3 million gain from $2.0 million in the prior year's first quarter. Earnings per share were $0.12 versus $0.11, a 9 percent increase. Absent the loss of $0.5 million incurred by our subsidiary, Paige Publications, as a result of start-up costs associated with Young Sisters & Brothers, a new magazine for black teenagers, net income would have risen 37 percent to $2.8 million and earnings per share would have reached $0.15, a 36 percent gain.
 Johnson added, "Our strong balance sheet reflects our solid operating results and recent stock offering. On Nov. 6, 1991, we issued 2,102,500 shares of common stock through our initial public offering which provided approximately $33.6 million of net proceeds. We also received $2.5 million from the repayment of a note receivable from a shareholder and a $1.3 million capital contribution from the Great American Broadcasting Company and one of its subsidiaries. Less approximately $7.7 million used to retire subordinated promissory notes payable to stockholders and the balance outstanding on the revolving credit facility, we have invested the combined proceeds in preferred stock and short-term investments."
 BET Holdings, Inc. operates the Black Entertainment Television Network, the nation's first and only advertiser-supported basic cable network that specifically targets the viewing interests and concerns of black Americans. Cablecasting 24 hours per day, BET reaches 31.6 million subscribers in approximately 53 percent of all U.S. cable households. BET provides a broad mix of black-oriented programming either acquired or produced at the company's production facilities in Washington, and Burbank, Calif. Through BET's subsidiary, Paige Publications, Inc., the company publishes Young Sisters and Brothers, a general lifestyle magazine aimed at black teenagers. BET also owns a 27 percent interest in ECI, the publisher of Emerge, a black, general interest magazine. In addition, BET holds interests in a joint venture with United Image Entertainment, a production company which produces black-oriented programming, and Haricom, a black-owned advertising agency. BET Holdings Inc. is the first black majority-controlled company listed on the New York Stock Exchange.
 BET HOLDINGS, INC.
 Consolidated Statements of Income
 (Unaudited)
 Three months ended Oct. 31: 1991 1990
 Operating revenues
 Advertising $7,519,123 $7,168,687
 Subscriber 5,670,432 4,383,856
 Other 32,824 43,745
 Total 13,222,379 11,596,288
 Operating expenses
 Production and programming 4,986,669 4,082,713
 Marketing 1,779,785 1,476,277
 General and administrative 2,147,436 2,061,571
 Total 8,913,890 7,620,561
 Income from operations 4,308,489 3,975,727
 Nonoperating income (expense)
 Interest income 179,925 175,651
 Interest expense (337,649) (428,895)
 Equity in losses of unconsolidated
 affiliates (168,625) (130,331)
 Income before income taxes 3,982,140 3,592,152
 Income taxes 1,672,500 1,545,516
 Net income 2,309,640 2,046,636
 Net income per common share $.12 $.11
 Weighted average shares outstanding 18,749,800 18,749,800
 -0- 12/16/91
 /CONTACT: Robert L. Johnson, president and chief executive officer of BET Holdings, 202-337-7882, or Diana Brainerd or Christian Plunkett of The Abernathy/MacGregor Group, 212-371-5999, for BET Holdings/
 (BTV) CO: BET Holdings, Inc. ST: District of Columbia IN: ENT SU: ERN


TS -- NY007 -- 2665 12/16/91 06:01 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 16, 1991
Words:791
Previous Article:IPS HEALTH CARE ANNOUNCES QUARTERLY EARNINGS
Next Article:SNO COUNTRY REPORTS OFFICIAL SKI REPORT
Topics:


Related Articles
BET HOLDINGS CLARIFIES FEES
BET HOLDINGS REPORTS SECOND QUARTER RESULTS
BET HOLDINGS REPORTS SECOND QUARTER RESULTS; NET INCOME INCREASES 14 PERCENT ON REVENUE INCREASE OF 20 PERCENT
BET HOLDINGS, INC. REPORTS THIRD QUARTER RESULTS -- NET INCOME INCREASES 6 PERCENT ON REVENUE INCREASE OF 16 PERCENT
BET HOLDINGS, INC. REPORTS FIRST QUARTER RESULTS; NET INCOME INCREASES 31 PERCENT ON REVENUE INCREASE OF 37 PERCENT
BET HOLDINGS, INC. REPORTS SECOND QUARTER RESULTS -- NET INCOME INCREASED 28%, EARNINGS PER SHARE INCREASED 31% ON REVENUE INCREASE OF 33%
BET HOLDINGS, INC. REPORTS THIRD QUARTER RESULTS; REVENUE INCREASE OF 31%
BET HOLDINGS, INC. REPORTS 1ST QUARTER NET INCOME INCREASE OF 21% AND EARNINGS PER SHARE INCREASE OF 28%
BET HOLDINGS, INC. REPORTS 3RD QUARTER OPERATING INCOME INCREASE OF 59% AND NET INCOME INCREASE OF 78%
BET HOLDINGS, INC. REPORTS 1ST QUARTER NET INCOME INCREASE OF 25%

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters