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CARLTON COMMUNICATIONS ANNOUNCES INTERIM RESULTS FOR THE SIX MONTHS ENDED MARCH 31, 1992

 CARLTON COMMUNICATIONS ANNOUNCES INTERIM RESULTS
 FOR THE SIX MONTHS ENDED MARCH 31, 1992
 NEW YORK, May 27 /PRNewswire/ -- Carlton Communications Plc (NASDAQ: CCTVY) today announced the following interim results for the six months ended March 31, 1992:
 -- Net sales up 13 percent
 -- Trading profits up 13 percent
 -- Pre-tax profits up 7 percent
 -- Earnings per ADR up 11 percent
 -- Dividend per ADR up 10 percent
 -- Net cash $254 million (146 million pounds sterling)
 -- Sir Derek Birkin joins board as non-executive director
 The following is a statement by the chairman of Carlton Communications Plc, Michael Green:
 "Carlton has made good progress in the six months to March 31, 1992. Net sales, including share of associates, have increased by 13 percent to $564.4 million (324.7 million pounds) |1991: $498.4 million (286.8 million pounds)~, profits before tax have increased by 7 percent to $85.9 million (49.4 million pounds) |1991: $80.4 million (46.3 million pounds)~ and earnings per ADR improved 11 percent to $0.59 (EPS: 16.85p) |1991: $0.53 (15.13p.)~. The interim dividend per ADR is being increased by 10 percent to $0.23 net (1991: $0.21), reflecting a cautious reaction to a welcome recovery in our main markets.
 "The period under review saw uncertain and demanding economic conditions which our companies confronted successfully. Video cassette production in particular continued to build on the growth experienced in the second half of last year. Television and Film Services posted good results and sales in the Video and Sound Products Division have begun to recover. We acquired Pickwick Group plc on March 18 although no figures have been consolidated during this period.
 "Carlton remains financially strong. At March 31, Carlton had no gearing and had net cash of $254 million (146 million pounds) (excluding Pickwick's indebtedness.) Investment in working capital, mainly debtors and stock, has increased as trading has improved. Investment in Broadcast Television in the period has totalled $12 million (7 million pounds), which includes our investment in GMTV (previously Sunrise), and net cash inflow from operations was $52.3 million (30.1 million pounds).
 Video and Audio Production and Distribution
 Net sales $195.2M (112.3M pounds) |1991:$138.6M (79.7M pounds)~
 Profit bef. tax $35.4M (20.4M pounds) |1991: 21.7M (12.5M pounds)~
 "Turnover and profit continued to increase in this half year showing further improvements on the second half of 1991 and significant improvements over the comparable period last year. The recent trend towards advance announcement of "sell-through" releases by the major Hollywood studios will assist Technicolor in its forward planning. We expect growth to continue through the second half of this year. Good progress has been made on obtaining new customers, especially in Europe. This is a direct result of the division's high service content, which now includes distribution, and attention to quality control.
 Video and Sound Products
 Net sales $107.2M (61.7M pounds) |1991: $109.3M (62.9M pounds)~
 Profit bef. tax $13.9M (8.0M pounds) |1991: $15.9M (9.2M pounds)~
 "Profits and turnover are up substantially from the previous six months, although down on the comparable period last year. The market continues to be difficult but Quantel, Abekas and SSL have all announced new products in the past few months which have met with critical acclaim and more importantly, orders. Quantel's concurrent editor, Henry, was extremely well received at the industry's NAB show in Las Vegas in March, even overshadowing their other new product, Hal. SSL unveiled its new digital post-production mixing system, the Scenaria, and Abekas revealed full details of its new A57 digital special effects system.
 "We are hopeful that this period of improvement will continue for the rest of the year. Investment in research and development continues at a high level.
 Television and Film Services
 Net sales $184.2M (106.0M pounds) |1991: $169.6M (97.6M pounds)~
 Profit bef. tax $23.8M (13.7M pounds) |1991: $23.6M (13.6M pounds)~
 "Film processing has shown respectable growth from its existing client base. High grossing releases such as 'Beauty and the Beast,' 'Bugsy,' 'Hook,' and 'JFK,' continue to demonstrate the resilience of the cinema industry to economic conditions. Margins have been maintained and we have improved our efficiency by reducing our cost base even further.
 "The facilities market remains difficult although post-production for advertising has improved appreciably. The program post-production market is flat although we are confident of the prospects for this marketplace in advance of the new ITV network in 1993.
 Broadcast Television
 "Although not broadcasting until Jan. 1, 1993. Carlton Television is already making its presence felt in the new network. Commissioning is well under way and for the first phase of 1993, Carlton has already secured commissions for 11 series covering drama, light entertainment, factual and children's television. London regional programming is taking shape and the London News Network, our joint venture with LWT, is progressing well. The joint venture's transmission suite will also serve GMTV, in which we have a 20 percent stake.
 "We have effected an exchange of directorships with our 20 percent owned affiliate, Central Independent Television plc, in which Nigel Walmsley will join me on the Central board, and we welcome Andy Allen of Central who will bring his considerable broadcasting experience to the Carlton Television board.
 "Towards the end of March, we acquired Pickwick Group plc. Pickwick distributes its own label audio and video products and carries out video distribution for third parties such as BBC Enterprises. It has distribution operations in the U.K., Continental Europe and Australia and in particular will provide Carlton with a base from which it can take advantage of the fast growing European 'sell-through' market. We look forward to a positive contribution from Pickwick and welcome them to our group.
 "The board of Carlton Communications is well aware of the importance and benefit of good non-executive directors. I am, therefore, delighted to announce that Sir Derek Birkin, chairman of RTZ, has agreed to become a non-executive director from June 1, 1992. Among a variety of outside interests, he is a non-executive director of Barclays Bank.
 "In conclusion, it has been a good six months for Carlton in which all our divisions made progress. We remain cautious during unpredictable conditions, but look forward to the second half of this year with optimism based on our companies performance to date."
 CARLTON COMMUNICATIONS PLC
 Interim Results
 (Unaudited, consolidated, in thousands of US$(A)
 except per share amounts)
 Six months ended March 31: 1992 1991
 Net sales including associates $564,372 $498,403
 Net sales excluding associates 505,217 438,402
 Trading profit 68,253 60,363
 Net interest income 11,182 15,875
 Share of associates, and other 6,424 4,183
 Profit before taxation 85,859 80,421
 Taxation(B) 22,323 22,518
 Profit after tax before the following: 63,536 57,903
 Minority interests 104 --
 Extraordinary item(C) 2,525 8,798
 Net profit 60,907 49,105
 Dividend paid on preference shares 9,321 9,321
 Profit attributable to holders of
 ordinary shares 51,586 39,784
 Interim dividend(D) 23,011 19,587
 Earnings per ADR(E) $0.586 $0.526
 Earnings per share $0.293 $0.263
 Dividend per ADR (net) $0.233 $0.212
 Dividend per share (net) $0.116 $0.106
 (A) -- The company publishes its consolidated financial information in English pounds sterling. Solely for convenience, this consolidated financial information reflects a translation of the group's consolidated income statement using $1.738 equals 1 pound, the rate in effect on March 31, 1992.
 (B) -- Taxation is calculated at 26 percent (1991 -- 28 percent) being the estimated tax rate for the year.
 (C) -- This represents the company's share of the extraordinary charges of its associate Central Independent Television plc .
 (D) -- The interim dividend will be paid on Aug. 26, 1992 to holders of ordinary shares on the register on July 23, 1992. It includes amounts to be paid on shares issued in connection with the acquisition of Pickwick Group plc (Pickwick).
 (E) -- The calculation of earnings per ordinary share has been based on 184,780,107 shares in issue being the weighted average number of ordinary shares in issue throughout the period. One ADR represents two ordinary shares.
 (F) -- The financial effects of the acquisition of Pickwick (acquired in a share exchange on March 18, 1992) have been excluded from the 1992 interim results; they will be dealt with within the full year results of the group.
 -0- 5/27/92
 /CONTACT: Michael Green, or Gary Lane of Carlton Communications, in London, 011-44-71-499-8050, or Broadgate Consultants, 212-229-2222, for Carlton Communications/
 (CCTVY) CO: Carlton Communications Plc ST: IN: ENT SU: ERN


TS-AH -- NY004 -- 4094 05/27/92 09:02 EDT
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