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GREAT AMERICAN COMMUNICATIONS COMPANY ANNOUNCES SECOND QUARTER RESULTS

 GREAT AMERICAN COMMUNICATIONS COMPANY ANNOUNCES
 SECOND QUARTER RESULTS
 CINCINNATI, Aug. 10 /PRNewswire/ -- Great American Communications Company (NASDAQ: GACC) today reported financial results for its second quarter and six months ended June 30, 1992. Net revenues for the second quarter rose slightly to $59.3 million from $57.7 million a year ago. The loss from continuing operations was approximately $17 million or $.30 per share as compared to $19.4 million or $.45 per share in the second quarter of last year. The decrease in the loss was due primarily to a reduction in interest expense resulting from refinancing transactions completed in 1991 and decreases in interest rates. The net loss for the quarter was $14.6 million or $.26 per share versus a loss of $18.4 million or $.42 per share in the second quarter of 1991.
 Net revenues for the first half of 1992 were $106.7 million as compared to $103.3 million for the first half of 1991. The loss from continuing operations was approximately $44.2 million or $.78 per share as compared to a loss of $55.1 million in the first half of 1991; again the decrease in the loss was attributable to reduced interest expense. The net loss for the first half of 1992 was $41.8 million or $.74 per share. Net earnings in the 1991 period of $16.5 million or $.42 per share included $71.7 million of one-time gains from refinancing transactions net of losses on discontinued operations.
 Operating income before depreciation and amortization for the first six months of 1992 was $28.4 million as compared to $30.4 million for the first half of 1991. The change is due primarily to the effects of the sale of radio stations in Indianapolis and Pittsburgh in January 1992 and the purchase of WGHP-TV in December 1991. Excluding the effects of these transactions, operating income decreased from $27.2 million in the first half of 1991 to $26.8 million in the first half of 1992.
 GACC continues to negotiate with its major creditors over the terms of a restructuring plan which calls for a reduction in total indebtedness, and extension of maturities, lower interest rates and reduced cash dividend and interest payments. No agreement on a plan, however, has yet been reached and there is no assurance that the parties will agree in the near future. Without a timely implementation of a restructuring, GACC's financial condition and prospects would be materially and adversely affected as operating cash flow is not expected to support principal and interest payments due in December 1992 or in the first quarter of 1993 and beyond.
 GACC and its subsidiaries own and operate six network affiliated television stations and 11 FM and six AM radio stations throughout the country. GACC's common stock trades over-the-counter under the symbol GACC.
 GREAT AMERICAN COMMUNICATIONS COMPANY
 CONSOLIDATED STATEMENT OF OPERATIONS
 (In thousands, except per share amounts)
 Three Months Ended
 June 30,
 1992 1991(A)
 Net revenues:
 Broadcasting $ 54,942 $ 53,927
 Other 4,404 3,770
 Total 59,346 57,697
 Costs and expenses:
 Operating expenses 23,309 21,024
 Selling, general and administrative 17,364 15,931
 Total 40,673 36,955
 Operating income before depreciation
 and amortization 18,673 20,742
 Depreciation and amortization 10,512 10,909
 Operating income 8,161 9,833
 Other income (expense):
 Interest expense (17,949) (22,478)
 Minority interest (7,525) (7,230)
 Investment income 435 845
 Miscellaneous, net (120) (346)
 Provision for Federal income taxes --- ---
 Total (25,159) (29,209)
 Loss from continuing operations (16,998) (19,376)
 Discontinued Operations (B) 1,600 (6,045)
 Loss before extraordinary items (15,398) (25,421)
 Extraordinary items (C) 800 7,071
 Net Earnings (Loss) (14,598) (18,350)
 PER SHARE DATA
 (Primary and Fully Diluted):
 Loss from continuing operations ($.30) ($.45)
 Loss before extraordinary items (.27) (.58)
 Net earnings (loss) (.26) (.42)
 Average common shares 56,729 43,481
 Six Months Ended
 June 30,
 1992 1991(A)
 Net revenues:
 Broadcasting $ 97,772 $ 95,262
 Other 8,964 8,044
 Total 106,736 103,306
 Costs and expenses:
 Operating expenses 44,077 39,304
 Selling, general and administrative 34,307 33,590
 Total 78,384 72,894
 Operating income before depreciation
 and amortization 28,352 30,412
 Depreciation and amortization 21,640 21,814
 Operating income 6,712 8,598
 Other income (expense):
 Interest expense (36,245) (47,088)
 Minority interest (14,868) (14,403)
 Investment income 1,078 946
 Miscellaneous, net (338) (3,197)
 Provision for Federal income taxes (500) ---
 Total (50,873) (63,742)
 Loss from continuing operations (44,161) (55,144)
 Discontinued Operations (B) 1,600 (31,828)
 Loss before extraordinary items (42,561) (86,972)
 Extraordinary items (C) 800 103,510
 Net Earnings (Loss) (41,761) 16,538
 PER SHARE DATA
 (Primary and Fully Diluted):
 Loss from continuing operations ($.78) ($1.39)
 Loss before extraordinary items (.75) (2.20)
 Net earnings (loss) (.74) .42
 Average common shares 56,729 39,573
 Note (A) -- Results for 1991 have been restated to reflect the results of GACC's Entertainment Group as discontinued operations. GACC sold its entertainment businesses and operations during 1991.
 Note (B) -- Discontinued operations includes a $17.2 million loss on sale of GACC's investment in Spelling common and preferred stock, which was sold in May 1991. GACC recognized a $1.6 million after-tax gain in June 1992 related to the sale of Mid-Continent Casualty Company in 1989.
 Note (C) -- Extraordinary items represent the utilization of net operating loss carryforwards in 1992 and a net gain from the refinancing of long-term debt during 1991.
 -0- 8/10/92
 /CONTACT: Sandra Heimann of Great American Communications Company, 513-579-2177/
 (GACC) CO: Great American Communications Company ST: Ohio IN: ENT SU: ERN


KK -- CL008 -- 8480 08/10/92 11:29 EDT
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