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JACOR ANNOUNCES FINANCIAL RESULTS FOR THREE MONTHS AND NINE MONTHS ENDED SEPT. 30, 1991

                 JACOR ANNOUNCES FINANCIAL RESULTS FOR
           THREE MONTHS AND NINE MONTHS ENDED SEPT. 30, 1991
    CINCINNATI, Nov. 14 /PRNewswire/ -- Jacor Communications, Inc. (NASDAQ: JCORC) reported its financial results for the three months and nine months ended Sept. 30, 1991.
    For the three months ended Sept. 30, 1991, the company has operating income of $2,610,864, a decrease of 8.5 percent from that of the third quarter of 1990.  Operating income of $4,330,088 for the nine months ended Sept. 30, 1991, was up 14.4 percent in comparison to the same period in 1990.  The 1990 third quarter and 1990 year-to-date operating income, however, included non-cash charges of $678,000 and $1,596,000 resulting from the amortization of a non-compete agreement.  The decrease in net revenue and broadcast operating expenses for each period is a direct result of the sale of radio stations WMJI and WYHY (January 1991) and Eastman Radio, Inc. (August 1990).
    As a result of the station sales in January, the company reported net income per common share for the nine month period of 1991 of $.38, compared to a net loss of $1.11 per common share for the same period in 1990.  For the third quarter of 1991, the company reported a net loss of $.19 per common share compared to a loss of $.30 for the 1990 period.
    For the properties owned by the company for the entire third quarter and nine months of both 1991 and 1990, revenue increased slightly in the third quarter and for the nine month period, while operating income, after adjusting prior year periods for the non-cash charge, decreased slightly quarter-to-quarter and increased seven percent for the nine months.
    In commenting on the results, Jacor chairman, president and CEO Terry S. Jacobs said, "While the performance of those properties owned by the company for the entire first nine months of both 1991 and 1990 reflects slight improvement, we do not expect this to continue into the fourth quarter of 1991.  Because of current economic conditions, we do not anticipate an improvement in the advertising environment during the fourth quarter and, as a result, the outlook for the remainder of 1991 is unfavorable."
    Jacobs further reported that the company continues to evaluate new financing alternatives and is presently working with its financial advisors to develop a plan for refinancing its senior debt and various subordinated debt, which mature in 1992.
    Jacor Communications, Inc., headquartered in Cincinnati, currently owns 11 radio stations, a cable television system and the Georgia Network.  The company's stations are located in Atlanta, Cincinnati, Denver, Jacksonville, Fla., Knoxville, Tenn. and Tampa, Fla.
                  JACOR COMMUNICATIONS, INC. AND SUBSIDIARIES
                CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
          For the three and nine months ended Sept. 30, 1991 and 1990
                                  (UNAUDITED)
                                           Three Months Ended
                                              September 30,
                                           1991          1990
    Broadcast revenue                  $19,805,993   $23,983,843
      Less agency commissions            2,260,265     2,631,529
        Net revenue                     17,545,728    21,352,314
    Broadcast operating expenses        12,478,932    15,127,084
    Depreciation and amortization        1,804,049     2,659,482
    Corporate general and administrative
      expenses                             651,883       713,305
        Operating income                 2,610,864     2,852,443
    Interest expense                    (4,404,374)   (4,523,248)
    Restructuring expense                        0      (213,448)
    Other income, net                      122,784       121,043
      Income (loss) before income taxes
        and extraordinary item          (1,670,726)   (1,763,210)
    Income tax expense                           0    (1,080,000)
      Income (loss) before
        extraordinary item              (1,670,726)   (2,843,210)
    Net income (loss)                   (1,670,726)   (2,843,210)
    Income (loss) per common share:
      Before extraordinary item              ($.19)        ($.30)
        Net income (loss) per common share   ($.19)        ($.30)
    Number of common shares used in per
      share computations                 9,002,291     9,982,566
                                            Nine Months Ended
                                              September 30,
                                           1991          1990
    Broadcast revenue                  $54,323,066   $67,195,579
      Less agency commissions            6,256,212     7,265,853
        Net revenue                     48,066,854    59,929,726
    Broadcast operating expenses        36,314,913    45,734,986
    Depreciation and amortization        5,354,075     8,139,541
    Corporate general and administrative
      expenses                           2,067,778     2,269,576
        Operating income                 4,330,088     3,785,623
    Interest expense                   (12,683,597)  (13,346,104)
    Gain on sale of radio stations      13,013,527             0
    Restructuring expense                        0      (213,448)
    Other income, net                      139,616       341,152
      Income (loss) before income taxes
        and extraordinary item           4,799,634    (9,432,777)
    Income tax expense                  (3,600,000)   (1,080,000)
      Income (loss) before
        extraordinary item               1,199,634   (10,512,777)
    Extraordinary item                   2,520,000             0
    Net income (loss)                    3,719,634   (10,512,777)
    Income (loss) per common share:
      Before extraordinary item               $.11        ($1.11)
      Extraordinary item                      $.27             0
        Net income (loss) per common share    $.38        ($1.11)
    Number of common shares used in per
      share computations                 9,224,492     9,975,816
    -0-                      11/14/91 R
    /CONTACT:  R. Christopher Weber or Jon M. Berry, both of Jacor Communications, Inc., 513-621-1300/
    (JCORC) CO:  Jacor Communications, Inc. ST:  Ohio IN:  ENT SU:  ERN XX -- CL016 -- 4570 11/14/91 16:25 EST
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Publication:PR Newswire
Date:Nov 14, 1991
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