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JONES SPACELINK LTD. REPORTS THIRD QUARTER RESULTS; REVENUES INCREASE 102 PERCENT

 JONES SPACELINK LTD. REPORTS THIRD QUARTER RESULTS;
 REVENUES INCREASE 102 PERCENT
 ENGLEWOOD, Colo., April 20 /PRNewswire/ -- Jones Spacelink Ltd. (NASDAQ: SPLKA) and its consolidated subsidiaries, including Jones Intercable Inc., (NASDAQ/NMS: JOIN and JOINA) today reported a 102 percent increase in total revenues for its third quarter of fiscal 1992. Total revenues for the third quarter ended Feb. 29, 1992 increased $30.5 million from $30.0 million reported in fiscal 1991 to $60.5 million reported in fiscal 1992. For the nine months ended Feb. 29, 1992 total revenues increased $37.8 million, or 44 percent, from $86.5 million in the first nine months of fiscal 1991 to $124.3 million reported in the first nine months of fiscal 1992. These increases are primarily the result of partnership liquidation distributions of $26.8 million recognized by Jones Intercable during the third quarter of fiscal 1992. No such partnership liquidation distributions were recognized during the first nine months of fiscal 1991. Disregarding the effect of these partnership liquidation distributions, total revenues would have increased $3.8 million, or 13 percent, and $11.0 million, or 13 percent, for the three and nine months ended Feb. 29, 1992, as compared to the similar periods in the prior year.
 Operating income before depreciation and amortization for the third quarter of fiscal 1992 was $41.4 million, an increase of $29.0 million or 234 percent, from the $12.4 million reported in the similar period one year ago. For the nine months ended Feb. 29, 1992, operating income before depreciation and amortization increased by $31.6 million, or 85 percent, from $37.2 million reported during the first nine months of fiscal 1991 to $68.8 million reported in the first nine months of fiscal 1992. These increases are primarily the result of the partnership liquidation distributions recognized by Jones Intercable during the third quarter of fiscal 1992. However, the sale of Jones Intercable's Onalaska system had a negative effect on the increase in operating income before depreciation and amortization. Disregarding the effect of the partnership liquidation distributions and the sale of the Onalaska system by Jones Intercable, operating income before depreciation and amortization would have increased 19 percent and 13 percent, respectively, for the three and nine months ended Feb. 29, 1992 from $12.4 million and $37.2 million reported in fiscal 1991 to $14.8 million and $42.1 million reported in fiscal 1992, respectively.
 Operating, general and administrative expenses for the third quarter of fiscal 1992 totalled $19.2 million, an increase of $1.7 million, or nine percent, from the $17.5 million reported in the third quarter of fiscal 1991. For the nine months ended Feb. 29, 1992, these expenses totalled $55.5 million, an increase of $6.2 million, or 12 percent, from the $49.3 million reported for the nine months ended Feb. 28, 1991. Increased expenses of Jones Intercable, primarily satellite fees and premium service fees, accounted for a majority of the three and nine month increases.
 For the three and nine months ended Feb. 28, 1991, minority interests in the net losses of consolidated subsidiaries, which totalled $12.6 million and $28.8 million, respectively, reflect primarily the elimination of the remaining shareholders' 76 percent interest in Jones Intercable's net losses. Because of certain consolidation accounting principles, beginning in the fourth quarter of fiscal 1991 through the second quarter of fiscal 1992, Jones Spacelink's consolidated results of operations reflected all of Jones Intercable's net losses, which losses exceeded Spacelink's then 24 percent economic interest in Intercable by $22.4 million. During the third quarter of fiscal 1992, Jones Intercable reported net income for the three and nine months ended Feb. 29, 1992, and at Feb. 29, 1992 reported positive shareholder's equity. This allowed Jones Spacelink, for consolidation accounting purposes, to reduce the minority interests in the net income of consolidated subsidiaries by the $22.4 million of losses which were not previously eliminated. As a result, for the three and nine months ended Feb. 29, 1992, Spacelink reported minority interests in the net income of consolidated subsidiaries of $7.7 million and $7.6 million, respectively, which represents primarily the elimination of the remaining shareholders' 77 percent interest in Jones Intercable's net income less the $22.4 million of losses which were not previously eliminated.
 Jones Spacelink recognized net income for the three and nine months ended Feb. 29, 1992 of $33.0 million, or 43 cents per share, and $10.2 million, or 13 cents per share, respectively, as compared to net losses of $4.2 million, or 6 cents per share, and $11.5 million, or 15 cents per share, recognized during the similar periods in fiscal 1991.
 These differences are the result of the recognition of $26.8 million of partnership liquidation distributions by Jones Intercable, the recognition of $29.9 million of gains on the liquidation of Jones Intercable's 20 percent interest in Jones Crown Partners and the sale of its Onalaska, Wis. cable television system in December 1991, and the changes in minority interests in consolidated subsidiaries as described above.
 RESULTS OF JONES SPACELINK EXCLUDING JONES INTERCABLE
 On a separate basis, which excludes Jones Intercable, Jones Spacelink and its consolidated subsidiaries derive their revenues from five primary sources: subscriber service fees from Jones Spacelink- owned cable television systems, management fees from Jones Spacelink- managed limited partnerships, brokerage fees earned by The Jones Group Ltd. on the acquisition and sale of cable television properties, sales by Jones Futurex Inc. of data security products and from contract manufacturing services, and sales by Jones Satellite Audio of a variety of audio programming to radio stations.
 Jones Spacelink and its consolidated subsidiaries, excluding Jones Intercable, reported revenues of $7.5 million for the third quarter of fiscal 1992, an increase of $1.6 million, or 27 percent, over the revenues reported for the similar period in the prior fiscal year. For the nine months ended Feb. 29, 1992 total revenues increased by $2.9 million, or 17 percent, from $16.8 million in the first nine months of fiscal 1991 to $19.7 million reported in the first nine months of fiscal 1992. Jones Spacelink achieved impressive revenue growth in all of its businesses for the three months ended Feb. 29, 1992: subscriber service fees increased 9 percent, management fees increased 13 percent, brokerage fees of The Jones Group increased 337 percent, revenues of Jones Futurex increased 41 percent and revenues of Jones Satellite Audio increased 69 percent. For the nine months ended Feb. 29, 1992, subscriber service fees increased 10 percent, management fees increased 13 percent, revenues of Jones Futurex increased 59 percent and revenues of Jones Satellite Audio increased 77 percent. These increases were slightly offset by a 1 percent decrease in brokerage fees of The Jones Group, resulting in a net increase in revenues of 17 percent.
 On a separate basis, operating income before depreciation and amortization for the third quarter of fiscal 1992 was $2.5 million, an increase of $1.0 million, or 62 percent, from the $1.5 million reported in the similar period one year ago. For the nine months ended Feb. 29, 1992, operating income before depreciation and amortization increased by $423,000, or 8 percent, from $5.6 million reported during the first nine months of fiscal 1991 to $6.0 million reported in the first nine months of fiscal 1992.
 Operating, general and administrative expenses for the third quarter of fiscal 1992 totalled $5.0 million, an increase of $700,000, or 15 percent, from the amount reported in the third quarter of fiscal 1991. For the nine months ended Feb. 29, 1992 these expenses totalled $13.7 million, an increase of $2.5 million, or 22 percent, from the amount reported in the first nine months of fiscal 1991. These increases for both the three and nine month periods are the result of increased personnel and programming costs in the operation of cable television systems, increased costs of sales of Jones Futurex and increased sales, programming and administrative costs of Jones Satellite Audio.
 Interest expense, net of amounts charged to cable television systems held for resale, decreased $630,000, or 36 percent, and $1.4 million, or 27 percent, for the three and nine months ended Feb. 29, 1992, from $1.7 million and $5.2 million, reported in fiscal 1991, to $1.1 million and $3.8 million reported in fiscal 1992, respectively. These decreases are primarily the result of lower interest rates charged on Jones Spacelink's interest-bearing debt.
 Net loss decreased from $2.0 million, or 3 cents per share, reported for the third quarter of fiscal 1991 to $1.0 million, or 1 cent per share, reported for the third quarter of fiscal 1992. For the nine months ended Feb. 28, 1991, net loss was $5.2 million, or 7 cents per share, as compared to $3.7 million, or 5 cents per share, for the nine months ended Feb. 29, 1992.
 Jones Spacelink and its consolidated subsidiaries, including Jones Intercable, are primarily in the cable television business. Additionally, Jones Spacelink is in the business of brokering the purchase and sale of cable television systems or interests therein through its subsidiary, The Jones Group, Ltd.(R) Further, Jones Spacelink is involved in both video and audio programming through two affiliates: Jones Galactic Radio(R) Inc. and Mind Extension University(R) (ME/U): The Education Network(TM). Jones Galactic Radio provides high-quality transmission of a number of radio formats and services to radio stations and cable television systems. ME/U is a 24-hour-a-day basic cable television network devoted solely to distance education. Jones Spacelink is also involved in the personal computer security industry through its subsidiary, Jones Futurex(R) Inc.
 For more detailed information, contact the Investor Relations department of Jones Spacelink Ltd., at 303-792-9191 or write Jones Spacelink Ltd., 9697 E. Mineral Avenue, P.O. Box 3309, Englewood, CO 80155-3309.
 JONES SPACELINK LTD. AND SUBSIDIARIES
 UNAUDITED FINANCIAL HIGHLIGHTS
 (Including Jones Intercable Inc.)
 For The Three Months Ended Percent
 Feb. 29, Feb. 28, Increase
 1992 1991 (Decrease)
 (In thousands except per share data)
 Revenues $60,531 $29,964 102
 Operating, general
 and administrative expenses (19,161) (17,531) 9
 Operating income before
 depreciation and
 amortization 41,370 12,433 233
 Depreciation and
 amortization (11,568) (11,711) (1)
 Interest expense, net of
 interest charged to cable
 television systems held
 for resale (10,476) (11,861) (12)
 Gain on sale of assets 29,933 --- N/A
 Minority interests in net
 (income) losses of
 consolidated subsidiaries (7,665) 12,636 (161)
 Net income (loss) $33,026 $4,207 885
 Per share data:
 Income (loss) before
 extraordinary items $0.40 ($0.08) 600
 Effect of extraordinary items $0.03 $0.02 50
 Net income (loss) $0.43 ($0.06) 817
 Weighted average number
 of shares outstanding 76,355 76,305 ---
 JONES SPACELINK LTD. AND SUBSIDIARIES
 UNAUDITED FINANCIAL HIGHLIGHTS
 (Including Jones Intercable Inc.)
 For The Nine Months Ended Percent
 Feb. 29, Feb. 28, Increase
 1992 1991 (Decrease)
 (In thousands except per share data)
 Revenues $124,294 $86,514 44
 Operating, general
 and administrative expenses (55,490) (49,326) 12
 Operating income before
 depreciation and
 amortization 68,804 37,188 85
 Depreciation and
 amortization (36,179) (35,194) 3
 Interest expense, net of
 interest charged to cable
 television systems held
 for resale (33,207) (35,285) (6)
 Gain on sale of assets 29,933 --- N/A
 Minority interests in net
 (income) losses of
 consolidated subsidiaries (7,574) 28,823 (126)
 Net income (loss) $10,174 $(11,541) 188
 Per share data:
 Income (loss) before
 extraordinary items $0.10 ($0.19) 153
 Effect of extraordinary items $0.03 $0.04 (25)
 Net income (loss) $0.13 ($0.15) 187
 Weighted average number
 of shares outstanding 76,344 76,305 ---
 Balance Sheet Data As of: Feb. 29, May 31,
 1992 1991
 (In thousands)
 Total assets $465,309 $474,613
 Total debt $391,607 $414,985
 Total shareholders'
 equity (Deficit) $9,804 ($2,019)
 JONES SPACELINK LTD.
 UNAUDITED FINANCIAL HIGHLIGHTS
 (Excluding Jones Intercable Inc.)
 For The Three Months Ended Percent
 Feb. 29, Feb. 28, Increase
 1992 1991 (Decrease)
 (In thousands except per share data)
 Revenues $7,497 $5,884 27
 Operating, general
 and administrative expenses (5,014) (4,352) 15
 Operating income before
 depreciation and
 amortization 2,483 1,532 62
 Depreciation and
 amortization (2,042) (1,845) 11
 Net loss $(977) $(1,977) (51)
 Net loss per share $(0.01) $(0.03) (67)
 Weighted average number
 shares outstanding 76,355 76,305 ---
 JONES SPACELINK LTD.
 UNAUDITED FINANCIAL HIGHLIGHTS
 (Excluding Jones Intercable Inc.)
 For The Nine Months Ended Percent
 Feb. 29, Feb. 28, Increase
 1992 1991 (Decrease)
 (In thousands except per share data)
 Revenues $19,693 $16,773 17
 Operating, general
 and administrative expenses $(13,657) $(11,160) 22
 Operating income before
 depreciation and
 amortization 6,036 5,613 8
 Depreciation and
 amortization (6,113) (5,633) 9
 Net loss $(3,733) $(5,172) (28)
 Net loss per share $(0.05) $(0.07) (29)
 Weighted average number of
 shares outstanding 76,338 76,305 ---
 -0- 4/20/92
 /CONTACT: Jay B. Lewis or Nancy Reed Long both of Jones Spacelink, 303-792-9191/
 (SPLKA JOIN) CO: Jones Spacelink Ltd.; Jones Intercable Inc. ST: Colorado IN: TLS SU: ERN


MC -- DV003 -- 9958 04/20/92 10:39 EDT
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