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JONES SPACELINK REPORTS 1992 RESULTS; REVENUES INCREASE 34 PERCENT

 JONES SPACELINK REPORTS 1992 RESULTS;
 REVENUES INCREASE 34 PERCENT
 ENGLEWOOD, Colo., Sept. 10 /PRNewswire/ -- Jones Spacelink Ltd. (NASDAQ-NMS: SPLKA) and its consolidated subsidiaries, including Jones Intercable Inc. (NASDAQ-NMS: JOIN and JOINA), today reported a 34 percent increase in revenues for its fiscal year ended May 31, 1992. Revenues for fiscal 1992 increased $40.1 million from $118.6 million reported in fiscal 1991 to $158.7 million reported in fiscal 1992. The increase is primarily the result of partnership liquidation distributions of $26.8 million recognized by Jones Intercable during fiscal 1992. No such distributions were recognized during fiscal 1991. Disregarding the effect of these distributions, revenues would have increased $13.3 million, or 11 percent, for fiscal 1992 as compared to fiscal 1991.
 Operating income before depreciation and amortization for fiscal 1992 was $84.3 million, an increase of $32.2 million, or 62 percent, from the $52.1 million reported in fiscal 1991. Disregarding the effect of the partnership liquidation distributions recognized by Jones Intercable, operating income before depreciation and amortization would have increased 10 percent from $52.1 million reported in fiscal 1991 to $57.5 million reported in fiscal 1992.
 Operating, general and administrative expenses for fiscal 1992 totaled $74.4 million, an increase of $7.9 million, or 12 percent, from the $66.5 million reported in fiscal 1991. Increased expenses of Jones Intercable, primarily personnel costs, satellite fees and premium service fees, accounted for a majority of the increase.
 For the fiscal year ended May 31, 1991, minority interests in the net loss of consolidated subsidiaries of $30.4 million reflects primarily the elimination of the remaining shareholders' 76 percent interest in Jones Intercable's fiscal 1991 loss, less $7.2 million of additional Jones Intercable losses Jones Spacelink was required to recognize because of certain consolidation accounting principles. For fiscal 1992, minority interest in the net income of consolidated subsidiaries of $5.1 million reflects primarily the elimination of the remaining shareholders' 77 percent interest in Jones Intercable's fiscal 1992 net income, net of the $7.2 million of additional Jones Intercable losses Jones Spacelink was required to recognize in fiscal 1991 which were eliminated in fiscal 1992.
 Jones Spacelink recognized net income for fiscal 1992 of $8.9 million, or 12 cents per share, as compared to a net loss of $21.8 million, or 29 cents per share, recognized in fiscal 1991. The recognition of income in fiscal 1992 as compared to a loss in fiscal 1991 is 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 previously.
 On a separate basis, excluding 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 $27.4 million for fiscal 1992, an increase of $4.1 million, or 18 percent, over the revenues reported in the prior fiscal year. For the year ended May 31, 1992, subscriber service fees increased 10 percent, management fees increased 15 percent, revenues of Jones Futurex increased 84 percent and revenues of Jones Satellite Audio increased 81 percent. These increases were slightly offset by a 20 percent decrease in brokerage fees of The Jones Group, resulting in a net increase in revenues of 18 percent.
 On a separate basis, operating income before depreciation and amortization for fiscal 1992 was $8.7 million, an increase of $168,000, or 2 percent, from the $8.6 million reported in fiscal 1991. Disregarding the effect of certain marketing costs incurred by Jones Spacelink in connection with its offering of limited partnership interests and reduced brokerage fees of The Jones Group, which contribute significantly to operating cash flow, operating cash flow before depreciation and amortization would have increased 12 percent.
 Operating, general and administrative expenses for fiscal 1992 totaled $18.7 million, an increase of $3.9 million, or 27 percent, from the amount reported in fiscal 1991. The increase is the result of increased personnel and programming costs in the operation of cable television systems, increased costs of sales and services 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 $1.9 million, or 28 percent, from $6.7 million in fiscal 1991, to $4.8 million in fiscal 1992. The decrease is primarily the result of lower interest rates.
 Net loss decreased from $5.9 million, or 8 cents per share, reported for fiscal 1991 to $2.9 million, or 4 cents per share, reported for fiscal 1992.
 Fourth Quarter Results
 For the fourth quarter, Jones Spacelink and its consolidated subsidiaries, including Jones Intercable, reported a 7 percent increase in revenues. Consolidated revenues for the quarter increased from $32.1 million in fiscal 1991 to $34.4 million in fiscal 1992. The consolidated net loss for the fourth quarter of fiscal 1992 was $1.2 million, or 2 cents per share, compared to a net loss of $10.2 million, or 13 cents per share, in fiscal 1991. The decrease in the net loss is primarily the result of the fact that in the fourth quarter of fiscal 1991 Jones Spacelink was required to recognize $7.2 million of losses in excess of its 24 percent interest in Jones Intercable.
 On a separate basis, excluding Jones Intercable, Jones Spacelink and its consolidated subsidiaries reported an 18 percent increase in revenues for the fourth quarter of fiscal 1992. Revenues totaled $7.7 million for the fourth quarter of fiscal 1992, compared to $6.5 million in the like period of fiscal 1991. Net income for the fourth quarter of fiscal 1992 was $863,000, or 1 cent per share, compared to a net loss of $708,000, or 1 cent per share in the fourth quarter of fiscal 1991.
 In the fourth quarter of fiscal 1992, Jones Spacelink recognized as income $2,250,000 of liquidated damages when the buyer of Jones Spacelink's Panama City Beach, Fla., cable television system did not consummate the purchase of the system. As a result, Jones Spacelink recognized income in the fourth quarter of fiscal 1992, as compared to a loss for the similar period one year ago.
 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 properties through its subsidiary, The Jones Group Ltd.(R). Jones Spacelink is also 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
 (Including Jones Intercable Inc.)
 AUDITED FINANCIAL HIGHLIGHTS
 (Stated in thousands except per share data)
 For the May 31, May 31,
 Years Ended 1992 1991
 Revenues $ 158,693 $ 118,621
 Operating Income Before
 Depreciation and Amortization $ 84,298 $ 52,104
 Depreciation and Amortization $ 47,789 $ 47,341
 Interest Expense, Net of Interest
 Charged to Cable Systems
 Held for Resale $ 42,928 $ 46,795
 Minority Interest in
 Net (Income) Loss of
 Consolidated Subsidiaries $ (5,119) $ 30,376
 Net Income (Loss) $ 8,940 $ (21,776)
 Net Income (Loss) Per
 Common Share Before
 Extraordinary Items $ .11 $ (.32)
 Extraordinary Items $ .01 $ .03
 Net Loss Per Common Share $ .12 $ (.29)
 Weighted Average Number
 of Shares Outstanding 76,346 76,305
 Balance Sheet Data May 31, May 31,
 As of: 1992 1991
 Total Assets $ 426,843 $ 474,613
 Total Debt $ 364,297 $ 414,985
 Minority Interests in
 Consolidated Subsidiaries $ 15,840 $ 188
 Total Shareholder's
 Investment (Deficit) $ 8,998 $ (2,019)
 JONES SPACELINK LTD.
 (Excluding Jones Intercable Inc.)
 AUDITED FINANCIAL HIGHLIGHTS
 (Stated in thousands except per share data)
 For the May 31, May 31,
 Years Ended 1992 1991
 Revenues $ 27,418 $ 23,316
 Operating Income Before
 Depreciation and Amortization $ 8,744 $ 8,576
 Depreciation and Amortization $ 8,183 $ 7,651
 Interest Expense, Net of Interest
 Charged to Cable Systems
 Held for Resale $ 4,837 $ 6,753
 Net Loss $ (2,870) $ (5,880)
 Net Loss Per Common Share $ (.04) $ (.08)
 Weighted Average Number of
 Shares Outstanding 76,346 76,305
 JONES SPACELINK LTD.
 (Including Jones Intercable Inc.)
 UNAUDITED FINANCIAL HIGHLIGHTS
 (Stated in thousands except per share data)
 For the Three May 31, May 31,
 Months Ended 1992 1991
 Revenues $ 34,399 $ 32,107
 Operating Income Before
 Depreciation and Amortization $ 15,494 $ 14,916
 Depreciation and Amortization $ 11,610 $ 12,147
 Interest Expense, Net of Interest
 Charged to Cable Systems
 Held for Resale $ 9,721 $ 11,510
 Minority Interest in Net Loss of
 Consolidated Subsidiaries $ 2,455 $ 1,553
 Net Loss $ (1,234) $ (10,235)
 Net Loss Per Common Share $ (.02) $ (.13)
 Weighted Average Number of
 Shares Outstanding 76,346 76,305
 JONES SPACELINK LTD.
 (Excluding Jones Intercable Inc.)
 UNAUDITED FINANCIAL HIGHLIGHTS
 (Stated in thousands except per share data)
 For the Three May 31, May 31,
 Months Ended 1992 1991
 Revenues $ 7,725 $ 6,543
 Operating Income Before
 Depreciation and Amortization $ 2,708 $ 2,963
 Depreciation and Amortization $ 2,070 $ 2,018
 Interest Expense $ 1,026 $ 1,520
 Net Income (Loss) $ 863 $ (708)
 Net Income (Loss) Per
 Common Share $ .01 $ (.01)
 Weighted Average Number of
 Shares Outstanding 76,346 76,305
 -0- 9/10/92
 /CONTACT: Carl E. Vogel or Jay Lewis both of Jones Spacelink, 303-792-9191/
 (SPLKA JOIN) CO: Jones Spacelink Ltd.; Jones Intercable Inc. ST: Colorado IN: TLS SU: ERN


MC -- DV004 -- 7934 09/10/92 10:53 EDT
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