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JONES SPACELINK REPORTS 1993 RESULTS

 ENGLEWOOD, Colo., Sept. 3 /PRNewswire/ -- Jones Spacelink Ltd. (NASDAQ-NMS: SPLKA) and its consolidated subsidiaries, including Jones Intercable Inc., (NASDAQ-NMS: JOIN and JOINA) today reported an increase in revenues from subscriber service fees and management fees of $20.8 million, or 17 percent, for the year ended May 31, 1993 as compared to the prior fiscal year. Total revenues for fiscal 1993 decreased $4.1 million from $158.7 million reported in fiscal 1992 to $154.6 million reported in fiscal 1993. The decrease was due to the recognition of a $26.8 million liquidation distribution by Jones Intercable in fiscal 1992. No such distribution was recognized during fiscal 1993. Disregarding the effect of this distribution, revenues would have increased $22.7 million, or 17 percent, for fiscal 1993 as compared to fiscal 1992.
 Operating income before depreciation and amortization for fiscal 1993 was $61.3 million, a decrease of $23.0 million, or 27 percent, from the $84.3 million reported in fiscal 1992. Disregarding the effect of the partnership liquidation distribution recognized by Jones Intercable in fiscal 1992, operating income before depreciation and amortization would have increased 7 percent from $57.5 million reported in fiscal 1992 to $61.3 million reported in fiscal 1993.
 Operating, general and administrative expenses for fiscal 1993 totaled $93.3 million, an increase of $18.9 million, or 25 percent, from the $74.4 million reported in fiscal 1992. Increased expenses of Jones Intercable, primarily personnel costs, satellite fees and premium service fees and marketing related expenses, accounted for a majority of the increase.
 For the fiscal year ended May 31, 1993, minority interests in the net loss of consolidated subsidiaries of $31.8 million reflects primarily the elimination of the remaining shareholders' 83 percent interest in Jones Intercable's fiscal 1993 loss. Because of certain consolidation accounting principles and because Jones Intercable recognized income in fiscal 1992, minority interests in the net income of consolidated subsidiaries totaled $5.1 million.
 Jones Spacelink recognized a net loss for fiscal 1993 of $13.4 million, or 17 cents per share, as compared to net income of $8.9 million, or 12 cents per share, recognized in fiscal 1992. The recognition of a net loss in fiscal 1993 as compared to net income in fiscal 1992 is primarily the result of the recognition of a $26.8 million liquidation distribution by Jones Intercable as described above.
 Based on the company's assessment of the Federal Communication Commission's rulemakings concerning rate regulation under the Cable Television Consumer Protection and Competition Act of 1992, the company believes that the new benchmark rate regulations will require Jones Spacelink and Jones Intercable to reduce rates charged for certain regulated services. On an annualized basis, such regulation, with which the company will comply, will result in an estimated reduction in revenue of approximately $6.8 million, or 4.6 percent, and a decrease in operating income before depreciation and amortization of approximately $6.5 million, or 9 percent. Based on the foregoing, the company believes that the new rate regulations, when implemented, will adversely affect its revenues and operating income before depreciation and amortization. The company plans to mitigate a portion of these reductions primarily through (a) new service offerings, (b) product re-marketing and re-packaging and (c) targeted non-subscriber acquisition marketing.
 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, sales by Jones Futurex Inc. of data security products and electronics manufacturing services, sales by Jones Satellite Networks of a variety of audio programming to radio stations, and brokerage fees earned by The Jones Group Ltd. on the acquisition and sale of cable television properties.
 Jones Spacelink and its consolidated subsidiaries, excluding Jones Intercable, reported revenues of $33.5 million for fiscal 1993, an increase of $6.1 million, or 22 percent, over the revenues reported in the prior fiscal year. For the year ended May 31, 1993, subscriber service fees increased 11 percent, management fees increased 28 percent, revenues of Jones Futurex increased 10 percent, revenues of Jones Satellite Networks increased 35 percent and brokerage fees of The Jones Group increased 112 percent.
 On a separate basis, operating income before depreciation and amortization for fiscal 1993 was $11.5 million, an increase of $2.8 million, or 32 percent, from the $8.7 million reported in fiscal 1992.
 Operating, general and administrative expenses for fiscal 1993 totaled $21.9 million, an increase of $3.2 million, or 17 percent, from the amount reported in fiscal 1992. The increase is the result of increased programming costs, plant related costs and advertising related costs in the operation of cable television systems, increased costs of sales and services, marketing expenses and technical customer support of Jones Futurex and increased sales, programming and administrative costs of Jones Satellite Networks.
 Interest expense, net of amounts charged to cable television systems held for resale, decreased $1.2 million, or 25 percent, from $4.8 million in fiscal 1992, to $3.6 million in fiscal 1993. The decrease is primarily the result of lower interest rates.
 Net loss decreased from $2.9 million, or 4 cents per share, reported for fiscal 1992 to $1.1 million, or 1 cent per share, reported for fiscal 1993.
 The aforementioned rate reregulation, on an annualized basis, will result in an estimated reduction in subscriber service fees and management fees of approximately $1.3 million, or 5.4 percent, and a decrease in operating income before depreciation and amortization of approximately $1.3 million, or 10 percent.
 Fourth Quarter Results
 For the fourth quarter, Jones Spacelink and its consolidated subsidiaries, including Jones Intercable, reported a 22 percent increase in revenues. Revenues for the quarter increased from $34.4 million in fiscal 1992 to $41.9 million in fiscal 1993. The net loss for the fourth quarter of fiscal 1993 was $5.6 million, or 7 cents per share, compared to a net loss of $1.2 million, or 2 cents per share, in fiscal 1992. The increase in the net loss is primarily the result of a loss of $5.5 million on the sale by Jones Intercable of the cable television systems serving a portion of San Diego and Riverside, Calif.
 On a separate basis excluding Jones Intercable, Jones Spacelink and its consolidated subsidiaries reported a 13 percent increase in revenues for the fourth quarter of fiscal 1993. Revenues totaled $8.7 million for the fourth quarter of fiscal 1993, compared to $7.7 million in the like period of fiscal 1992. Net income for the fourth quarter of fiscal 1992 was $863,000, or 1 cent per share, compared to a net loss of $1.3 million, or 2 cents per share in the fourth quarter of fiscal 1993.
 In the fourth quarter of fiscal 1992, Spacelink recognized as income $2.3 million 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. In the fourth quarter of fiscal 1993 Spacelink rebuilt substantially all of its cable plant in its Panama City Beach system. The fiber rebuild replaced approximately 161 miles of coaxial cable which had a book value of $1.4 million. As a result, Spacelink recognized a $1.4 million loss on this disposition of the cable plant.
 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 audio and video 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, at 303-792-9191 or write Jones Spacelink, 9697 E. Mineral Avenue, P.O. Box 3309, Englewood, CO 80155-3309.
 JONES SPACELINK LTD. AND SUBSIDIARIES
 (Including Jones Intercable Inc.)
 FINANCIAL HIGHLIGHTS
 (Stated in thousands except per share data)
 For the Years Ended Percent
 May 31, May 31, Increase
 1993 1992 (Decrease)
 Revenues $ 154,574 $ 158,693 (3)
 Operating Income Before
 Depreciation and Amortization $ 61,258 $ 84,298 (27)
 Depreciation and Amortization $ 51,504 $ 47,789 8
 Interest Expense, net of
 Interest Charged to Cable
 Systems Held for Resale $ 47,177 $ 42,928 10
 Minority Interest in
 Net (Income) Loss of
 Consolidated Subsidiaries $ 31,826 $ (5,119) N/M
 Extraordinary Loss on Early
 Extinguishment of Debt, net of
 Minority Interests and
 Income Taxes $ (3,399) $ (568) (83)
 Extraordinary Tax Benefit from
 Loss Carryforward Utilization,
 net of Minority Interests $ --- $ 1,380 N/M
 Cumulative Effect of Change
 in Method of Accounting for
 Income Taxes, net of Minority
 Interests $ 329 $ --- N/M
 Net Income (Loss) $ (13,412) $ 8,940 N/M
 Net Income (Loss) Per Common
 Share:
 Before Extraordinary Items $ (.13) $ .11 N/M
 Effect of Extraordinary Items (.04) .01 N/M
 Effect of Account Change --- $ --- ---
 Net Income (Loss) Per
 Common Share $ (.17) $ .12 N/M
 Weighted Average Number of
 Shares Outstanding 76,793 76,346 1
 Balance Sheet Data May 31, May 31, Percent
 As of: 1993 1992 Change
 Total Assets $ 473,969 $ 426,843 11
 Total Debt $ 396,479 $ 364,297 9
 Minority Interests in
 Consolidated Subsidiaries $ 21,480 $ 15,840 36
 Total Shareholders'
 Investment $ 6,988 $ 8,998 (22)
 N/M - Not Meaningful
 JONES SPACELINK LTD.
 (Excluding Jones Intercable Inc.)
 FINANCIAL HIGHLIGHTS
 (Stated in thousands except per share data)
 For the Years Ended Percent
 May 31, May 31, Increase
 1993 1992 (Decrease)
 Revenues $ 33,482 $ 27,418 22
 Operating Income Before
 Depreciation and Amortization $ 11,533 $ 8,744 32
 Depreciation and Amortization $ 8,845 $ 8,183 8
 Interest Expense, net of
 Interest Charged to Cable
 Systems Held for Resale $ 3,579 $ 4,837 (26)
 Net Loss $ (1,083) $ (2,870) (62)
 Net Loss Per Common Share $ (.01) $ (.04) (75)
 Weighted Average Number of
 Shares Outstanding 76,793 76,346 1
 JONES SPACELINK LTD.
 (Including Jones Intercable Inc.)
 FINANCIAL HIGHLIGHTS
 (Stated in thousands except per share data)
 For the Three Months Ended Percent
 May 31, May 31, Increase
 1993 1992 (Decrease)
 Revenues $ 41,887 $ 34,399 22
 Operating Income Before
 Depreciation and Amortization $ 15,592 $ 15,494 1
 Depreciation and Amortization $ 13,159 $ 11,610 13
 Interest Expense, net of
 Interest Charged to Cable
 Systems Held for Resale $ 13,817 $ 9,721 42
 Minority Interest in Net Loss
 of Consolidated Subsidiaries $ 12,170 $ 2,455 396
 Net Loss $ (5,617) $ (1,234) 355
 Net Loss Per Common Share $ (.07) $ (.02) 250
 Weighted Average Number of
 Shares Outstanding 76,793 76,346 1
 JONES SPACELINK LTD.
 (Excluding Jones Intercable Inc.)
 FINANCIAL HIGHLIGHTS
 (Stated in thousands except per share data)
 For the Three Months Ended Percent
 May 31, May 31, Increase
 1993 1992 (Decrease)
 Revenues $ 8,742 $ 7,725 13
 Operating Income Before
 Depreciation and Amortization $ 2,869 $ 2,708 6
 Depreciation and Amortization $ 2,292 $ 2,070 11
 Interest Expense $ 884 $ 1,026 (14)
 Net Income (Loss) $ (1,311) $ 863 N/M
 Net Income (Loss) Per
 Common Share $ (.02) $ .01 N/M
 Weighted Average Number of
 Shares Outstanding 76,793 76,346 1


N/M - Not Meaningful
 -0- 9/3/93
 /CONTACT: Jay B. Lewis of Jones Spacelink, 303-792-9191/
 (SPLKA JOIN)


CO: Jones Spacelink Ltd. ST: Colorado IN: TLS SU: ERN

BB -- DV001 -- 8711 09/03/93 09:03 EDT
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Date:Sep 3, 1993
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