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JONES SPACELINK REPORTS THIRD QUARTER RESULTS

 ENGLEWOOD, Colo., April 20 /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 decrease in revenues for its third quarter of fiscal 1993. Revenues for the third quarter, which ended Feb. 28, 1993, decreased $20.5 million from $60.5 million reported in fiscal 1992 to $40.0 million reported in fiscal 1993. For the nine months ended Feb. 28, 1993, revenues decreased $11.6 million, or 9 percent, from $124.3 million in the first nine months of fiscal 1992 to $112.7 million. These decreases were due to the recognition of a $26.8 million liquidation distribution by Jones Intercable in the third quarter of fiscal 1992. No such distribution was recognized during fiscal 1993. Disregarding the effect of this liquidation distribution, total revenues for the three and nine months ended Feb. 28, 1993 would have increased $6.3 million, or 19 percent, and $15.2 million, or 16 percent, respectively, over the like periods in fiscal 1992.
 Operating income before depreciation and amortization for the third quarter of fiscal 1993 was $14.5 million, a decrease of $26.9 million, or 65 percent, from the $41.4 million reported in the similar period one year ago.
 For the nine months ended Feb. 28, 1993, operating income before depreciation and amortization decreased by $23.1 million, or 34 percent, from $68.8 million to $45.7 million.
 For the three and nine months ended Feb. 28, 1993, minority interests in the net losses of consolidated subsidiaries, which totaled $7.7 million and $19.7 million, respectively, reflect primarily the elimination of the remaining shareholders' 83 percent interest in Jones Intercable's net losses. Because of certain consolidation accounting principles and because Jones Intercable recognized income during the three and nine month periods ended Feb. 29, 1992, minority interests in the net income of consolidated subsidiaries totaled $7.7 million for both periods in fiscal 1992.
 Jones Spacelink recognized net losses for the three and nine months ended Feb. 28, 1993 of $2.1 million, or 3 cents per share, and $7.8 million, or 10 cents per share, respectively, as compared to net income of $33.0 million, or 43 cents per share, and $10.2 million, or 13 cents per share, recognized during the similar periods in fiscal 1992. These differences are primarily the result of the recognition in the prior periods of a $26.8 million liquidation distribution by Jones Intercable 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, sales by Jones Futurex Inc. of data security products and from 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 $7.6 million for the third quarter of fiscal 1993, an increase of $87,000, or 1 percent, over the revenues reported for the similar period in the prior fiscal year. For the nine months ended Feb. 28, 1993, revenues increased by $5.0 million, or 26 percent, from $19.7 million in the first nine months of fiscal 1992 to $24.7 million reported in the first nine months of fiscal 1993. For the three months ended Feb. 28, 1993, subscriber service fees increased 11 percent, management fees increased 29 percent and revenues of Jones Satellite Networks increased 32 percent. These increases were offset by decreases in revenues of Jones Futurex and Jones Group of 22 percent and 84 percent, respectively.
 For the nine months ended Feb. 28, 1993, subscriber service fees increased 12 percent, management fees increased 32 percent, revenues of Jones Futurex increased 19 percent, revenues of Jones Satellite Networks increased 45 percent and brokerage fees of The Jones Group increased 149 percent.
 On a separate basis, operating income before depreciation and amortization for the third quarter of fiscal 1993 was $2.2 million, a decrease of $298,000, or 12 percent, from the $2.5 million reported in the similar period one year ago. This decrease is primarily the result of the decrease in brokerage fee revenues of $669,000 in the third quarter of fiscal 1993 as compared to the prior year quarter. For the nine months ended Feb. 28, 1993, operating income before depreciation and amortization increased by $2.6 million, or 44 percent, from $6.0 million reported during the first nine months of fiscal 1992 to $8.7 million reported in the first nine months of fiscal 1993. This increase is primarily the result of brokerage fee revenues of $1.8 million recognized by The Jones Group on the purchase of the Alexandria, Va. cable television system by Jones Intercable.
 Operating, general and administrative expenses for the third quarter of fiscal 1993 totaled $5.4 million, an increase of $385,000, or 8 percent, from the amount reported in the third quarter of fiscal 1992. For the nine months ended Feb. 28, 1993, these expenses totaled $16.1 million, an increase of $2.4 million, or 18 percent, from the amount reported in the first nine months of fiscal 1992. 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 administrative, research and development costs 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 $247,000, or 22 percent, and $1.1 million, or 29 percent, for the three and nine months ended Feb. 28, 1993, from $1.1 million and $3.8 million, reported in fiscal 1992, to $877,000 and $2.7 million reported in fiscal 1993, respectively. These decreases are primarily the result of lower interest rates charged on Jones Spacelink's interest-bearing debt.
 The net loss for the three month period ended Feb. 28, 1993 totaled $531,000, or 1 cent per share, as compared to a net loss of $1.0 million, or 1 cent per share, for the three months ended Feb. 29, 1992. For the nine months ended Feb. 28, 1993, net income was $228,000, or 0 cents per share, as compared to a net loss of $3.7 million, or 5 cents per share, for the nine months ended Feb. 29, 1992.
 In April 1993, Jones Spacelink entered into a new $65 million revolving credit facility and a $10 million term loan with a number of commercial banks. Spacelink and the commercial banks executed both credit agreements on April 13, 1993 and, pending the receipt of certain consent documents, expect to close the loan by the end of April 1993. Upon closing, proceeds from the new credit facilities will be used in part to repay the outstanding balances under Jones Spacelink's existing credit facility.
 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 Ltd., at 303-792-9191 or write Jones Spacelink Ltd., 9697 E. Mineral Ave., P.O. Box 3309, Englewood, CO 80155-3309.
 JONES SPACELINK LTD. AND SUBSIDIARIES
 (Including Jones Intercable Inc.)
 FINANCIAL HIGHLIGHTS
 Percent
 For the Three Feb. 28, Feb. 29, Increase
 Months Ended 1993 1992 (Decrease)
 (Stated in thousands, except per share data)
 Revenues $ 40,045 $ 60,531 (34)
 Operating, General and
 Administrative Expenses (25,499) (19,161) 33
 Operating Income Before
 Depreciation and Amortization 14,546 41,370 (65)
 Depreciation and Amortization (13,646) (11,568) 18
 Interest Expense, net of
 Interest Charged to Cable
 Systems Held for Resale (11,775) (10,476) 12
 Minority Interests in Net Losses
 (Income) of Consolidated
 Subsidiaries 7,737 (7,665) N/M
 Extraordinary Loss on
 Early Extinguishment of Debt,
 net of Minority Interests
 and Income Taxes 369 --- N/M
 Extraordinary Tax Benefit from
 Loss Carryforward Utilization,
 net of Minority Interests --- 2,201 N/M
 Net Income (Loss) $ (2,103) $ 33,026 N/M
 Net Income (Loss) Per
 Common Share:
 Before Extraordinary Items $ (.03) $ .40 N/M
 Extraordinary Items --- .03 N/M
 Net Income (Loss) Per
 Common Share $ (.03) $ .43 N/M
 Weighted Average Number
 of Shares Outstanding 76,962 76,355 1
 Not Meaningful (N/M)
 JONES SPACELINK LTD. AND SUBSIDIARIES
 (Including Jones Intercable Inc.)
 FINANCIAL HIGHLIGHTS
 Percent
 For the Nine Feb. 28, Feb. 29, Increase
 Months Ended 1993 1992 (Decrease)
 (Stated in thousands, except per share data)
 Revenues $ 112,687 $ 124,294 (9)
 Operating, General and
 Administrative Expenses (67,021) (55,490) 21
 Operating Income Before
 Depreciation and Amortization 45,666 68,804 (34)
 Depreciation and Amortization (38,345) (36,179) 6
 Interest Expense, net of
 Interest Charged to Cable
 Systems Held for Resale (33,360) (33,207) ---
 Minority Interests in Net Losses
 (Income) of Consolidated
 Subsidiaries 19,656 (7,574) N/M
 Extraordinary Loss on Early
 Extinguishment of Debt, net
 of Minority Interests and
 Income Taxes (1,299) --- N/M
 Extraordinary Tax Benefit from
 Loss Carryforward Utilization,
 net of Minority Interests --- 2,201 N/M
 Cumulative Effect of Change
 in Method of Accounting
 for Income Taxes, net of
 Minority Interests 560 --- N/M
 Net Income (Loss) $ (7,795) $ 10,174 N/M
 Net Income (Loss)
 Per Common Share:
 Before Extraordinary Items
 and Accounting Change $ (.09) $ .10 N/M
 Effect of Extraordinary Items (.02) .03 N/M
 Effect of Accounting Change .01 --- N/M
 Net Income (Loss) Per
 Common Share $ (.10) $ .13 N/M
 Weighted Average Number
 of Shares Outstanding 76,953 76,344 1
 Not Meaningful (N/M)
 JONES SPACELINK LTD. AND SUBSIDIARIES
 (Including Jones Intercable Inc.)
 FINANCIAL HIGHLIGHTS-Continued
 Balance Sheet Data
 As of: Feb. 28, May 31,
 1993 1992
 Total Assets $ 501,564 $ 426,843
 Total Debt $ 400,348 $ 364,297
 Total Shareholders' Equity $ 11,705 $ 8,998
 JONES SPACELINK LTD.
 (Excluding Jones Intercable Inc.)
 FINANCIAL HIGHLIGHTS
 Percent
 For The Three Feb. 28, Feb. 29, Increase
 Months Ended 1993 1992 (Decrease)
 (Stated in thousands, except per share data)
 Revenues $ 7,584 $ 7,497 1
 Operating, General and
 Administrative Expenses (5,399) (5,014) 8
 Operating Income Before
 Depreciation and Amortization 2,185 2,483 (12)
 Depreciation and Amortization (2,187) (2,042) 7
 Net Loss $ (531) $ (977) (46)
 Net Loss Per Share $ (.01) $ (.01) ---
 Weighted Average Number
 of Shares Outstanding 76,962 76,355 1
 Percent
 For the Nine Feb. 28, Feb. 29, Increase
 Months Ended 1993 1992 (Decrease)
 (Stated in thousands except per share data)
 Revenues $ 24,740 $ 19,693 26
 Operating, General and
 Administrative Expenses (16,076) (13,657) 18
 Operating Income Before
 Depreciation and Amortization 8,664 6,036 44
 Depreciation and Amortization (6,553) (6,113) 7
 Net Income (Loss) $ 228 $ (3,733) N/M
 Net Income (Loss) Per Share --- $ (.05) N/M
 Weighted Average Number
 of Shares Outstanding 76,953 76,344 1
 Not Meaningful (N/M)
 -0- 4/20/93
 /CONTACT: Jay B. Lewis of Jones Spacelink, 303-792-9191/
 (SPLKA JOIN)


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

MC -- DV006 -- 7808 04/20/93 08:54 EDT
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Date:Apr 20, 1993
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