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MULTIMEDIA REPORTS NET EARNINGS FOR 1991

 MULTIMEDIA REPORTS NET EARNINGS FOR 1991
 GREENVILLE, S.C., Jan. 30 /PRNewswire/ -- Walter E. Bartlett,


Chairman of the Board and Chief Executive Officer of Multimedia, Inc. (NASDAQ-NMS: MMEDC), announced today operating results for the year ended Dec. 31, 1991. The Company had net earnings of $48.4 million compared with $45.6 million for 1990 and earnings per share of $1.30 in 1991 versus $1.23 in 1990. The net earnings for 1990 contained an extraordinary loss of $3.1 million related to the Company's debt refinancing on June 29, 1990. Net earnings and earnings per share for 1990 before the extraordinary loss were $48.7 million and $1.32, respectively.
 For the year, consolidated revenues were $524.3 million, up 9 percent from $480.7 million in 1990. Operating costs and expenses increased from $310.4 million to $368.5 million or 19 percent. This resulted in a 1991 operating profit decrease of 9 percent from $170.3 million to $155.8 million. Excluding the acquisition of WKYC-TV in December 1990, the year-to-date consolidated revenues increased approximately 3 percent and expenses increased approximately 10 percent.
 For the year, consolidated operating (A) cash flow decreased 2 percent to $197.8 million. Newspaper (A) cash flow decreased 18 percent to $40.1 million, Broadcasting (A) cash flow decreased 12 percent to $45.0 million, Cablevision (A) cash flow increased 13 percent to $68.0 million and Entertainment (A) cash flow increased 5 percent to $52.0 million.
 Revenues for the fourth quarter were $143.2 million, up 13 percent. Operating profit for the quarter was $43.4 million, a decrease of 8 percent. Net earnings for the quarter were $14.5 million, compared with $17.0 million in 1990. Earnings per share for the quarter were $.39 in 1991 versus $.46 in 1990. For the quarter, consolidated operating (A) cash flow decreased 1 percent from $54.7 million to $54.1 million.
 For the fourth quarter of 1991, Newspaper revenues decreased 3 percent to $34.4 million, Broadcasting revenues increased 15 percent to $40.3 million, Cablevision revenues increased 14 percent to $35.5 million and Entertainment revenues increased 30 percent to $33.0 million.
 Newspaper (A) cash flow for the quarter decreased 20 percent to $11.0 million, Broadcasting (A) cash flow increased 1 percent to $13.6 million, Cablevision cash flow increased 13 percent to $17.8 million and Entertainment (A) cash flow increased 1 percent to $13.7 million.
 The Broadcasting division's fourth quarter increase in revenues and operating (A) cash flow is due to the acquisition of WKYC-TV in Cleveland in December 1990. The Entertainment division's fourth quarter revenue increase is due to Multimedia's newly-acquired television production business. The expenses and start-up costs related to this business more than offset the revenue increase for the quarter.
 Multimedia, Inc. is a diversified media communications company which publishes 12 daily and 49 non-daily newspapers, owns and operates five television and eight radio stations and a video production company, operates more than 100 cable franchises in four states, and produces and syndicates quality television programming, including the Donahue and Sally Jessy Raphael shows.
 (A) Operating cash flow, as defined by the Company, is operating profit plus depreciation and amortization, and amortization of stock awards and stock options.
 MULTIMEDIA, INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF EARNINGS
 THREE MONTHS AND TWELVE MONTHS ENDED DEC. 31, 1991 AND 1990
 (UNAUDITED)
 (IN THOUSANDS EXCEPT PER SHARE DATA)
 Three Months Twelve Months
 1991 1990 1991 1990
 Operating Revenues:
 Newspapers $34,423 35,650 128,954 135,348
 Broadcasting 40,274 34,916 150,643 134,832
 Cablevision 35,496 31,262 135,524 120,482
 Entertainment 32,964 25,324 109,205 90,062
 Total operating
 revenues 143,157 127,152 524,326 480,724
 Operating costs and
 expenses:
 Production 51,025 40,351 185,031 154,296
 Selling, general &
 administrative 38,598 32,323 145,041 125,491
 Depreciation 7,078 6,062 29,140 26,464
 Amortization 3,076 1,164 9,308 4,191
 Total operating costs
 & expenses 99,777 79,900 368,520 310,442
 Operating profit 43,380 47,252 155,806 170,282
 Interest expense 19,114 18,795 79,315 88,289
 Other income
 (expense), net (239) (73) 643 (873)
 Earnings before income
 taxes and minority
 interest 24,027 28,384 77,134 81,120
 Income tax expense 9,543 11,368 30,254 32,462
 Minority interest 65 -- 1,517 --
 Earnings before
 extraordinary item 14,549 17,016 48,397 48,658
 Extraordinary item:
 Loss from early
 extinguishment of debt,
 net of income tax
 benefits of $2,052 -- -- -- (3,078)
 Net earnings $14,549 17,016 48,397 45,580
 Per share of
 common stock:
 Earnings before
 extraordinary loss $ 0.39 0.46 1.30 1.32
 Net earnings $ 0.39 0.46 1.30 1.23
 Cash dividends -- -- -- --
 Weighted average
 shares 37,203 36,768 37,253 36,984
 NOTE 1: The Company effected a three-for-one stock split in the form of a common stock dividend of two additional shares on each outstanding share (payment date April 29, 1991). Accordingly, the weighted average number of common shares and per share amount for net earnings have been adjusted to give effect to the dividend.
 NOTE 2: On June 29, 1990, the Company redeemed its 16 percent Subordinated Discount Debentures at their stated face amount of $480 million and existing bank debt of $224 million. As a result, the Company incurred an extraordinary charge of $3.1 million, net of tax benefits of $2.1 million, from the write-off of related unamortized debt issuance costs.
 -0- 1/30/91
 /CONTACT: Elizabeth S. Mills, Vice President, Corporate Communications, Multimedia, Inc., 803-298-4393, or 803-298-4389/
 (MMEDC) CO: Multimedia, Inc. ST: South Carolina IN: PUB TLS SU: ERN


DF-CM -- CH003 -- 5169 01/30/92 10:57 EST
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