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MULTIMEDIA REPORTS NET EARNINGS FOR FIRST QUARTER

 GREENVILLE, S.C., April 15 /PRNewswire/ -- Walter E. Bartlett, Chairman of the Board and Chief Executive Officer of Multimedia, Inc. (NASDAQ-NMS: MMEDC), today announced 1993 first quarter net earnings of $29,530,000. The net earnings reflect a net benefit of $14,332,000 resulting from the adoption of FASB No. 106 (Accounting for Post- Retirement Benefits) and FASB No. 109 (Accounting for Income Taxes). The earnings also included an after tax gain of approximately $1.4 million resulting from the sale of the Company's mobile video production unit in January 1993. Excluding the results of the above items, the net earnings of the Company increased 33.1 percent over the same period last year. Net earnings per share for the quarter were $0.77. The earnings per share excluding the above mentioned items were $0.36 per share, a 28.6 percent increase over 1992 earnings per share of $0.28.
 Revenues for the first quarter totaled $144,069,000 compared with $126,006,000 for the first quarter of last year, an increase of 14.3 percent. Operating profit for the first quarter was $38,130,000, a 9.7 percent increase over the 1992 first quarter operating profit of $34,763,000. Operating cash flow(A) for the quarter totaled $51,523,000, an 11.3 percent increase over the 1992 first quarter amount of $46,284,000. interest expense for the first quarter of 1993 was $15,740,000, a decrease of $3,038,000 compared with the first quarter of 1992.
 Newspaper revenues increased 4.0 percent from $29,832,000 to $31,015,000 for the quarter.
 Broadcasting revenues were $32,435,000 compared with $31,328,000, an increase of 3.5 percent. Cablevision revenues increased 16.9 percent from $35,064,000 to $41,007,000. Entertainment revenues increased 31.8 percent from $27,543,000 to $36,304,000. Security reveneus increased 47.7 percent from $2,239,000 to $3,308,000. Newspaper cash flow(A) was $8,836,000, flat with last year; broadcasting cash flow(A) increased 8.7 percent to $8,334,000; cablevision cash flow(A) increased 18.2 percent to $21,265,000, entertainment cash flow(A) increased 12.8 percent to $14,524,000 and security cash flow increased 19.7 percent to $1,192,000.
 Multimedia Cablevision includes the results of the Indiana Cable Systems (approximately 128,500 subscribers) purchased in December 1992. The entertainment revenue increase includes the company's new television talk shows Jerry Springer and Rush Limbaugh, the Television Show and a two-hour television movie produced for and sold to ABC.
 Multimedia, Inc. is a diversified media communciations company which publishes 11 daily and 49 non-daily newspapers, owns and operates five television and eight radio stations and a video production company, operates more than 125 cable franchises in five states, monitors approximately 38,300 home security alarm subscribers, and produces and syndicates quality television programming, including Donahue, Sally Jessy Raphael, Jerry Springer and Rush Limbaugh, The Television Show.
 (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 Ended March 31, 1993 and 1992
 (Unaudited)
 (In Thousands Except Per Share Data)
 1993 1992
 Operating revenues:
 Newspapers $ 31,015 29,832
 Broadcasting 32,435 31,328
 Cablevision 41,007 35,064
 Entertainment 36,304 27,543
 Security 3,308 2,239
 Total operating revenues 144,069 126,006
 Operating costs and expenses:
 Production 51,852 43,737
 Selling, general and administrative 41,803 36,929
 Depreciation 8,652 7,818
 Amortization 3,632 2,759
 Total operating costs and expenses 105,939 91,243
 Operating profit 38,130 34,763
 Interest expense 15,740 18,778
 Other income (expense), net 2,535 35
 Earnings before income taxes, minority
 interest and cumulative effect of
 changes in accounting principles 24,925 16,020
 Income tax expense 10,219 6,568
 Minority interest 492 918
 Earnings before cumulative effect of
 changes in accounting principles 15,198 10,370
 Cumulative effect of changes in
 accounting principles (Note A) 14,332 --
 Net Earnings $ 29,530 10,370
 Per share of common stock:
 Earnings before cumulative effect of
 changes in accounting principles $ 0.40 0.28
 Cumulative effect of changes in
 accounting principles 0.37 --
 Net earnings $ 0.77 0.28
 Cash dividends -- --
 Weighted average shares 38,246 37,504
 Note (A): Effective Jan. 1, 1993, the company adopted Statements of Financial Accounting Standards No. 109, "Accounting for Income Taxes" and No. 106, "Employer's Accounting for Post-Retirement Benefits Other Than Pension." The cumulative effect of the adoption of No. 109 was to increase first quarter earnings by $15.4 million ($.40 per share). The cumulative effect of the adoption of No. 106 was a decrease in first quarter earnings, net of tax benefit, of $1.1 million ($.03 per share). Prior year financial statements were not restated.
 -0- 4/15/93
 /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: TLS PUB SU: ERN

MM -- CH007 -- 6239 04/15/93 12:17 EDT
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Date:Apr 15, 1993
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