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NEWS CORPORATION LIMITED REPORTS RESULTS FOR THE THIRD QUARTER

 NEWS CORPORATION LIMITED REPORTS RESULTS FOR THE THIRD QUARTER
 For the nine months ended March 31, 1992
 -- Operating revenue down 7 percent to Australian $7.7 billion
 -- Operating profit before abnormal items excluding prior-period foreign exchange gains up 126 percent to A$333.8 million
 -- Profit after abnormal items up 731 percent to A$437.1 million
 -- Earnings per share before abnormal items up 42 percent to A$0.98
 For the three months ended March 31, 1992
 -- Operating revenue down 5 percent to A$2.5 billion
 -- Operating profit before abnormal items up from A$6 million to A$81.6 million (1,271 percent)
 -- Profit after abnormal items of A$81.9 million
 -- Earnings per share before abnormal items up 320 percent to A$0.21
 NEW YORK, May 12 /PRNewswire/ -- The News Corporation Limited (ADS - NYSE: NWS) today reported results for the third quarter.
 THE NEWS CORPORATION LIMITED
 Consolidated Results
 (Unaudited; in thousands of Australian dollars)
 Periods ended Three Months Nine Months
 March 31 1992 1991 1992 1991
 Revenues(A) $2,459,488 $2,592,959 $7,731,915 $8,316,851
 Operating income(A) 342,496 345,483 1,189,404 1,142,170
 Other income (expense)
 Dividends 4,553 14,247 15,524 46,500
 Associated companies
 profit/(loss) (14,189) (24,925) (76,842) (10,966)
 Interest expense (net) (230,991) (304,954) (728,247) (897,989)
 Operating profit before
 income tax expense
 and abnormal items(B) 101,869 29,851 399,839 279,715
 Income tax expense(C) 3,438 7,431 15,940 38,861
 Operating profit before
 minority interests
 and abnormal items 98,431 22,420 383,899 240,854
 Minority interests in
 subsidiary companies 16,799 16,467 50,114 51,727
 Operating profit before
 abnormal items 81,632 5,953 333,785 189,127
 Abnormal items (net)(D) 236 (210,610) 103,351 (136,505)
 Operating profit and
 abnormal items 81,868 (204,657) 437,136 52,622
 Earnings per share
 Operating profit before
 abnormal items $0.21 $0.05 $0.98 $0.69
 Abnormal items -- (0.65) 0.30 (0.42)
 Operating profit and
 abnormal items 0.21 (0.60) 1.28 0.27
 NOTES
 (Unaudited; in thousands of Australian dollars)
 Periods ended March 31 Three Months Nine Months
 1992 1991 1992 1991
 NOTE A:
 Supplementary Segment
 Information
 By Geographic Area
 Revenues
 United States $1,619,689 $1,604,539 $4,849,956 $4,913,861
 United Kingdom 500,955 534,564 1,467,014 1,750,736
 Australia and
 Pacific Basin 338,844 453,856 1,414,945 1,652,254
 Total 2,459,488 2,592,959 7,731,915 8,316,851
 Operating income
 United States 183,163 215,220 654,921 786,757
 United Kingdom 101,385 67,334 275,274 106,617
 Australia and
 Pacific Basin 57,948 62,929 259,209 248,796
 Total 342,496 345,483 1,189,404 1,142,170
 By Industry
 Revenues
 Newspapers 748,302 759,647 2,213,738 2,325,218
 Magazines 206,142 313,547 676,753 969,976
 Television 276,851 291,725 893,942 1,005,852
 Filmed entertainment 691,825 619,004 1,877,393 1,655,566
 Book publishing 258,421 252,389 1,081,012 1,197,572
 Other 277,947 356,647 989,077 1,162,667
 Total 2,459,488 2,592,959 7,731,915 8,316,851
 Operating income
 Newspapers 141,014 124,443 427,839 379,607
 Magazines 41,881 68,654 146,798 196,822
 Television 40,822 41,408 165,205 52,107
 Filmed entertainment 50,433 79,786 118,129 173,453
 Book publishing (2,715) (3,038) 153,950 157,362
 Other 71,061 34,230 177,483 182,819
 Total 342,496 345,483 1,189,404 1,142,170
 Revenues and operating income for the periods ended March 31, 1991, include, in the United States nine consumer publications sold in June 1991 and foreign exchange trading gains, in the United Kingdom five months of operating losses of Sky Television, and in Australia the commercial printing and magazine businesses sold in December 1991.
 NOTE B:
 Included in operating
 profit before income
 tax for holding company
 and subsidiaries are:
 Interest on borrowings $236,461 $321,555 $760,352 $949,514
 Interest income 5,470 16,601 32,105 51,525
 Net interest expense 230,991 304,954 728,247 897,989
 Depreciation and
 amortization 66,318 50,690 181,536 203,425
 Foreign exchange
 trading gains -- -- -- 41,607
 NOTE C:
 Income tax expense
 comprises of
 Holding and subsidiary
 companies 8,367 15,090 19,687 38,208
 Associated companies (4,929) (7,659) (3,747) 653
 Total 3,438 7,431 15,940 38,861
 NOTE D:
 Abnormal items (net of tax)
 Holding and subsidiary
 companies (4,073) (205,355) 112,664 (116,697)
 Associated companies 4,309 (5,255) (9,313) (19,808)
 Total 236 (210,610) 103,351 (136,505)
 Commentary Group Result
 The News Corporation today reported after-tax profits before abnormal items for the nine months ended March 31, 1992 of A$333.8 million (A$0.98 per share), an increase of 77 percent over the same period last year of A$189.1 million (A$0.69 per share). The gain in profits is largely due to improved results from newspaper and television operations.
 These gains were offset by disappointing results at Twentieth Century Fox Film and the absence of foreign exchange trading gains.
 Profits were boosted further from a reduction in interest expense, which declined by 19 percent to A$728.2 million from A$898 million as a result of lower worldwide interest rates and lower debt levels. Profits increased despite a fall in revenue of 7 percent to A$7.7 billion from A$8.3 billion, which was primarily due to the sale of business in the United States and Australia.
 The nine-month result includes losses from equity accounted investments of A$76.8 million compared with a loss of A$11 million a year ago, almost all of which were in BSkyB Television and Ansett Transport Industries. BSkyB has been in profit since March 1 while losses at Ansett Transport Industries continue as airline market conditions remain difficult.
 United States
 In the publishing division, the company's free-standing insert business performed well ahead of last year. TV Guide magazine held steady in a difficult national advertising market.
 HarperCollins performed well despite the stagnation in state spending for textbooks, which adversely affected the Scott, Foresman division.
 At Fox Inc., the company's U.S. television and film division, profits at the seven owned and operated television stations grew 15 percent offset by a small reduction at Fox Broadcasting Company, where ratings continued to reach record heights, but revenues were off particularly for national advertising.
 United Kingdom
 Profits from the United Kingdom's newspaper division increased 49 percent from a year ago through improved efficiencies and cost reduction programs across all titles.
 Australia and Hong Kong
 Operating profits showed improvement despite a drop in revenues. A consolidation of newspapers in Melbourne and Sydney led to sharply higher margins aided by strong revenue improvement at the Sunday Herald-Sun in Melbourne.
 In Hong Kong, the South China Morning Post boosted profits 12 percent largely as a result of a buoyant economy in Asia.
 Equity Investments
 BSkyB (Sky television)
 Sky television, 50 percent-owned by the company, showed its first profit in March. Sky has continued to show strong growth in the beginning of the fourth quarter which is expected to continue.
 Total homes reached in the U.K. at the end of March was 3.1 million, compared to 2.2 million a year earlier. For the three months ended March 31, 1992, satellite dish sales were 242,000 compared to 103,000 a year earlier, an increase of 135 percent.
 Pacific Magazines and Printing
 The company's 45 percent investment in Australia's leading commercial printing business and one of the country's leading magazine publishers, Pacific Magazines and Printing, showed steady gains and is ahead of its prospectus forecast despite a difficult advertising climate.
 THE NEWS CORPORATION LIMITED
 Earnings Summary
 (In thousands)
 Three months ended March 31 Australian Dollars
 1992 Per share 1991 Per share
 Revenues $2,459,488 $2,592,959
 Operating profit 342,496 346,483
 Income before
 abnormal items 81,632 $0.21 5,953 $0.05
 Abnormal items 236 (210,610) (0.65)
 Net income and
 abnormal items 81,868 0.21 (204,657) (0.60)
 Three months ended March 31 U.S. Dollars
 1992 Per ADR 1991 Per ADR
 Revenues $1,840,273 $2,007,924
 Operating profit 255,118 267,333
 Income before
 abnormal items 60,293 $0.32 3,607 $0.07
 Abnormal items 870 (166,271) (1.02)
 Net income and
 abnormal items 69,423 0.32 (162,664) (0.95)
 Nine months ended March 31 Australian Dollars
 1992 Per share 1991 Per share
 Revenues $7,731,915 $8,316,851
 Operating profit 1,189,404 1,142,170
 Income before
 abnormal items 333,785 $0.98 189,127 $0.69
 Abnormal items 103,351 0.30 (136,505) (0.42)
 Net income and
 abnormal items 437,136 1.28 52,622 0.27
 Nine months ended March 31 U.S. Dollars
 1992 Per ADR 1991 Per ADR
 Revenues $5,954,348 $6,548,688
 Operating profit 915,960 899,345
 Income before
 abnormal items 257,048 $1.51 148,919 $1.09
 Abnormal items 79,591 0.46 (107,484) (0.66)
 Net income and
 abnormal items 336,639 1.97 41,435 0.43
 The earnings summary in U.S. dollars includes revenues and income of U.S. operations in actual U.S. dollars. Revenues and income of Australian and United Kingdom operations have been converted at the average exchange rates for each period. The U.S. operations in 1992 accounted for 63 percent and 55 percent consolidated revenues and operating profit, respectively. Revenues and operating profit of the United Kingdom represent 19 percent and 23 percent, respectively, and the Australian and Pacific Basin operations represent 18 percent and 22 percent, respectively.
 The U.S. dollar information for the three months ended March 31, 1992, reflects an exchange rate adjustment for the full nine months. This treatment is consistent with prior periods.
 -0- 5/12/92 R
 /CONTACT: Peter Rosenthal or Martha Cid of Howard J. Rubenstein Associates, 212-489-6900, for News Corporation Limited/
 (NWS) CO: News Corporation Limited ST: IN: PUB SU: ERN


GK -- NY037R -- 9495 05/13/92 08:58 EDT
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