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NEWS CORPORATION REPORTS EARNINGS

 NEWS CORPORATION REPORTS EARNINGS
 NEW YORK, Aug. 26 /PRNewswire/ -- The News Corporation Limited


(NYSE: NWS) today issued the following statement of earnings for the year ended June 30, 1992:
 Highlights from Report to Australian Stock Exchanges
 For The Year Ended June 30, 1992:
 -- Revenues decreased by 7 percent to A$10.3 billion from A$11 billion principally as a result of the sale of businesses.
 -- Operating income increased by 2 percent to A$1,591 million despite the sale of businesses and the absence of foreign exchange trading gains.
 -- Net operating profit before abnormal items increased by 65 percent to A$531 million from A$321 million. Interest costs were reduced by 20 percent to A$932 million.
 -- Earnings per share before abnormal items was up 33 percent to A$1.48.
 -- Profit after abnormal items was A$502 million as compared to a loss of A$393 million in fiscal 1991.
 -- Among the major events of the year, the group:
 Improved profit margins at both the U.K. and Australian
 newspaper operations and the seven Fox owned and operated
 stations.
 Fox Broadcasting achieved record ratings and announced
 expansion to an additional two nights.
 Concluded the United Kingdom press project and commissioned
 A$150 million new publishing facility in Adelaide.
 Raised approximately A$2.4 billion from asset sales, equity
 and long-term borrowings and used the proceeds to prepay
 scheduled debt reductions.
 Extended US$3.26 billion of debt due in 1994 through to 1997.
 -- Sky Television has been profitable since March 1992. Homes with dishes increased to 3.3 million from 2.3 million in 1991 and movie subscribers increased to 1.6 million from 1.2 million in 1991.
 Commentary Group Result
 The News Corporation today reported after tax profits before abnormal items for the year ended June 30, 1992 of A$530.5 million (A$1.48 per share) an increase of 65 percent over a year ago (A$321.3 million). Revenues dropped 7 percent to A$10.2 billion from A$11.0 billion due primarily to the sale of businesses. Profit after abnormal items was A$501.7 million compared to the prior year's loss of A$392.9 million.
 The outstanding result is due to the stronger performances' of United Kingdom and Australian newspapers and the United States television and free-standing insert businesses. Twentieth Century Fox's performance was below last year due to the poor performance of three films.
 Interest expense declined by 20 percent to A$931.6 million from A$1,169.8 million in the prior year. This was the result of both lower debt levels and lower worldwide interest rates.
 Losses from equity accounted investments were A$56.8 million as compared to A$37.4 million a year ago, almost all of which were in BSkyB Television and Ansett Transport Industries. BSkyB achieved its first ever operating profit in March 1992 and has continued trading on a profitable basis thereafter. Ansett Transport Industries had a difficult year in the troubled Australian airline market.
 Abnormal losses were A$28.9 million as compared to A$714.2 million in fiscal 1991. Fiscal 1992s loss includes the satisfaction of a multi- year employment agreement and the write-off of the company's investment in a German newspaper, offset by a profit on the sale of a 55 percent interest in the Australian magazine and commercial printing operations.
 During the year, the group raised A$2.4 billion from asset sales, equity and long-term borrowings which allowed it to prepay scheduled Override bank debt repayments until February 1994.
 United States
 Operating profits decreased to A$880.1 million, from A$1,028.2 million a year ago. Included in fiscal 1991's results were eight consumer magazines and one newspaper which were sold in June 1991 and A$41.6 million of foreign exchange trading gains. The current year's results include higher earnings from the seven Fox owned and operated stations and the free-standing insert business. Twentieth Century Fox Film had a disappointing year mainly because of the losses of three expensive films.
 Fox Broadcasting Company (FBC) continued to improve its ratings. FBC's ratings for the 10 hours of series aired on Thursday through Sunday nights averaged a 7.5 household rating (each rating represents 1 percent of all households with television sets, or 921,000 homes) compared to a 6.2 rating the prior year -- 21 percent growth.
 TV Guide, the U.S.'s highest-circulation weekly magazine, performed well despite an industrywide decline in consumer advertising. With a circulation of nearly 15 million, and with 70 percent of revenues derived from circulation, the magazine is less susceptible to advertising downturns. The free-standing insert business improved over the prior year due to reduced production expenses and higher circulation, which increased to 55 million homes from 52 million homes.
 Results at HarperCollins were flat compared to a year ago. The book publishing division experienced strong growth in its general trade publishing operations, although the U.S. education divisions were adversely affected by funding cutbacks during fiscal 1992.
 United Kingdom
 Improved operating margins in the U.K. led to a 28 percent improvement in newspaper profits. Costs were reduced at all five national publications as a result of both operating efficiencies from plant modernization and lower newsprint prices.
 Advertising volumes remained weak although the two Sunday publications -- the News of the World and the Sunday Times -- performed well with profits ahead of last year.
 The Sun maintained its position as the biggest selling English- language daily newspaper in the world (circulation of 3.6 million) and during the year launched a 7-day pullout television guide, which has lifted circulation on Saturdays.
 Australian and Pacific Basin
 Newspaper profits in Australia were much improved, but the overall result was flat against the prior year due to the floatation to the public mid-year of 55 percent of the division's magazine and commercial printing operations. The metropolitan newspaper division performed exceptionally well, particularly in Sydney, Melbourne and Brisbane.
 Both The Daily Telegraph-Mirror and The Sunday Telegraph-Mirror in Sydney were strong contributors, the latter because of the paper's strong circulation performance. In Melbourne, the Herald-Sun and Sunday Herald-Sun also showed solid circulation revenue growth.
 In October, in Adelaide, the company began operation of the country's most advanced newspaper plant, including state-of-the-art presses, thereby achieving full-color daily and Sunday newspaper publishing. The next modernization project will open in Melbourne later in 1992 followed by Sydney and Brisbane over the next two years.
 In Hong Kong, the buoyant economy led to record profits at the South China Morning Post, the region's most prominent and successful English- language newspaper.
 Equity Investments
 BSkyB (Sky Television) in the U.K. completed its first full year of trading and achieved operating profitability in March, just 16 months after the merger with British Satellite Broadcasting.
 Sky's six channel service of news,, entertainment, sports and movies has taken approximately 40 percent of the television viewing in homes that can view the service. Sky achieved distribution of 3.3 million at the end of the fiscal year with nearly half subscribing to one or more of the pay movie services.
 Sky Sports has more than 700,000 pay subscribers and began exclusive and live airing of the English Premier League soccer in August 1992.
 Results at Ansett Transport Industries were adversely affected by increased competition and a rapidly changing airline industry in Australia.
 In December, the company floated 55 percent of its interest in the Australian magazine and commercial printing group (Pacific Magazines and Printing Limited) and since January 1992 the results for these operations have been accounted for on an equity basis.
 Dividends on Ordinary and Special Dividend Shares
 A final franked dividend of 5 cents per share amounting to A$19.2 million has been declared payable on Oct. 13, 1992. Together with the unfranked divided of 5 cents per share paid on April 30, 1992 the total dividend in respect of the June 30, 1992 year is A$38.2 million or a total of 10 cents per share. This compares to a total unfranked dividend of A$26.9 million or 10 cents per share for the previous year.
 After taking into account the special dividend shares of News International plc the total group dividends, in respect of the year ended June 30, 1992 amount to A$41.4 million compared to A$30.3 million in respect of the previous year.
 Annual General Meeting and Printed Accounts
 The 1992 annual general meeting will be held at noon on Tuesday, Oct. 13, 1992 at the Hyatt Regency Hotel, Adelaide.
 The printed annual report is expected to be available late in the week commencing Sept. 14, 1992.
 THE NEWS CORPORATION LIMITED
 (Audited Consolidated Results)
 Profit and Loss Statement
 (In A$000s)
 Year ended June 30: 1992 1991 Pct. chg.
 Operating revenue(A) 10,189,039 10,970,543 (7.1)
 Operating income(A) 1,590,719 1,557,558 2.1
 Other income (expense):
 Dividends 20,152 59,660
 Associated companies losses (56,751) (37,404)
 Interest expense (net) (B) (931,632) (1,169,793)
 Total (968,231) (1,147,537)
 Operating income before tax expense
 and abnormal items 622,488 410,021 51.8
 Income tax expense(C) 25,049 18,630 34.5
 Operating profit after income tax
 before abnormal items 597,439 391,391
 Outside equity interests in operating
 profit before abnormal items 66,909 70,070
 Operating profit after outside equity
 interest, before abnormal items 530,530 321,321 65.1
 Abnormal items (net) (D) (28,853) (714,197)
 Operating profit/(loss) after income
 tax attributable to members of
 the parent entity 501,677 (392,876)
 Earnings per share
 On operating profit after outside equity
 interests, before abnormal items $1.48 $1.11 33.3
 Abnormal items (0.08) ($2.20)
 On operating profit/(loss) after
 income tax attributable to members
 of the parent entity $1.40 ($1.09)
 Earnings per share is calculated using the weighted average number of ordinary shares, special dividend shares and the number of ordinary share which will be issued in respect of convertible preference shares issued by certain controlled entities, outstanding at the end of each period. Accordingly, the number of shares used was 365,895,947 at June 30, 1992 and 323,396,378 at June 30, 1991.
 THE NEWS CORPORATION LIMITED
 Audited Consolidated Results
 Balance Sheet
 (in A$000s)
 As At June 30 1992 1991
 Current assets
 Cash 411,393 201,862
 Receivables 1,772,691 2,072,226
 Inventories 784,807 828,926
 Other 132,522 171,992
 Total current assets 3,101,413 3,275,006
 Non-current assets
 Receivables 480,664 502,170
 Investments 3,537,338 2,999,446
 Inventories 1,714,673 1,626,882
 Property, plant and equipment 3,633,745 3,249,018
 Publishing rights, titles and
 television licenses 12,913,325 12,395,690
 Goodwill 467,559 499,734
 Other 371,870 300,233
 Total non-current assets 23,119,174 21,573,173
 Total assets 26,220,587 24,848,179
 Current liabilities
 Borrowings 353,115 749,258
 Creditors 2,771,498 2,836,413
 Provisions 289,065 330,656
 Total current liabilities 3,413,678 3,916,327
 Non-current liabilities
 Borrowings 9,881,856 9,926,910
 Creditors 1,044,677 1,069,899
 Provisions 181,232 227,737
 Total non-current liabilities 11,107,765 11,224,546
 Total liabilities 14,521,443 15,140,873
 Net assets 11,699,144 9,707,306
 Shareholders' equity
 Share capital 218,611 1,409,028
 Reserves 7,278,552 4,714,127
 Retained profits 3,393,382 2,857,473
 Shareholders' equity attributable
 to members of the parent entity 10,890,545 8,980,628
 Outside equity interests
 in controlled entities 808,599 726,678
 Total shareholders' equity 11,699,144 9,707,306
 THE NEWS CORPORATION LIMITED
 AUDITED CONSOLIDATED RESULTS
 Cash Flow Statement
 (A$'000)
 Year ended June 30 1992 1991
 Operating activity
 Operating profit after tax 501,677 (392,876)
 Adjustment for non-cash and
 non-operating activities
 Equity losses net of dividends 75,960 144,423
 Depreciation and amortization 225,080 285,560
 Provisions and other 9,360 214,343
 Net (gain)/loss on sale of non-
 current assets (218,920) 173,058
 Outside equity interests in
 controlled entities 44,734 40,533
 Change in related balance sheet accounts
 Receivables 134,604 92,791
 Inventories (38,719) (391,364)
 Payables (232,336) 359,332
 Cash provided by operating activity 501,440 525,800
 Investing and other activity
 Property plant and equipment (434,722) (723,841)
 Investments (205,469) (317,466)
 Proceeds from sale of business entities 530,725 843,472
 Proceeds from sale of other non-
 current assets 284,766 246,829
 Other -- (12,697)
 Cash provided by investing activity 175,300 36,297
 Financing activity
 Issuance of debt 1,069,410 987,956
 Repayment of debt (2,119,402) (872,038)
 Issuance of ordinary shares 518,499 --
 Issuance of convertible preferred stock 236,023 --
 Preference capital redeemed (3,957) (357,980)
 Dividends paid (43,123) (50,219)
 Leasing and other finance costs (124,659) (228,037)
 Cash used in financing activity (467,209) (520,318)
 Net increase in cash 209,531 41,779
 Opening cash balance 201,862 160,083
 Closing each balance 411,393 201,862
 THE NEWS CORPORATION LIMITED
 Audited Consolidated Results
 (A$'000)
 Note A -- Segment Data
 By Geographic Area Year Ended June 30
 1992 1991
 Revenues
 United States 6,475,483 6,559,674
 United Kingdom 1,966,525 2,248,515
 Australia and Pacific Basin 1,747,031 2,162,354
 Total 10,189,039 10,970,543
 Operating income
 United States 880,069 1,028,150
 United Kingdom 381,756 197,241
 Australia and Pacific Basin 328,894 332,167
 Consolidated operating income 1,590,719 1,557,558
 Investment income (36,599) 22,256
 Net interest expense (931,632) (1,169,793)
 Operating profit before abnormal
 items 622,488 410,021
 Abnormal items (1,129) (615,220)
 Operating profit (loss) before inc.
 tax and outside equity interests 621,359 (205,199)
 By Industry Segment
 Revenues
 Newspapers 2,954,753 3,088,161
 Magazines and inserts 1,643,862 2,034,567
 Television 1,234,903 1,331,483
 Filmed entertainment 2,423,658 2,199,032
 Book publishing 1,452,828 1,554,897
 Other 479,035 762,403
 Total 10,189,039 10,970,543
 Operating income
 Newspapers 590,451 522,030
 Magazines and inserts 381,846 412,714
 Television 259,657 123,354
 Filmed entertainment 126,979 210,583
 Book publishing 204,238 205,428
 Other 27,548 83,449
 Consolidated operating income 1,590,719 1,557,558
 Investment income (36,599) 22,256
 Net interest expense (931,632) (1,169,793)
 Operating profit before abnormal items 622,488 410,021
 Abnormal items (1,129) (615,220)
 Operating profit (loss) before income
 tax and outside equity interests 621,359 (205,199)
 THE NEWS CORPORATION
 Audited Consolidated Results
 (A$ in thousands)
 Year ended June 30 1992 1991
 Note B - Net interest expense
 Interest paid to other corporations 984,705 1,220,023
 Associated companies 7,358 18,609
 992,063 1,238,632
 Interest received from associated companies (49,220) (53,299)
 Other corporations (11,211) (15,540)
 (60,431) (68,839)
 Net interest expense 931,632 1,169,793
 Interest capitalized
 Property, plant and equipment 47,285 116,809
 Film inventories 23,877 35,652
 71,162 152,461
 Note C - Income tax expense
 Parent entity and controlled entities
 Operating profit before abnormal items 19,902 10,479
 Abnormal items 41,919 112,329
 61,821 122,808
 Associated companies
 Operating profit before abnormal items 5,147 8,151
 Abnormal items (14,195) (13,352)
 (9,048) (5,201)
 52,773 117,607
 Note D - Abnormal items
 Abnormal items before tax
 Parent entity and controlled entities 23,624 (506,927)
 Associated companies (24,753) (108,293)
 (1,129) (615,220)
 Interest tax expense/(benefit)
 Parent entity and controlled entities 41,919 112,329
 Associated companies (14,195) (13,352)
 27,724 98,977
 Abnormal items after tax (28,853) (714,197)
 Note E - Other profit and loss information
 Depreciation and amortization 225,080 285,560
 Foreign exchange trading gains -- 41,607
 Note F - Ratios
 Operating profit after tax as a percentage
 of operating revenues 4.9 pct. (3.6) pct.
 Operating profit to shareholders funds 4.6 pct (4.4) pct.
 Net tangible asset backing per share
 including convertible preferred stock
 and the U.K. special dividend shares $24.05 $26.23
 Note G - Dividends
 A final fully franked ordinary dividend has been declared payable on
 Oct. 13, 1992. Completed share transfers received by the company up
 to 5 p.m. on Sept. 25, 1992, will be registered before entitlements
 to the dividend are determined.
 Dividends declared during the year ended June 30, 1992
 Final fully franked dividend per share -
 payable Oct. 13, 1992 $0.05 $0.05
 Interim unfranked dividend per share -
 paid April 30, 1992 0.05 0.05
 Annual 1992 dividend per share 0.10 0.10
 Note H - Operating Profit
 Operating profit after tax and abnormal
 items for the six months ended Dec. 31, 1991
 Parent entity and controlled entities 432,725 266,185
 Associated companies (77,457) (8,906)
 355,268 257,279
 Operating profit after tax and
 abnormal items for the six months
 ended June 30, 1992
 Parent entity and controlled entities 141,408 (518,565)
 Associated companies 5,001 (131,590)
 146,409 (650,155)
 Total operating profit for the
 year ended June 30, 1992 501,677 (392,876)
 Note I - Issued and Quoted Securities as at June 30, 1992
 All shares issued during the year were fully paid up,
 at a par value of $0.50 per share
 Number Issued
 le notes 67,063,799
 Options exercised 3,199,679
 Issue 42,000,000
 Dividend reinvestment and bonus share plan 2,677,814
 Shares issued in respect of preference
 share dividend entitlements 783,610
 Balance as at June 30, 1992 384,193,003
 The group in October 1991 through certain controlled entities issued 180 million 8-1/2 percent convertible preference shares. These shares are convertible into 18,334,620 ordinary shares of The News Corporation Limited.
 INFORMATION FOR PRIORITY TRANSMISSION
 BY STOCK EXCHANGE
 PRELIMINARY FINAL STATEMENT FOR THE YEAR TO JUNE 30, 1992
 Operating revenues Down 7.1 percent to A$10.2 billion
 Operating profit before abnormal
 items including prior period
 foreign exchange gains Up 89.7 percent to A$530.5 million
 Abnormal items
 Group Loss of A$18.3 million
 Associated companies Loss of A$10.6 million
 Profit after abnormal items A$501.7 million compared to a loss
 of A$392.9 million prior year
 Earnings per share before
 abnormal items Up 33.3 percent to $1.48
 Final dividend per share
 This year - fully franked $0.05
 Last year - unfranked $0.05
 Total dividends per share
 This year - fully franked $0.05
 - unfranked $0.05
 $0.10
 Last year - unfranked $0.10
 THE NEWS CORPORATION LIMITED
 Earnings Summary
 For the twelve months ended June 30, 1992
 (In thousands)
 Three months ended June 30
 Australian Dollars
 1992 per 1991 per
 share share
 Revenues 2,457,124 2,653,692
 Operating profit 401,315 415,388
 Income before abnormal
 items 196,745 $0.05 132,194 $0.42
 Abnormal items (132,204) (0.38) (577,692) (1.78)
 Net income and abnormal
 items 64,541 0.12 (445,498) (1.36)
 United States Dollars
 1992 per 1991 per
 ADR ADR
 Revenues $1,856,569 $2,037,956
 Operating profit 303,485 319,756
 Income before abnormal
 items 149,656 $0.76 102,579 $0.64
 Abnormal items (101,710) (0.58) (451,518) (2.78)
 Net income and abnormal
 items 47,946 0.18 (348,939) (2.14)
 Twelve months ended June 30
 Australian Dollars
 1992 per 1991 per
 Revenues 10,189,039 share 10,970,543 share
 Operating profit 1,590,719 1,557,558
 Income before
 abnormal items 530,530 1.48 321,321 1.11
 Abnormal items (28,853) (0.08) (714,197) (2.20)
 Net income and abnormal
 items 501,677 1.40 (392,876) (1.09)
 United States Dollars
 1992 per 1991 per
 Revenues $ 7,810,917 ADR $8,586,644 ADR
 Operating profit 1,219,445 1,219,101
 Income before abnormal
 items 406,704 2.27 251,498 1.73
 Abnormal items (22,119) (0.12) (559,002) (3.44)
 Net income and
 abnormal items 384,585 2.15 (307,504) (1.71)
 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 64 percent and 55 percent consolidated revenues and operating profit, respectively. Revenues and operating profit of the United Kingdom represent 19 percent and 24 percent, respectively, and the Australian and Pacific Basin operations represent 17 percent and 21 percent, respectively.
 The United States dollar information for the three months ended June 30, 1992, reflects an exchange rate adjustment for the full twelve months. This treatment is consistent with prior periods.
 -0- 8/26/92
 /CONTACT: Peter Rosenthal or Martha Cid of Howard J. Rubenstein Associates, 212-489-6900, for The News Corporation Limited/
 (NWS) CO: The News Corporation Limited ST: New York IN: PUB SU: ERN


PS-OS -- NY005 -- 3434 08/26/92 11:48 EDT
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