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THE NEWS CORPORATION LIMITED REPORTS RESULTS

 SYDNEY, Australia, Aug. 24 /PRNewswire/ -- The following was released today by The News Corporation Limited (NYSE: NWS):
 Highlights From Attached Report to Australian Stock Exchange
 For Year Ended 30 June 1993
 -- Revenues increased 5 percent to A$10.7 billion.
 -- Operating income increased 7 percent to A$1,702.
 -- Operating profit before abnormal items was up 85 percent to A$979 million.
 -- Earnings per share before abnormal items was up 54 percent to A$0.57
 -- Improved performance at newspaper, television and magazine operations.
 -- Associated companies report profits of $177 million versus a loss of $57 million last year led by BSkyB and Ansett Transport Industries Limited.
 -- Among the major events of the year, the Group:
 - Reduced debt by A$1.0 billion.
 - Concluded a US$3.0 billion bank facility and issued over US$3.7 billion of long term public debt.
 - Achieved a full seven nights of programming at Fox Broadcasting.
 - Commissioned new publishing facility in Melbourne.
 -- BSkyB will launch a new basic pay package on September 1, 1993.
 -- Fox will launch a new basic cable service in late fiscal 1994.
 THE NEWS CORPORATION LIMITED
 Preliminary Final Statement For The Year to June 30, 1993
 Operating profits Up 4.9 percent to A$10.7 billion
 Operating profit before
 abnormal items Up 84.5 percent to A$978.9 million
 Abnormal items
 Group Loss of A$6.5 million
 Associated companies Loss of A$108.1 million
 Profit after abnormal items A$864.3 million compared to a prior
 year profit of A$501.5 million
 Earnings per share before
 abnormal items Up 54.1 percent to $0.57
 Final dividend per share
 This year - fully franked $ 0.0150
 Last year - fully franked $ 0.0125
 Total dividends per share
 This year - fully franked $ 0.0125
 Last year - fully franked $ 0.0125
 - unfranked $ 0.0125
 Total $ 0.0250
 Commentary Group Result
 The News Corporation Limited today reported record after tax profit before abnormal items for the year ended June 30, 1993 of A$978.9 million (A$0.57 per share), an increase of 85 percent over a year ago of A$530.5 million (A$0.37 per share). Revenues grew 5 percent to A$10.7 billion from A$10.2 billion despite continued recessionary environments in major economies in which the company operates. Profit after abnormal items was A$864.3 million compared to A$501.5 million for the prior year. The abnormal loss from associated companies of $108.1 million is mainly unrealized foreign exchange losses at Ansett Transport Industries Limited.
 The exceptional result is due to improved performance from the company's newspaper, magazine and television operations, as well as its associated companies. Gains from these businesses were offset by significantly lower performance in filmed entertainment.
 Income from associated companies increased significantly, contributing A$177.3 million versus a loss of A$56.8 million in fiscal 1992. Both BSkyB and Ansett Transport Industries reported profits for the year compared to losses a year ago.
 Interest expense declined 21 percent to A$737.1 million from A$931.7 million a year ago as a result of both lower debt levels and reduced interest rate.
 The company continued to strengthen its financial condition during fiscal 1993. Debt was reduced by over A$1.0 billion from the proceeds of an equity offering, the sale of the San Antonio newspaper and from free cash flow generated from operations. Debt maturities were extended by aggressively accessing the public markets, taking advantage of historically low rates and a growing investor appetite for News Corporation Securities. During the past twelve months in excess of A$5.5 billion (US$3.7 billion) of debt with maturities ranging from seven to thirty years were issued. A new US$3 billion bank agreement was also completed during the year which further extended maturities and reduced the cost of borrowing. The company's improving financial strength was recognized by Standard & Poor's and Fitch Investor Service's which rated News Corporation debt securities investment grade.
 Since year end, the company extended its investments in television with its acquisition of 63.6 percent of Star Television of Hong Kong and 15 percent of Australia's Seven Network. Star TV is the world's largest satellite broadcaster currently reaching 11 million homes throughout Asia. Star's signal covers 38 countries with a potential audience of almost 250 million television homes.
 By combining its expertise in entertainment production and distribution with its proven experience in television and satellite broadcasting News Corporation plans to duplicate in Asia its successes at Fox Broadcasting and BSkyB.
 United States
 Operating profits from U.S. operations increased 10 percent to A$964.3 million from A$880 million a year ago as a result of record profits at both of the company's television businesses, Fox Broadcasting Company (FBC) and Fox Television Stations, Inc. and at TV Guide.
 FBC benefited from increased advertising from additional nights, as well as from a modest firming of advertising pricing. As in prior periods of expansion, FBC's overall ratings declined slightly with the new nights airing primarily new programming against established line-ups on the other three networks. FBC, however, held its ground on its strong Wednesday through Sunday prime time scheduling where in the key Adult 18-34 demographic it maintained a comparable 6.3 rating decline from 6.2 to 5.9 at the competing networks. On June 21, FBC launched its Fox Monday Night at the Movies bringing it to a full seven nights of prime time programming.
 With the acquisition of the FBC affiliate WATL in Atlanta in June, Fox Television Stations, Inc. now comprises eight owned and operated stations broadcasting to nearly 24 percent of the U.S. television audience. Profits at all stations were up year on year.
 During the recent May "Rating Sweeps," three of the Fox owned and operated stations, WNYW-New York, KTTV-Los Angeles and WTTG-Washington, D.C., were each rated No. 1 in their respective markets in the Adult 18- 34 demographic.
 In May, Fox announced the formation of a basic cable service with anticipated launch in late fiscal 1994. Fox has reached agreement with seven individual cable operators including the country's largest, TCI, who will all carry the service, and negotiations are proceeding with all major cable systems.
 Fox also announced the launch of El Canal Fox, a basic cable service serving South and Central America. Broadcasting in Spanish, Portuguese and English, the service began operations this month.
 At the company's Magazine and Inserts operations, operating profits were up 6 percent. TV Guide benefited from both a turnaround in advertising as well of the effects of a full year of the $.10 cover- price increase instituted in March 1992. Operating profits were up 25 percent compared to a year ago. While operating profits declined, the Free Standing Insert (FSI) division posted its second most profitable year. Price competition instituted by the entry of a third competitor into the marketplace reduced revenues.
 Although the results at HarperCollins were virtually flat for the fiscal year, the second half showed marked improvement due to the strong performance of its spring list, led by Jeffery Archer's Honor Among Thieves and Reengineering the Corporation, an outstanding management book. Also contributing to the improvement was the strong performance of Scott Foresman's Exploring Mathematics program and its Discover The Wonder science program.
 Gains in operating profit were offset by lower results at Twentieth Century Fox Film. On the film side, the strong box office success of films such as Home Alone 2: Lost in New York, The Last of the Mohicans and Aliens3 was offset by the poor performance of the winter release schedule. In the television syndication market, Twentieth Television had a solid year aided by the successful off-network syndication of COPS. Fox's film slate is off to a good start in fiscal 1994 with the releases of Rookie of the Year, Rising Son and Hot Shots! Part Deux.
 United Kingdom
 Advertising and circulation revenue at the company's United Kingdom newspaper operations remained flat throughout the year as a result of the delayed economic upturn. However, operating profits grew 9 percent year on year primarily due to continued operating efficiencies resulting from its plant modernization program. Operating margins, at 23 percent, were up 2 percent from 21 percent last year.
 Operating profits at the Sun, News of the World and The Sunday Times all showed significant gains. Today, Britain's fastest growing paper, enjoyed an almost 15 percent gain in circulation.
 Australia and Pacific Basin
 While total revenues for the region were down for the year, total operating profits were up 2 percent to A$336.1 million compared to A$328.9 million in fiscal 1992. After giving effect to businesses sold during the prior year, fiscal 1993 revenues and operating income actually grew by 9 percent and 23 percent respectively.
 Despite Australia's prolonged economic downturn, each of the company's newspaper divisions, Metropolitan, Regional and Suburban, showed gains in revenues. Total operating income from newspaper operations was up 18 percent compared to a year ago.
 Operating margins at the Metropolitan papers improved by almost 3 percent compared to a year ago. In fiscal 1993, the Melbourne plant became operational joining Adelaide which went on line last year. New facilities in Sydney and Brisbane are scheduled to come on line during calendar 1994.
 Aided by the vibrant Hong Kong economy, The South China Morning Post, the 50 percent owned English-language newspaper, continued to post record profits.
 Equity Investments
 BSkyB, the company's 50 percent owned U.K. satellite broadcasting company, continued to make significant progress and achieved a full year of recorded weekly operating profits. Revenues grew by over 60 percent as a result of the continued growth in premium movie subscribers as well as sports subscribers. Launched as a pay service in September 1992, Sky Sports grew to over 1.7 million subscribers by year end.
 During the year, BSkyB announced the formation of two joint venture companies: Nickelodeon UK and QVC Ltd. With BSkyB holding a 50 percent interest in each, these channels will be part of a new basic cable pay package, Sky Multi-Channels Package, which will launch on September 1, 1993. This service will eventually grow to include fourteen channels, nine of which are new to satellite television in the U.K. As a result of this new package, all BSkyB channels will generate subscriber revenues.
 Ansett Transport Industries, 50 percent owned by News Corporation, finished the year with over 50 percent market share making it the number one domestic carrier in Australia. Improved passenger numbers and revenues, better yield management systems and on-going cost reductions, allowed the airline to finish the year profitably.
 All associated companies showed improved results.
 Dividend and Annual General Meeting
 A final franked dividend of 1.5 cents per share amounting to A$26.7 million has been declared payable on Oct. 12, 1993 to shareholders on the books as close of business at 5:00 p.m. on Sept. 28, 1993. Together with the franked dividend of 1.5 cents per share paid on April 30, 1993, the total dividend in respect of the June 30, 1993 is A$53.2 million or a total of 3 cents per share. This compares to a total dividend of A$37.7 million or 2.5 cents per share for the previous year, of which 1.25 cents was franked.
 After taking into account dividend shares of News International plc the Total Group dividend, in respect of the year ended June 30, 1993 amount to A$56.7 million compared to A$41.4 million in respect of the previous year.
 Shareholders who have lodged valid election notices for participation in the Dividend Reinvestment and Bonus Share Plan will receive additional News Corporation shares in lieu of cash.
 Annual General Meeting and Printed Accounts
 The 1993 Annual General meeting will be held at 11:00 a.m. on Tuesday, Oct. 12, 1993 at the Hyatt Regency Hotel, Adelaide. The printed annual report is expected to be available late in the week commencing Sept. 13, 1993.
 THE NEWS CORPORATION LIMITED
 Audited Consolidated Results
 Profit and Loss Statement
 A$ Million
 Year ended June 30 1993 1992 Percent
 Note Change
 Operating revenue A 10,685.5 10,189.0 4.9
 Operating income A 1,702.3 1,590.7 7.0
 Other income (expense)
 Dividends 18.8 20.2
 Associated companies
 profit/(losses) 177.3 (56.8)
 Interest expense (net) B (737.1) (931.7)
 Total (541.0) (968.3)
 Operating income before tax
 expense and abnormal items 1,161.3 622.4 86.6
 Income tax expense C 109.9 25.0 339.6
 Operating profit after income
 tax before abnormal items 1,051.4 597.4
 Outside equity interests in
 operating profit before
 abnormal items 72.5 66.9
 Operating profit after outside
 equity interests, before
 abnormal items 978.9 530.5 84.5
 Abnormal items (net) D
 Parent entity and controlled
 entities (6.5) (18.4)
 Associated companies (108.1) (10.6)
 Total (114.6) (29.0)
 Operating profit after income
 tax attributable to members
 of the parent entity 864.3 501.5
 Earnings per share
 On operating profit after
 outside equity interests,
 before abnormal items $0.57 $0.37 54.1
 Abnormal items ($0.07) ($0.02)
 On operating profit after income
 tax attributable to members
 of the parent entity $0.50 $0.35
 THE NEWS CORPORATION LIMITED
 Audited Consolidated Results
 Balance Sheet (A$ millions)
 Periods ended June 30 1993 1992
 Current assets
 Cash 658.5 411.4
 Receivables 1,984.3 1,772.7
 Inventories 971.9 784.8
 Other 180.2 132.5
 Total current assets 3,794.9 3,101.4
 Non-current assets
 Receivables 364.3 480.7
 Investments 3,268.1 3,537.4
 Inventories 1,750.8 1,714.6
 Property, plant and equipment 3,691.1 3,633.6
 Publishing rights, titles and
 television licenses 13,316.9 12,913.3
 Goodwill 527.0 467.8
 Other 559.1 371.9
 Total non-current assets 23,477.3 23,119.3
 Total assets 27,272.2 26,220.7
 Current liabilities
 Borrowings 17.8 353.1
 Creditors 2,992.7 2,771.5
 Provisions 252.1 289.2
 Total current liabilities 3,262.6 3,413.8
 Non-current liabilities
 Borrowings 10,162.0 9,881.8
 Creditors 864.3 1,044.7
 Provisions 208.8 181.3
 Total non-current liabilities 11,235.1 11,107.8
 Total liabilities 14,497.7 14,521.6
 Net assets 12,774.5 11,699.1
 Shareholder's equity
 Share capital 959.3 218.6
 Reserves 6,933.9 7,278.6
 Retained profits 4,204.9 3,393.2
 Shareholders' equity attributable
 to members of the parent entity 12,098.1 10,890.4
 Outside equity interest in
 controlled entities 676.4 808.7
 Total shareholders' equity 12,774.5 11,699.1
 NOTE: The strengthening of the U.S.$ against the A$ has resulted in a translational increase of A$849 million in Australian dollar consolidated borrowings.
 THE NEWS CORPORATION LIMITED
 Audited Consolidated Results
 Cash Flow Statement
 A$ million
 Year ended June 30 1993 1992
 Operating activity
 Operating profit after tax 864.3 501.5
 Adjustment for non cash and
 non operating activities
 Equity earnings net of dividends 2.7 76.0
 Depreciation and amortization 231.0 225.1
 Provisions and other 106.0 9.5
 Net gain on sale of
 non-current assets (61.7) (218.9)
 Outside equity interests in
 controlled entities 52.1 44.7
 Change in related balance sheet accounts
 Receivables (171.1) 134.6
 Inventories 51.6 (38.7)
 Payables 93.3 (232.3)
 Cash provided by
 operating activity 1,168.2 501.5
 Investing and other activity
 Property plant and equipment (569.7) (434.7)
 Investments (169.3) (205.5)
 Proceeds from sale
 of business entities 263.1 530.7
 Proceeds from sale of other
 non current assets 125.4 284.8
 Cash (used)/provided by
 investing activity (350.5) 175.3
 Financing activity
 Issuance of debt 8,671.7 1,069.4
 Repayment of debt (9,681.9) (2,119.4)
 Issuance of ordinary shares 942.3 518.5
 Issuance of convertible
 preferred stock 236.0
 Preference capital redeemed (226.3) (4.0)
 Dividends paid (61.4) (43.1)
 Leasing and other finance costs (244.4) (128.8)
 Cash used in financing activity (600.0) (471.4)
 Net increase in cash 217.7 205.4
 Opening cash balance 411.4 201.9
 Exchange movement on
 opening balance 29.4 4.1
 Closing cash balance 658.5 411.4
 THE NEWS CORPORATION LIMITED
 Earnings Summary
 For The Year Ended June 30, 1993
 (In Millions)
 Three Months Australian Dollars United States Dollars
 Ended June 30, per per per per
 1993 Share 1992 Share 1993 ADR 1992 ADR
 Revenues 2,715.6 2,457.1 1,883.9 1,858.6
 Operating
 profit 461.5 401.3 320.5 303.5
 Income before
 abnormal
 items 310.4 $.17 196.7 $.13 215.9 $.95 149.7 $.78
 Abnormal
 items (89.6) (.05) (132.3) (.10) (62.7) (.28) (101.8) (.58)
 Net income
 and abnormal
 items 220.8 $.12 64.4 $.03 153.2 $.67 47.9 $.18
 Twelve Months Australian Dollars United States Dollars
 Ended June 30, per per per per
 1993 Share 1992 Share 1993 ADR 1992 ADR
 Revenues 10,685.5 10,189.0 7,482.0 7,810.9
 Operating
 profit 1,702.3 1,590.7 1,192.0 1,219.4
 Income before
 abnormal
 items 976.9 $.57 530.5 $.37 685.4 $3.19 406.7 $2.27
 Abnormal
 items (114.6) (.07) (29.0) (.02) (80.2) (.38) (22.2) (.12)
 Net income
 and abnormal
 items 864.3 $.50 501.5 $.35 605.2 $2.81 384.5 $2.15
 The earnings summary in U.S. dollars includes revenues and income of U.S. operations in actual U.S. dollars. Revenues and income of Australian and United Kingdom operations have been converted at the average exchange rates for each period. The U.S. operations in 1993 accounted for 68 percent and 56 percent of consolidated revenues and operating profit respectively. Revenues and operating profit of the United Kingdom represent 18 percent and 24 percent respectively and the Australian and Pacific Basin operations represent 14 percent and 20 percent respectively.
 The United States dollar information for the three months ended June 30 reflects the exchange rate adjustment for the full twelve months. This treatment is consistent with prior periods.
 THE NEWS CORPORATION LIMITED
 Audited Consolidated Results
 (A$ million)
 Note A - Segment Data
 Year Ended June 30, 1993 1992
 By Geographic Area
 Revenues
 United States 7,227.0 6,475.5
 United Kingdom 1,942.8 1,966.5
 Australia and Pacific Basin 1,515.7 1,747.0
 10,685.5 10,189.0
 Operating Income
 United States 964.3 880.0
 United Kingdom 401.9 381.8
 Australia and Pacific Basin 336.1 328.9
 Consolidated operating income 1,702.3 1,590.7
 Investment income 196.1 (36.6)
 Net interest expense (737.1) (931.7)
 Operating profit before abnormal items 1,161.3 622.4
 Abnormal items (135.0) (1.3)
 Operating profit before income tax and
 outside equity interests 1,026.3 621.1
 By Industry Segment
 Revenues
 Newspapers 3,069.8 2,954.8
 Magazines and inserts 1,656.2 1,643.9
 Television 1,614.0 1,234.9
 Filmed entertainment 2,622.9 2,423.6
 Book publishing 1,513.0 1,452.8
 Other 209.6 479.0
 10,685.5 10,189.0
 Operating income
 Newspapers 671.4 590.5
 Magazines and inserts 401.6 381.8
 Television 373.1 259.7
 Filmed entertainment 52.6 127.0
 Book publishing 201.5 204.2
 Other 2.1 27.5
 Consolidated operating income 1,702.3 1,590.7
 Investment income 196.1 (36.6)
 Net interest expense (737.1) (931.7)
 Operating profit before abnormal items 1,161.3 622.4
 Abnormal items (135.0) (1.3)
 Operating profit before income tax and
 outside equity interests 1,026.3 621.1
 THE NEWS CORPORATION LIMITED
 Audited Consolidated Results
 (A$ Million)
 Note B - Net Interest Expense
 Year Ended June 30, 1993 1992
 Interest paid to
 Other corporations 795.8 984.7
 Associated companies 3.7 7.4
 799.5 992.1
 Interest received from
 Associated companies (24.9) (49.2)
 Other corporations (37.5) (11.2)
 (62.4) (60.4)
 Net interest expense 737.1 931.7
 Interest capitalized
 Property, plant and equipment 42.4 47.3
 Film inventories 22.2 23.9
 64.6 71.2
 Note C - Income Tax Expense
 Operating profit before abnormal items
 Parent entity and controlled entities 60.5 19.9
 Associated companies 49.4 5.1
 109.9 25.0
 Abnormal items
 Parent entity and controlled entities 1.8 41.9
 Associated companies (22.2) (14.2)
 (20.4) 27.7
 Total
 Parent entity and controlled entities 62.3 61.8
 Associated companies 27.2 (9.1)
 89.5 52.7
 THE NEWS CORPORATION LIMITED
 Audited Consolidated Results
 (A$ Million)
 Note D - Abnormal Items
 Year Ended June 30, 1993 1992
 Abnormal items before tax
 Parent entity and controlled entities (4.7) 23.5
 Associated companies (130.3) (24.8)
 (135.0) (1.3)
 Income tax expense/(benefit)
 Parent entity and controlled entities 1.8 41.9
 Associated companies (22.2) (14.2)
 (20.4) 27.7
 Abnormal items after tax (114.6) (29.0)
 Note E - Other Profit and Loss Information
 Depreciation and amortization 231.0 225.1
 Amortization of capitalized interest 42.1 21.3
 Note F - Ratios
 Operating profit after tax as a
 percentage of operating revenues 8.1 pct 4.9 pct
 Operating profit to shareholders funds 7.1 pct 4.6 pct
 Net tangible asset backing per share
 including convertible preferred stock
 and the U.K. special dividend shares $6.0691 $6.0124
 THE NEWS CORPORATION LIMITED
 Audited Consolidated Results
 (A$ Million)
 Note G - Dividends
 A final fully franked ordinary dividend has been declared payable on
 Oct. 12, 1993. Completed share transfers received by the company up
 to 5:00 p.m. on Sept. 28, 1993 will be registered before
 entitlements to the dividend are determined.
 Year Ended June 30, 1993 1992
 Dividends declared during the
 year ended June 30, 1993
 Final fully franked dividend per share
 - payable Oct. 12, 1993 $0.0150 $0.0125
 Interim fully franked dividend per share
 - paid April 30, 1993 $0.0150 $0.0125
 Annual 1993 Dividend per Share $0.0300 $0.0250
 Note H - Operating Profit
 Operating profit after tax and abnormal
 items for the six months ended
 Dec. 31, 1992
 Parent entity and controlled entities 428.2 432.7
 Associated companies 24.6 (77.6)
 452.8 355.1
 Operating profit after tax and abnormal
 items for the six months ended
 June 30, 1993
 Parent entity and controlled entities 416.3 141.4
 Associated companies (4.8) 5.0
 411.5 146.4
 Total operating profit for the year
 ended June, 30, 1993 864.3 501.5
 Note I - Earnings Per Share
 Earnings per share is calculated using the weighted average number of ordinary shares, special dividend shares and the number of ordinary shares which will be issued in respect of convertible preference shares issued by certain controlled entities, outstanding at the end of each period.
 The number of shares used in both the June 1993 and 1992 earnings per share has been adjusted for the bonus issue made on March 5, 1993. Accordingly the weighted average number of shares used was 1,727,193,667 at June 30, 1993 and 1,463,583,788 at June 30, 1992.
 Diluted earnings per share is not materially different from the basic earnings per share.
 Note J - Issued and Quoted Securities As At June 30, 1993
 All shares issued during the year were fully paid up, at a par value of $0.50 per share.
 Ordinary Shares Number Issued and Quoted
 Balance as at July 1, 1992 1,536,772,012
 Options exercised 5,893,400
 Issue 160,000,000
 Dividend reinvestment and bonus share plan 5,221,030
 Shares issued in respect of preference share
 dividend entitlements 1,877,140
 Shares issued in respect of preference
 share conversion 68,853,468
 Balance as at June 30, 1993 1,778,617,050
 A bonus issue was declared of three ordinary shares of $0.50 each, fully paid for every one ordinary share held. Entitlements to the bonus issue was calculated on registered shares as at March 5, 1993. All current period share issues have been adjusted for this bonus issue.
 The group in October 1992 through certain controlled entities issued 180 8-1/2 percent convertible preference shares. On Jan. 3, 1993, 169 notes were converted into 68,853,468 ordinary shares, the remaining 11 shares are convertible into 4,485,012 ordinary shares of The News Corporation Limited.
 -0- 8/24/93
 /CONTACT: Mark Valenta of The News Corporation Limited, 011-61-2-288-3000/
 (NWS)


CO: The News Corporation Limited ST: Australia IN: PUB SU: ERN

TM -- NY073 -- 5651 08/24/93 22:29 EDT
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