NEW YORK--(BUSINESS WIRE)--Aug. 15, 2001--Metromedia International Group, Inc. (the Company) (AMEX:MMG), which through Metromedia International Telecommunications, Inc. (MITI), is the owner of various interests in communications joint ventures in Eastern Europe, the former Soviet Union and other emerging markets, today reported results for the three and six months ended June 30, 2001.
For the three months ended June 30, 2001, the Company reported a net loss attributable to common stockholders of $27.0 million, or $0.29 per share, on consolidated revenues of $77.6 million. This compared to a net loss attributable to common stockholders of $20.4 million, or $0.22 per share, on consolidated revenues of $85.1 million for the quarter ended June 30, 2000. For the six months ended June 30, 2001, the Company reported a net loss attributable to common stockholders of $54.7 million, or $0.58 per share, on consolidated revenues of $164.4 million. This compared to a net loss attributable to common stockholders of $40.6 million, or $0.43 per share, on consolidated revenues of $166.5 million for the six months ended June 30, 2000. The results for the three and six months ended June 30, 2000 included a net gain of $4.0 million from the change in estimate on the asset impairment of the Communication Group's operations in China and for the six month period of 2000 a pre-tax gain of $2.5 million representing the gain realized on the buyout of options to acquire an indirect interest in Telecominvest, a holding company with diverse telecommunications interests in northwest Russia.
For the three months ended June 30, 2001, MITI contributed $31.4 million of the Company's total consolidated revenues as compared to $32.5 million for the same period in 2000. For the six months ended June 30, 2001, MITI contributed $64.3 million of the Company's total consolidated revenues as compared to $63.7 million for the same period in 2000.
Other highlights for MITI were as follows:
- Subscribers at June 30, 2001 (1): 825,777 - June 30, 2000:
788,667
- Combined 2001 second quarter revenues: $70.8 million - 2000:
67.6 million
- Combined 2001 second quarter EBITDA (2): $16.1 million - 2000:
17.0 million
- Combined 2001 year-to-date revenues: $145.4 million - 2000:
133.1 million
- Combined 2001 year-to-date EBITDA (2): $29.7 million - 2000:
31.2 million
(1) Six months 2001 includes the subscribers of Comstar, in which the
Company acquired a 50% interest in December, 2000. Six months 2000
excludes the subscribers of Baltcom GSM, in which the Company sold
its interest in October 2000, and the subscribers of the majority
of the paging group, on which the Company no longer reports.
(2) Defined as combined operating income (loss) plus combined
depreciation and amortization.
Stuart Subotnick, MMG's President and Chief Executive Officer, commented, "As was the case last quarter, the slower than usual growth in our subscriber base was the result of an expected decline in subscribers at PeterStar as wireless operators in St. Petersburg began processing traffic through an alternative service provider when the local incumbent operator completed the build-out of its competing transit network. Our plan remains to increase the number of subscribers at PeterStar through increased penetration of the business and mobile customer markets."
"Despite the drop in subscribers at PeterStar, our total subscriber base and our combined revenues increased year-over-year," continued Mr. Subotnick. "A large part of this is reflected in the December 2000 acquisition of Comstar. In addition, Magticom, our wireless venture in Georgia, continues to perform well."
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