National Media Corporation Reports Loss for Fiscal Quarter Ended
June 30, 1997
PR Newswire - August 13, 1997 16:29
PHILADELPHIA, Aug. 13 /PRNewswire/ -- National Media Corporation
(NYSE: NM) today reported a net loss of approximately $13.0 million, or ($.54)
per primary share, for its first fiscal quarter ended June 30, 1997, as
compared to net income of $4.6 million, or $.18 per primary share, for the
fiscal quarter ended June 30, 1996.
Total net revenues for the fiscal quarter ended June 30, 1997 were
$67.2 million, as compared to $109.3 million for the quarter ended June 30,
1996.
Net revenues from international operations for the quarter were
$40.5 million, as compared to $33.8 million for the first quarter of last
year. Net revenues from the North American market for the quarter were
$26.7 million, as compared to $75.5 million for the first quarter of last
year.
The Company continues discussions with its primary lender and other
financial institutions concerning its financing needs. With the assistance of
Lehman Brothers, the Company also continues discussions with various parties
regarding strategic partnerships and other types of financings.
According to Robert N. Verratti, President and Chief Executive Officer,
"We began initiating our action plan in early July, including the reduction of
global expenses. Those reductions are not reflected in our first quarter
results and we expect continued losses through the quarter which will end
September 30, 1997. We have been concentrating on new shows and product
offerings for the fall television season. Our fall line-up will include
several shows featuring some of the industry's most proven performers, as well
as shows for new fitness equipment and housewares."
National Media Corporation is the world's largest publicly held
transactional television programming company and brings its programming to
more than 370 million television households in more than 70 countries
worldwide.
This press release contains forward-looking statements. The Company
wishes to take advantage of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995 and is including this statement for
the purpose of availing itself of such provisions. Examples of forward-
looking statements include, but are not limited to, (i) projections of
revenues, income or loss, profitability, earnings or loss per share and other
financial indicators, (ii) statements of plans or objectives of the Company's
management or Board of Directors and (iii) other statements about the Company
or the infomercial industry.
The Company's ability to predict projected results or the effect of
certain events on the Company's results of operations is inherently uncertain.
Therefore the Company wishes to caution each reader of this release to
carefully consider certain factors, including competition for customers, media
pricing and access, market conditions regarding buyers and sellers of media,
the potential effect of litigation involving the Company, the risks of doing
business in the U.S. and the international marketplace, issues related to
entering new markets, the inherent difficulty in identifying successful
products, locating efficient suppliers of such products and bringing such
products to market in a timely fashion and other factors, each of which could
affect the ability of the Company to achieve its projected results and may
cause actual results to differ materially from those expressed herein.
NATIONAL MEDIA CORPORATION
FIRST FISCAL QUARTER RESULTS
(In Thousands Except First Quarter
Per Share Amounts) Ended June 30
1997 1996
Net Revenues $67,155 $109,300
Net (Loss) Income ($12,989) $4,550
(Loss) Earnings Before Interest, Taxes,
Depreciation and Amortization
(EBITDA) ($10,446) $8,130
Net (Loss) Income Per Share:
Primary ($.54) $.18
Fully Diluted ($.54) $.18
Weighted average number of common
and common equivalent shares
outstanding:
Primary 24,141 25,345
Fully Diluted 24,141 25,345
To request previous press releases on National Media Corporation contact
PR Newswire at 800-758-5804, Ext. 604644.
SOURCE National Media Corporation
CONTACT: Bruce Boyle, Director of Investor Relations of National Media,
215-988-4641 |
