The table...
The following table sets forth the operating results of the Company's Communications Group and lawn and garden segments for the three months and nine months ended September 30, 1997 and 1996.
METROMEDIA INTERNATIONAL GROUP, INC.
Consolidated Condensed Statements of Operations
(in thousands, except per share amounts)
(unaudited)
Three months ended Nine months ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
1997 1996 1997 1996
Revenues $ 36,545 $ 4,380 $ 147,520 $ 10,319
Cost and expenses:
Cost of sales
and rentals and
operating expenses 22,011 - 91,493 -
Selling, general
and administrative 31,363 12,853 91,982 33,786
Depreciation and
amortization 3,974 1,549 12,071 4,643
---------------------------------------
Operating loss (20,803) (10,022) (48,026) (28,110)
Interest expense 4,417 4,174 16,463 13,783
Interest income 4,560 3,166 9,360 5,359
---------------------------------------
Interest expense
(income), net (143) 1,088 7,103 8,424
Loss before income tax
benefit, equity in
losses of investees,
minority interest,
discontinued
operations and
extraordinary items (20,660) (11,030) (55,129) (36,534)
Income tax benefit 12,262 - 11,948 -
Equity in losses of
Joint Ventures (5,376) (2,292) (7,561) (6,060)
Equity in losses of
and writedown of
investment in RDM
Sports Group, Inc. (19,934) - (45,056) -
Minority interest,
including $2,423
and $4,512
attributable to
Metromedia Asia
Corporation for the
three and nine
months ended
September 30, 1997 2,429 59 5,056 80
-----------------------------------------
Loss from continuing
operations (31,279) (13,263) (90,742) (42,514)
Discontinued operations:
Gain on disposal of
Entertainment Group 246,346 - 246,346 -
Income (loss) from
operations from
Entertainment Group 6,577 (9,845) (28,789) (18,585)
Income (loss) from
operations from
Landmark Theatre Group (438) 1,058 261 1,058
Write down of investment
in RDM Sports
Group, Inc. - (16,305) - (16,305)
---------------------------------------
Income (loss) before
extraordinary items 221,206 (38,355) 127,076 (76,346)
Extraordinary items:
Equity in early
extinguishment
of debt of
RDM Sports
Group, Inc. - - (1,094) -
Early extinguishment
of debt of
discontinued
operation - (4,505) - (4,505)
Early extinguishment
of debentures (13,598) - (13,598) -
----------------------------------------
Net income (loss) 207,608 (42,860) 112,384 (80,851)
Cumulative convertible
preferred stock
dividend
requirement (584) - (584) -
-----------------------------------------
Net income (loss)
attributable to
common stock $207,024 $ (42,860) $111,800 $ (80,851)
==========================================
Weighted average
number of common
shares and
common share
equivalents:
Primary 69,377 65,482 68,070 50,311
Fully diluted 71,628 n/a 69,096 n/a
=========================================
Income (loss) per
common share - primary
Continuing operations $ (0.46) $ (0.19) $ (1.34) $ (0.84)
Discontinued operations $ 3.64 $ (0.40) $ 3.20 $ (0.67)
Extraordinary items $ (0.20) $ (0.07) $ (0.22) $ (0.09)
----------------------------------------
Net income (loss) $ 2.98 $ (0.66) $ 1.64 $ (1.60)
========================================
Income (loss) per
common share -
fully diluted
Continuing operations $ (0.44) n/a $ (1.31) n/a
Discontinued operations $ 3.53 n/a $ 3.15 n/a
Extraordinary items $ (0.19) n/a $ (0.21) n/a
-----------------------------------------
Net income (loss) $ 2.90 n/a $ 1.63 n/a
========================================
-0-
Segment Information
Management's Discussion and Analysis Table
(in thousands)
Three months Nine months
ended ended
Sept.30, Sept.30, Sept. 30, Sept.30,
1997 1996 1997 1996
------------------------------------------
Communications Group:
Revenues $ 5,772 $ 4,380 $14,924 10,319
Cost of sales and
rentals and
operating
expenses (491) - (1,837) -
Selling, general
and administrative (13,263) (9,636) (40,042) (26,151)
Depreciation and
amortization (2,567) (1,545) (6,854) (4,628)
----------------------------------------
Operating loss (10,549) (6,801) (33,809) (20,460)
Equity in losses of
Joint Ventures (5,376) (2,292) (7,561) (6,060)
Minority interest
2,429 59 5,056 80
----------------------------------------
(13,496) (9,034) (36,314) (26,440)
Snapper:
Revenues 30,773 - 132,596 -
Cost of sales and
rentals and
operating expenses (21,520) - (89,656) -
Selling, general
and administrative (16,358) - (47,701) -
Depreciation and
amortization (1,404) - (5,208) -
----------------------------------------
Operating loss (8,509) - (9,969) -
Corporate Headquarters
and Eliminations:
Revenues - - - -
Cost of sales and
rentals and
operating expenses - - - -
Selling, general
and administrative (1,742) (3,217) (4,239) (7,635)
Depreciation and
amortization (3) (4) (9) (15)
----------------------------------------
Operating loss (1,745) (3,221) (4,248) (7,650)
Consolidated:
Revenues 36,545 4,380 147,520 10,319
Cost of sales and
rentals and
operating expenses (22,011) - (91,493) -
Selling, general
and administrative (31,363) (12,853) (91,982) (33,786)
Depreciation and
amortization (3,974) (1,549) (12,071) (4,643)
----------------------------------------
Operating loss (20,803) (10,022) (48,026) (28,110)
Interest expense (4,417) (4,174) (16,463) (13,783)
Interest income 3,166 5,359
4,560 9,360
Income tax benefit 12,262 - 11,948 -
Equity in losses
of Joint Ventures (5,376) (2,292) (7,561) (6,060)
Equity in losses of
and writedown of
investment in
RDM Sports Group, Inc. (19,934) - (45,056) -
Minority interest
2,429 59 5,056 80
Discontinued operations 252,485 (25,092) 217,818 (33,832)
Extraordinary items (13,598) (4,505) (14,692) (4,505)
--------------------------------------
Net income (loss) $207,608 $ (42,860)$112,384 (80,851) |
