Friday February 13, 4:04 pm Eastern Time
Company Press Release
SOURCE: National Media Corporation
National Media Reports Results For Its Third Fiscal Quarter
Quarterly Improvement In EBITDA Performance; Proposed Merger Remains In Progress
PHILADELPHIA, Feb. 13 /PRNewswire/ -- National Media Corporation (NYSE: NM - news) today announced that for its third fiscal quarter, ended December 31, 1997, it had revenues of $64.9 million and a loss of ($8.1) million, or ($.34) per share, as compared to revenues of $70.8 million and a loss of ($6.0) million, or ($.26) per share for the same quarter one year ago.
Quarterly financial performance on an earnings before interest, taxes, depreciation and amortization basis (EBITDA) improved over the same quarter a year ago. For the quarter ended December 31, 1997 the Company reported a loss on an EBITDA basis of ($5.4) million, as compared to a loss on an EBITDA basis of ($7.4) million for the third fiscal quarter a year ago.
Robert N. Verratti, President and Chief Executive Officer of National Media Corporation, said, ''Our results improved on an EBITDA basis over last year and we were able to reduce our loss substantially from the fiscal quarter ended September 30, 1997. The improvement is based on a more efficient media strategy and the performance of several new shows which began to generate U.S. orders from the middle to latter part of the quarter. On the negative side, our performance was hampered significantly by a downturn in the Asian and South Pacific consumer markets, a story common to most global consumer companies.''
On January 5, 1998, subsequent to the quarter's end, the Company announced its intention to merge with ValueVision International, Inc. (Nasdaq: VVTV - news), an integrated electronic and print media direct marketing company and the country's third largest home shopping network.
''The planned merger is proceeding smoothly and we expect to complete the merger during the second calendar quarter of 1998. Completion of the merger is expected to present a variety of global opportunities for television, internet, catalog and other forms of direct consumer marketing,'' Verratti said.
The merger is contingent on the approval of shareholders of both companies, receipt of certain regulatory approvals, and various other matters.
National Media Corporation is the world's largest publicly held transactional television programming company and brings its programming to more that 370 million television households in more than 70 countries worldwide.
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