Couldn't resist,
nibbled some more TVGIA today...
04/16 22:35 TV Guide, Inc. Announces First Quarter 2000 Earnings <TVGIA.O>
TV Guide, Inc. Announces First Quarter 2000 Earnings
TULSA, Okla., April 16 /PRNewswire/ -- TV Guide, Inc. (Nasdaq: TVGIA) ("TVGIA") today reported consolidated operating income before depreciation and amortization (EBITDA) for the quarter ended March 31, 2000 of $59.6 million (27% increase as compared to the same period in the prior year) on revenues of $299.1 million (48% increase). The 2000 results include the operating results of TV Guide Magazine, which was acquired March 1, 1999, for the entire quarter.
"We had another outstanding quarter that included a 43% increase in advertising revenue on the TV Guide Channel while maintaining strong ad sales results in the magazine group," stated Joe Kiener, Chairman and Chief Executive Officer. "We are looking forward to the near term opportunities for further growth in advertising revenues with the new, advertising enabled version of TV Guide's interactive program guide that is due to be introduced to the market place during the second quarter. On the programming side, we continue to focus on the development of new and exciting content elements such as 'TV Guide Music', which is being launched on all of our branded media platforms."
"Our shareholders, as well as those of Gemstar, voted overwhelmingly on March 17th to approve the merger of TV Guide with Gemstar," said Peter C. Boylan III, President and Chief Operating Officer. "We have been working on completing the steps necessary to obtain regulatory approval to consummate the merger and still anticipate closing the transaction sometime during the second quarter of 2000 as originally announced last Fall. We continue to make great progress with a number of our new business initiatives including TV Guide Online, Television Games, TV Guide Interactive and our KA satellite interests. Of particular note is the fact that TV Guide Online's traffic has increased over 80% from the end of last year, and we have reached the three and one-half million subscriber mark for TV Guide Interactive."
As previously disclosed, the comparability of TV Guide's net income to prior periods is complicated due to the dilutive impact of additional shares of common stock issued on March 1, 1999 to complete the acquisition of TV Guide Magazine and by the impact of the amortization of intangible assets recorded as a part of that acquisition. In addition, net income in the first quarter of 2000 was negatively impacted by merger expenses of $3.1 million, or $0.01 per share. Consequently, net income for the quarter ended March 31, 2000 was $938,000, or $0.00 per share diluted, compared to $12.8 million, or $0.06 per share diluted in 1999.
TV Guide is a global diversified media and communications company that operates three primary business units: TV Guide Television Group and TV Guide Interactive Group (collectively, TV Guide Entertainment Group), TV Guide Magazine Group, and United Video Group. TV Guide markets and distributes products in the United States to over 100 million cable and satellite homes every week. TV Guide also markets its products internationally in 45 countries. TV Guide Magazine and TV Guide Channel are the largest print and electronic guidance products in the world. TV Guide has unparalleled consumer reach with the following products and cable/satellite services:
-- TV Guide Magazine - 11 million subscribers - 34 million weekly readers
-- TV Guide Channel - 50 million subscribers - 28 million weekly viewers
-- TV Guide Interactive - 40 million homes passed - 3.5 million
subscribers
-- TV Guide Online - 82 million page views/month - 2.8 million monthly
unique users
-- The Cable Guide - 3 million subscribers - 9 million weekly readers
-- Sneak Prevue - 33 million subscribers
-- WGN - 48 million subscribers
-- KTLA - 3 million subscribers
-- WPIX - 3 million subscribers
-- Denver 6 Services - 3 million subscribers
TV Guide operates several other business units including:
Superstar/Netlink Group, LLC - SpaceCom Systems - Television Games Network - SSDS - TV Guide Media Sales - TV Guide Affiliate Sales - TV Guide Enterprise Solutions - TV Guide Worldwide - TV Guide Distribution, Inc. - InfoMedia
On October 4, 1999, TV Guide, Inc. and Gemstar International Group Limited (Nasdaq: GMST) entered into a definitive merger agreement under which TV Guide will become a wholly owned subsidiary of Gemstar. On March 17, 2000, the stockholders of both TV Guide and Gemstar voted to approve the merger. Completion of the merger is subject to regulatory approval.
For up to date information about TV Guide companies, please access our Internet home page at www.tvguideinc.com . TV Guide trades on the Nasdaq stock market under the symbol TVGIA. OPERATING RESULTS BY BUSINESS UNIT
(in thousands, except per share amounts)
Quarter Ended March 31,
%
2000 1999(a) Change
Revenues:
TV Guide Magazine Group $160,862 $ 49,357 226 %
TV Guide Entertainment Group 27,702 21,208 31 %
United Video Group 118,519 137,838 (14)%
Eliminations (7,987) (6,561) n/a
Total $299,096 $201,842 48 %
EBITDA:
TV Guide Magazine Group $ 41,711 $ 14,726 183 %
TV Guide Entertainment
Group 3,096 2,878 8 %
United Video Group 14,753 29,477 (50)%
Total $ 59,560 $ 47,081 27 %
Attributable EBITDA (b):
TV Guide Magazine Group $ 41,711 $ 14,726 183 %
TV Guide Entertainment Group 3,551 2,812 26 %
United Video Group 11,555 25,216 (54)%
Total $ 56,817 $ 42,754 33 % Net income $ 938 $ 12,761
Earnings per share (c):
Basic $ 0.00 $ 0.06
Diluted $ 0.00 $ 0.06
Notes:
(a) The operating results for 1999 include the operating results of TV
Guide Magazine for periods subsequent to March 1, 1999 (date of
acquisition).
(b) Attributable EBITDA represents EBITDA (operating income plus
depreciation and amortization) after deducting that portion of EBITDA
which relates to minority interests.
(c) 1999 per share amounts have been adjusted to reflect the two-for-one
stock split, effected in the form of a stock dividend, in December
1999. SOURCE TV Guide, Inc.
-0- 04/16/2000
/CONTACT: Pete Boylan or Craig Waggy, both of TV Guide, 1-800-331-4806, or 918-488-4000/
/Company News On-Call: prnewswire.com or fax, 800-758-5804, ext. 914041/
/Web site: tvguideinc.com / -- HSSU010 -- 6978 04/16/2000 22:20 EDT prnewswire.com Copyright PR Newswire 1998. All rights reserved. |
