[TUNE...rights expired] TCI Music, Inc. Second Quarter 1998 Earnings Release
NEW YORK--(BUSINESS WIRE)--August 12, 1998--TCI Music, Inc. announced consolidated revenues of $21.6 million for the second quarter ended June 30, 1998. Revenues rose 269% compared to revenues of $5.9 million for the second quarter ended June 30, 1997.
The Company's consolidated revenues were $40.3 million for the six months ended June 30, 1998. Revenues rose 252% compared to revenues of $11.4 million for the six months ended June 30, 1997.
The Company's increase in revenues of $15.7 and $28.9 million for the second quarter and for the six months ended June 30, 1998, respectively, compared to the revenues for the same periods of 1997, were primarily attributed to: i) $5.0 and $10.0 million for the second quarter and for the six months ended June 30, 1998, respectively, of revenues received from certain subsidiaries of Tele-Communications, Inc. ("TCI") (the "Annual TCI Payments") pursuant to agreements entered into in conjunction with the DMX merger in July, 1997; ii) $6.1 and $11.5 million for the second quarter and for the six months ended June 30, 1998, respectively, of viewer and advertising revenues from The Box as a result of The Box merger; iii) $1.0 and $1.5 million for the second quarter and for the six months ended June 30, 1998, respectively, of other revenue as a result of the Paradigm merger, and; iv) increased subscriber fees and other revenues of $3.7 and $5.8 million for the second quarter and for the six months ended June 30, 1998, respectively, from DMX, primarily resulting from growth in its commercial subscriber base and expansion in six new markets which occurred in the last quarter of 1997 through the first quarter of 1998.
The Company's operating income before depreciation, amortization, stock compensation, inventory adjustments, and other non-cash charges
("cash flow") increased to $1.1 million and $2.7 million for the second quarter and for the six months ended June 30, 1998, respectively, from $(4.2) and $(7.0) million for the second quarter and for the six months ended June 30, 1997, respectively.
The company's results of operations for the second quarter and for the six months ended June 30, 1998 include the consolidated results of DMX, Inc. ("DMX"), The Box Worldwide, Inc. ("The Box"), which was merged with the Company on December 16, 1997 and Paradigm Music Entertainment Company ("Paradigm"), which was merged with the Company on December 31, 1997. The consolidated results of operations for the second quarter and for the six months ended June 30, 1997 reflect only the results of operations of DMX Inc., the predecessor.
NOTE: The following proforma selected unaudited operating results were not prepared in accordance with generally accepted accounting principles and are intended solely to provide additional information to investors. These results reflect the proforma operating results of the listed divisions of TCI Music, consolidated for the periods presented. They should be reviewed in conjunction with TCI Music, Inc.'s consolidated financial statements included in its 1997 annual report filed on Form 10-K and its 1998 second quarter Form 10-Q.
*T
unaudited unaudited
Three Months Ended Six Months Ended
June 30 June 30
1998 1997 1998 1997 DMX
Revenue $ 9,533 5.862 17,218 11,440
Cash flow (deficit) 1,525 (4,186) 2,324 (7,031)
The Box
Revenue 6,144 5,113 11,483 9,619
Cash flow (deficit) (2,225) (693) (3,289) (1,552)
Paradigm
Revenue 985 742 1,545 985
Cash Flow (deficit) (1,535) (1,270) (3,410) (2,906)
Corporate & Other
Revenue (1) 4,957 N/A 10,022 N/A
Cash flow 3,333 N/A 7,120 N/A
Total TCI Music, Inc.
Revenue $ 21,619 11,717 40,268 22,044
Cash flow (deficit)$ 1,098 (6,149) 2,745 (11,489)
(1) TCI Music's revenue represents the annual TCI payments
Full Balance Sheet newsalert.com
Recent News - - NOTE: Deal with Time Warner. . .Roadrunner??
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In my opinion, this is the best value of all the internet music companies. Signing deals left and right. I prefer preferred.
Convertible at 3 to 1, yet price is 20 bucks...fish in a barrel?
Rande Is |
